Oppenheimer Holdings, Inc. Reaffirms “Hold” Rating for IDEX Corporation (IEX)
Oppenheimer Holdings, Inc. restated their hold rating on shares of IDEX Corporation (NYSE:IEX) in a research note issued to investors on Wednesday morning. Oppenheimer Holdings also issued estimates for IDEX Corporation’s Q4 2017 earnings at $1.08 EPS, FY2017 earnings at $4.27 EPS, FY2018 earnings at $4.65 EPS and FY2019 earnings at $5.00 EPS.
Several other analysts have also recently weighed in on the company. Royal Bank Of Canada raised their price target on IDEX Corporation from $124.00 to $126.00 and gave the company a sector perform rating in a report on Wednesday. SunTrust Banks, Inc. reaffirmed a hold rating and issued a $118.00 price target on shares of IDEX Corporation in a report on Tuesday. They noted that the move was a valuation call. Cowen and Company reaffirmed a hold rating and issued a $95.00 price target on shares of IDEX Corporation in a report on Friday, October 6th. Jefferies Group LLC reaffirmed a hold rating on shares of IDEX Corporation in a report on Friday, October 6th. Finally, Zacks Investment Research raised IDEX Corporation from a hold rating to a buy rating and set a $139.00 price target on the stock in a report on Thursday, October 5th. Eleven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. IDEX Corporation presently has a consensus rating of Hold and a consensus target price of $113.78.
Shares of IDEX Corporation (NYSE IEX) traded up 0.91% on Wednesday, reaching $125.77. The company’s stock had a trading volume of 266,431 shares. IDEX Corporation has a 12 month low of $84.62 and a 12 month high of $125.80. The stock has a market cap of $9.60 billion, a P/E ratio of 32.24 and a beta of 1.19. The firm’s 50-day moving average price is $122.46 and its 200-day moving average price is $112.47.
IDEX Corporation (NYSE:IEX) last released its quarterly earnings results on Monday, October 16th. The industrial products company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.02. IDEX Corporation had a return on equity of 19.07% and a net margin of 13.48%. The firm had revenue of $574.50 million for the quarter, compared to analysts’ expectations of $563.23 million. During the same quarter last year, the firm posted $0.92 EPS. The company’s revenue was up 8.3% compared to the same quarter last year. On average, analysts forecast that IDEX Corporation will post $4.26 earnings per share for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Monday, October 16th will be issued a dividend of $0.37 per share. The ex-dividend date is Friday, October 13th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.18%. IDEX Corporation’s dividend payout ratio is 37.95%.
In other IDEX Corporation news, Chairman Andrew K. Silvernail sold 50,000 shares of IDEX Corporation 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 transaction, the chairman now directly owns 142,114 shares of the company’s stock, valued at approximately $16,343,110. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Daniel J. Salliotte sold 6,000 shares of IDEX Corporation stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $115.34, for a total value of $692,040.00. Following the completion of the transaction, the senior vice president now directly owns 33,762 shares in the company, valued at $3,894,109.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,000 shares of company stock worth $6,909,200. 1.00% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in IEX. UBS Asset Management Americas Inc. increased its stake in IDEX Corporation by 5.7% in the 1st quarter. UBS Asset Management Americas Inc. now owns 81,522 shares of the industrial products company’s stock worth $7,623,000 after purchasing an additional 4,432 shares during the period. OppenheimerFunds Inc. increased its stake in IDEX Corporation by 18.8% in the 1st quarter. OppenheimerFunds Inc. now owns 5,661 shares of the industrial products company’s stock worth $529,000 after purchasing an additional 897 shares during the period. Teachers Advisors LLC increased its stake in IDEX Corporation by 6.6% in the 1st quarter. Teachers Advisors LLC now owns 75,118 shares of the industrial products company’s stock worth $7,024,000 after purchasing an additional 4,648 shares during the period. PNC Financial Services Group Inc. increased its stake in IDEX Corporation by 6.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 13,189 shares of the industrial products company’s stock worth $1,234,000 after purchasing an additional 811 shares during the period. Finally, Legal & General Group Plc increased its stake in IDEX Corporation by 66.7% in the 1st quarter. Legal & General Group Plc now owns 66,975 shares of the industrial products company’s stock worth $6,262,000 after purchasing an additional 26,800 shares during the period. 98.49% of the stock is currently owned by institutional investors and hedge funds.
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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