IDEX Co. (NYSE:IEX) Receives $233.50 Consensus Price Target from Brokerages

IDEX Co. (NYSE:IEX) has earned an average recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $233.50.

Several research analysts recently weighed in on the company. Stifel Nicolaus cut their target price on IDEX from $265.00 to $236.00 and set a “buy” rating on the stock in a research report on Thursday, July 18th. Royal Bank of Canada lowered their target price on IDEX from $250.00 to $236.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Argus downgraded IDEX from a “buy” rating to a “hold” rating in a research note on Wednesday, August 14th. TD Cowen cut their price target on IDEX from $240.00 to $230.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, StockNews.com cut IDEX from a “buy” rating to a “hold” rating in a report on Thursday, July 11th.

IDEX Stock Down 0.8 %

IDEX stock opened at $208.73 on Monday. The stock has a 50-day simple moving average of $200.94 and a 200-day simple moving average of $214.00. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.52 and a current ratio of 3.41. The company has a market capitalization of $15.80 billion, a P/E ratio of 27.46, a PEG ratio of 2.09 and a beta of 0.95. IDEX has a fifty-two week low of $183.76 and a fifty-two week high of $246.36.

IDEX (NYSE:IEX) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $2.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.02. The business had revenue of $807.20 million during the quarter, compared to the consensus estimate of $828.15 million. IDEX had a return on equity of 16.87% and a net margin of 18.19%. The company’s revenue for the quarter was down 4.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.18 EPS. Equities research analysts expect that IDEX will post 7.88 earnings per share for the current year.

IDEX Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be issued a $0.69 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $2.76 annualized dividend and a yield of 1.32%. IDEX’s dividend payout ratio is presently 36.32%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its position in shares of IDEX by 7.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,964,956 shares of the industrial products company’s stock worth $1,943,609,000 after acquiring an additional 555,250 shares in the last quarter. Norges Bank bought a new stake in shares of IDEX in the fourth quarter worth about $237,425,000. Hsbc Holdings PLC lifted its holdings in IDEX by 75.6% in the second quarter. Hsbc Holdings PLC now owns 519,124 shares of the industrial products company’s stock worth $104,179,000 after buying an additional 223,422 shares during the period. Goldman Sachs Group Inc. raised its holdings in IDEX by 19.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 492,810 shares of the industrial products company’s stock worth $106,994,000 after acquiring an additional 81,780 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in IDEX by 20.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 470,672 shares of the industrial products company’s stock valued at $94,698,000 after acquiring an additional 78,551 shares during the period. 97.96% of the stock is owned by institutional investors and hedge funds.

About IDEX

IDEX Corporation, together with its subsidiaries, provides applied solutions worldwide. The company operates through three segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST), and Fire & Safety/Diversified Products (FSDP). The FMT segment designs, produces, and distributes positive displacement pumps, valves, small volume provers, flow meters, injectors, and other fluid-handling pump modules and systems, as well as flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries.