IDEX Corporation (NYSE:IEX) Downgraded by BidaskClub to “Hold”
BidaskClub cut shares of IDEX Corporation (NYSE:IEX) from a buy rating to a hold rating in a research note released on Saturday morning.
IEX has been the topic of several other research reports. Zacks Investment Research upgraded IDEX Corporation from a hold rating to a buy rating and set a $117.00 target price on the stock in a report on Wednesday, May 10th. Robert W. Baird reiterated a buy rating and set a $104.00 target price on shares of IDEX Corporation in a report on Friday, April 21st. BMO Capital Markets reiterated a hold rating and set a $104.00 target price on shares of IDEX Corporation in a report on Friday, April 21st. Stifel Nicolaus reiterated a hold rating and set a $100.00 target price (up previously from $94.00) on shares of IDEX Corporation in a report on Friday, April 21st. Finally, Cowen and Company upped their target price on IDEX Corporation from $80.00 to $95.00 and gave the stock a market perform rating in a report on Wednesday, July 5th. Ten analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $105.00.
IDEX Corporation (NYSE IEX) traded up 0.07% during midday trading on Friday, hitting $113.12. The stock had a trading volume of 192,246 shares. The stock has a 50-day moving average of $114.25 and a 200-day moving average of $102.64. IDEX Corporation has a 52 week low of $82.05 and a 52 week high of $118.08. The firm has a market cap of $8.65 billion, a P/E ratio of 30.32 and a beta of 1.20.
IDEX Corporation (NYSE:IEX) last released its earnings results on Tuesday, July 25th. The industrial products company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.02. IDEX Corporation had a return on equity of 19.01% and a net margin of 13.12%. The business had revenue of $573.40 million for the quarter, compared to analyst estimates of $568.43 million. During the same quarter in the prior year, the company posted $0.99 earnings per share. IDEX Corporation’s revenue was up 4.3% on a year-over-year basis. Analysts forecast that IDEX Corporation will post $4.22 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 31st. Shareholders of record on Friday, July 14th were paid a $0.37 dividend. The ex-dividend date was Wednesday, July 12th. This represents a $1.48 annualized dividend and a yield of 1.31%. IDEX Corporation’s dividend payout ratio is 39.68%.
In other IDEX Corporation news, Chairman Andrew K. Silvernail sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $115.00, for a total value of $5,750,000.00. Following the sale, the chairman now owns 142,114 shares in the company, valued at $16,343,110. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio acquired a new stake in IDEX Corporation during the second quarter valued at about $112,000. Acrospire Investment Management LLC raised its stake in IDEX Corporation by 1,000.0% in the second quarter. Acrospire Investment Management LLC now owns 1,100 shares of the industrial products company’s stock valued at $124,000 after buying an additional 1,000 shares in the last quarter. Creative Planning raised its stake in IDEX Corporation by 4.3% in the first quarter. Creative Planning now owns 1,422 shares of the industrial products company’s stock valued at $133,000 after buying an additional 59 shares in the last quarter. Robeco Institutional Asset Management B.V. acquired a new stake in IDEX Corporation during the second quarter valued at about $134,000. Finally, Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in IDEX Corporation during the second quarter valued at about $181,000. Hedge funds and other institutional investors own 98.68% of the company’s stock.
About IDEX Corporation
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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