IDEX Corp. (IEX) Downgraded by Zacks Investment Research to Sell
According to Zacks, “With operations across five continents, IDEX’s performance is exposed to the adverse impact of macroeconomic cycles in the U.S. and international markets. In addition, the company entails huge recurring R&D expenses that increase its operating costs. This in turn reduces its price control over its products, which often lead to a loss of market share, declining top-line growth and lower operating margin.Volatility in raw material prices, foreign exchange risks and high integration costs related to acquisitions remain additional headwinds. Nevertheless, IDEX has a decent earnings history with an average positive surprise of 5.19% over the trailing four quarters, beating estimates thrice. IDEX is striving to counter the muted growth environment by improving its productivity and conducting heavy restructuring initiatives across the portfolio. IDEX also aims to exploit strategic acquisition opportunities to fuel its inorganic growth momentum.”
Other research analysts have also issued research reports about the stock. Janney Montgomery Scott raised shares of IDEX Corp. from a neutral rating to a buy rating and upped their price objective for the company from $87.00 to $96.00 in a research report on Tuesday, July 19th. Jefferies Group reaffirmed a hold rating on shares of IDEX Corp. in a research report on Tuesday, July 19th. Royal Bank Of Canada reaffirmed a buy rating on shares of IDEX Corp. in a research report on Tuesday, July 12th. Finally, Sanford C. Bernstein reaffirmed a market perform rating on shares of IDEX Corp. in a research report on Monday, June 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $85.86.
Shares of IDEX Corp. (NYSE:IEX) traded down 0.17% during trading on Thursday, hitting $86.30. The stock had a trading volume of 98,135 shares. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of 22.88 and a beta of 1.16. IDEX Corp. has a one year low of $67.20 and a one year high of $95.33. The stock’s 50-day moving average price is $91.97 and its 200 day moving average price is $86.85.
IDEX Corp. (NYSE:IEX) last released its earnings results on Monday, July 18th. The company reported $0.99 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.06. The firm earned $549.70 million during the quarter. IDEX Corp. had a net margin of 14.16% and a return on equity of 19.49%. During the same period in the prior year, the firm earned $0.89 EPS. On average, equities analysts forecast that IDEX Corp. will post $3.74 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Monday, October 17th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $1.36 annualized dividend and a yield of 1.57%. IDEX Corp.’s dividend payout ratio is 35.98%.
In other news, Director Gregory F. Milzcik sold 4,830 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $90.00, for a total transaction of $434,700.00. Following the sale, the director now directly owns 5,375 shares of the company’s stock, valued at $483,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Andrew K. Silvernail sold 6,575 shares of the stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $91.34, for a total transaction of $600,560.50. Following the sale, the chairman now directly owns 88,418 shares in the company, valued at $8,076,100.12. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Washington Trust Bank boosted its stake in IDEX Corp. by 3.2% in the second quarter. Washington Trust Bank now owns 1,271 shares of the company’s stock valued at $104,000 after buying an additional 39 shares during the period. Creative Planning boosted its stake in IDEX Corp. by 60.9% in the third quarter. Creative Planning now owns 1,326 shares of the company’s stock valued at $124,000 after buying an additional 502 shares during the period. Pinkerton Retirement Specialists LLC bought a new stake in IDEX Corp. during the second quarter valued at approximately $169,000. Quantbot Technologies LP bought a new stake in IDEX Corp. during the second quarter valued at approximately $181,000. Finally, Synovus Financial Corp boosted its stake in IDEX Corp. by 0.6% in the second quarter. Synovus Financial Corp now owns 2,358 shares of the company’s stock valued at $192,000 after buying an additional 13 shares during the period. 97.53% of the stock is currently owned by institutional investors and hedge funds.
About IDEX Corp.
IDEX Corporation (IDEX) operates an applied solutions business that sells pumps, flow meters and other fluidics systems, and components and engineered products. The Company operates through three segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST), and Fire & Safety/Diversified Products (FSDP).
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