IDEX Corp. to Post Q3 2016 Earnings of $0.93 Per Share, Jefferies Group Forecasts (IEX)
IDEX Corp. (NYSE:IEX) – Equities research analysts at Jefferies Group lowered their Q3 2016 earnings estimates for IDEX Corp. in a report released on Friday. Jefferies Group analyst B. Bohra now expects that the brokerage will post earnings per share of $0.93 for the quarter, down from their previous estimate of $0.95. Jefferies Group has a “Hold” rating on the stock. Jefferies Group also issued estimates for IDEX Corp.’s Q4 2016 earnings at $0.94 EPS, FY2016 earnings at $3.75 EPS and FY2017 earnings at $4.04 EPS.
Several other analysts also recently commented on IEX. Janney Montgomery Scott began coverage on shares of IDEX Corp. in a research report on Tuesday, June 21st. They issued a “neutral” rating and a $87.00 price target for the company. Zacks Investment Research downgraded shares of IDEX Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, June 21st. Sanford C. Bernstein restated a “market perform” rating on shares of IDEX Corp. in a research report on Monday, June 27th. Finally, Royal Bank Of Canada restated a “buy” rating on shares of IDEX Corp. in a research report on Tuesday, July 12th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. IDEX Corp. currently has a consensus rating of “Hold” and an average price target of $85.86.
Shares of IDEX Corp. (NYSE:IEX) opened at 86.41 on Monday. The stock has a 50 day moving average of $91.75 and a 200 day moving average of $86.88. IDEX Corp. has a 12 month low of $67.20 and a 12 month high of $95.33. The firm has a market cap of $6.58 billion, a price-to-earnings ratio of 22.91 and a beta of 1.16.
IDEX Corp. (NYSE:IEX) last announced its earnings results on Monday, July 18th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.06. IDEX Corp. had a net margin of 14.16% and a return on equity of 19.49%. The business had revenue of $549.70 million for the quarter. During the same quarter last year, the business earned $0.89 EPS.
A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of IDEX Corp. by 3.6% in the second quarter. Vanguard Group Inc. now owns 5,496,210 shares of the company’s stock worth $451,239,000 after buying an additional 188,937 shares during the last quarter. BlackRock Fund Advisors boosted its stake 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 last quarter. Wellington Management Group LLP boosted its stake in shares of IDEX Corp. by 12.7% in the first quarter. Wellington Management Group LLP now owns 2,571,528 shares of the company’s stock worth $213,127,000 after buying an additional 289,735 shares during the last quarter. FMR LLC boosted its stake 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 last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of IDEX Corp. by 8.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,373,177 shares of the company’s stock worth $196,689,000 after buying an additional 179,710 shares during the last quarter. 97.53% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Chairman Andrew K. Silvernail sold 6,575 shares of the stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $91.34, for a total value of $600,560.50. Following the sale, the chairman now directly owns 88,418 shares of the company’s stock, valued at approximately $8,076,100.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Gregory F. Milzcik sold 4,830 shares of the stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $90.00, for a total transaction of $434,700.00. Following the completion of the sale, the director now directly owns 5,375 shares in the company, valued at $483,750. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.57%. IDEX Corp.’s dividend payout ratio (DPR) is presently 35.98%.
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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