IDEX Corporation (IEX) Lowered to “Hold” at Zacks Investment Research
IDEX Corporation (NYSE:IEX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “With a flexible yet disciplined focus on cost and productivity, IDEX expects to successfully tap newer markets to boost its revenue. The company intends to optimize its cost structure, increase competitiveness and reallocate resources to improve profitability. IDEX has historically generated a healthy cash flow that allows management the opportunity to invest in product innovations, acquisitions and business development. Management also raised its earlier guidance for 2017 on robust demand patterns and healthy growth dynamics. IDEX outperformed the industry year to date. However, huge recurring R&D expenses increase operating costs and reduce its price control over products, which often result in the loss of market share, declining sales and lower operating margins. With operations across five continents, IDEX’s performance is also exposed to the adverse impact of macroeconomic cycles in the U.S. and international markets.”
Several other research analysts have also recently weighed in on the company. BidaskClub raised IDEX Corporation from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 20th. Cowen and Company upped their price objective on IDEX Corporation from $80.00 to $95.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 5th. Stifel Nicolaus reaffirmed a “hold” rating and set a $100.00 price objective on shares of IDEX Corporation in a research report on Friday, May 26th. Seaport Global Securities reaffirmed a “neutral” rating on shares of IDEX Corporation in a research report on Wednesday, June 21st. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of IDEX Corporation in a research report on Wednesday, May 24th. Eleven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $104.75.
IDEX Corporation (NYSE IEX) traded down 0.10% on Wednesday, hitting $115.08. 31,166 shares of the stock were exchanged. The company has a market cap of $8.79 billion, a PE ratio of 30.84 and a beta of 1.20. The company’s 50-day moving average is $114.67 and its 200-day moving average is $104.29. IDEX Corporation has a 52 week low of $82.05 and a 52 week high of $118.08.
IDEX Corporation (NYSE:IEX) last posted its earnings results on Tuesday, July 25th. The industrial products company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.02. IDEX Corporation had a return on equity of 19.01% and a net margin of 13.12%. The firm had revenue of $573.40 million during the quarter, compared to analysts’ expectations of $568.43 million. During the same period in the previous year, the firm earned $0.99 earnings per share. The company’s revenue was up 4.3% on a year-over-year basis. On average, analysts predict that IDEX Corporation will post $4.23 earnings per share for the current year.
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In related news, Chairman Andrew K. Silvernail sold 50,000 shares of the company’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $115.00, for a total transaction 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 accessible through this hyperlink. Corporate insiders own 1.00% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Toronto Dominion Bank bought a new stake in IDEX Corporation during the second quarter valued at about $106,000. 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. Finally, Robeco Institutional Asset Management B.V. acquired a new stake in IDEX Corporation during the second quarter valued at about $134,000. Institutional investors and hedge funds own 99.13% of the company’s stock.
IDEX Corporation Company Profile
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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