IDEX (NYSE:IEX) Updates FY24 Earnings Guidance

IDEX (NYSE:IEX) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $8.15-$8.45 for the period, compared to the consensus EPS estimate of $8.33. IDEX also updated its FY 2024 guidance to 8.150-8.450 EPS.

IDEX Stock Performance

Shares of IDEX stock traded down $0.73 during trading on Friday, reaching $222.55. The company’s stock had a trading volume of 58,446 shares, compared to its average volume of 376,029. The company has a quick ratio of 2.05, a current ratio of 3.37 and a debt-to-equity ratio of 0.37. The business’s 50-day moving average price is $236.49 and its 200-day moving average price is $216.60. IDEX has a 52 week low of $183.76 and a 52 week high of $246.36. The firm has a market cap of $16.84 billion, a PE ratio of 29.38, a P/E/G ratio of 2.24 and a beta of 0.97.

IDEX (NYSE:IEX) last released its quarterly earnings results on Tuesday, April 23rd. The industrial products company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.76 by $0.12. IDEX had a net margin of 17.89% and a return on equity of 17.60%. The business had revenue of $801.00 million for the quarter, compared to the consensus estimate of $807.52 million. During the same period in the prior year, the company posted $2.09 earnings per share. IDEX’s revenue was down 5.3% compared to the same quarter last year. Equities analysts forecast that IDEX will post 8.34 earnings per share for the current year.

Analysts Set New Price Targets

IEX has been the subject of several recent analyst reports. Royal Bank of Canada reaffirmed an outperform rating and set a $255.00 price objective on shares of IDEX in a research report on Thursday, March 21st. Robert W. Baird dropped their target price on shares of IDEX from $260.00 to $256.00 and set an outperform rating for the company in a report on Thursday. Oppenheimer increased their target price on shares of IDEX from $245.00 to $252.00 and gave the stock an outperform rating in a report on Thursday, April 18th. StockNews.com cut shares of IDEX from a buy rating to a hold rating in a report on Wednesday. Finally, Stifel Nicolaus raised shares of IDEX from a hold rating to a buy rating and increased their target price for the stock from $215.00 to $265.00 in a report on Thursday, February 8th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, IDEX presently has an average rating of Moderate Buy and an average target price of $241.67.

IDEX Company Profile

IDEX Corporation, together with its subsidiaries, provides applied solutions worldwide. The company operates through three segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST), and Fire & Safety/Diversified Products (FSDP). The FMT segment designs, produces, and distributes positive displacement pumps, valves, small volume provers, flow meters, injectors, and other fluid-handling pump modules and systems, as well as flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries.