IDEX Corp. (IEX) Issues FY16 Earnings Guidance
IDEX Corp. (NYSE:IEX) updated its FY16 earnings guidance on Monday. The company provided EPS guidance of $3.72 to $3.74 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.74. The company issued revenue guidance of +5% (~$2.12 billion), compared to the consensus revenue estimate of $2.14 billion.IDEX Corp. also updated its Q4 guidance to $0.92-0.94 EPS.
A number of brokerages have recently issued reports on IEX. Jefferies Group reissued a hold rating on shares of IDEX Corp. in a report on Tuesday, July 19th. Janney Montgomery Scott raised shares of IDEX Corp. from a neutral rating to a buy rating and increased their price target for the stock from $87.00 to $96.00 in a report on Tuesday, July 19th. Zacks Investment Research raised shares of IDEX Corp. from a hold rating to a buy rating and set a $95.00 price target on the stock in a report on Thursday, July 14th. Sanford C. Bernstein reissued a market perform rating on shares of IDEX Corp. in a report on Monday, June 27th. Finally, Royal Bank Of Canada reaffirmed a buy rating on shares of IDEX Corp. in a research note on Tuesday, July 12th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $85.86.
Shares of IDEX Corp. (NYSE:IEX) traded up 0.66% on Monday, reaching $86.98. 543,307 shares of the company’s stock were exchanged. The firm has a market cap of $6.62 billion, a PE ratio of 23.06 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 company has a 50 day moving average price of $91.54 and a 200 day moving average price of $86.96.
IDEX Corp. (NYSE:IEX) last released its quarterly earnings results on Monday, October 17th. The company reported $0.92 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.92. The business earned $530.40 million during the quarter, compared to the consensus estimate of $536.29 million. IDEX Corp. had a return on equity of 19.49% and a net margin of 14.16%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.89 EPS. Analysts expect that IDEX Corp. will post $3.74 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Monday, October 17th will be paid a dividend of $0.34 per share. The ex-dividend date is Thursday, October 13th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.56%. IDEX Corp.’s dividend payout ratio (DPR) is presently 35.98%.
In related news, Chairman Andrew K. Silvernail sold 6,575 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $91.34, for a total transaction of $600,560.50. Following the completion of the transaction, the chairman now directly owns 88,418 shares in the company, valued at approximately $8,076,100.12. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Gregory F. Milzcik sold 4,830 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $90.00, for a total value of $434,700.00. Following the transaction, the director now owns 5,375 shares of the company’s stock, valued at $483,750. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Fund Advisors increased its position in shares of IDEX Corp. by 4.7% in the second quarter. BlackRock Fund Advisors now owns 2,656,019 shares of the company’s stock worth $218,059,000 after buying an additional 119,261 shares during the period. FMR LLC increased its position in shares of IDEX Corp. by 2.1% in the second quarter. FMR LLC now owns 2,469,173 shares of the company’s stock worth $202,720,000 after buying an additional 50,255 shares during the period. Waddell & Reed Financial Inc. increased its position in shares of IDEX Corp. by 2.3% in the second quarter. Waddell & Reed Financial Inc. now owns 1,097,655 shares of the company’s stock worth $90,117,000 after buying an additional 24,196 shares during the period. Bessemer Group Inc. increased its position in shares of IDEX Corp. by 0.3% in the second quarter. Bessemer Group Inc. now owns 712,960 shares of the company’s stock worth $58,534,000 after buying an additional 2,264 shares during the period. Finally, Allianz Asset Management AG increased its position in shares of IDEX Corp. by 10.2% in the second quarter. Allianz Asset Management AG now owns 529,032 shares of the company’s stock worth $43,433,000 after buying an additional 49,103 shares during the period. Institutional investors own 97.49% of the company’s stock.
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).
Receive News & Stock Ratings for IDEX Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for IDEX Corp. and related stocks with our FREE daily email newsletter.