IDEX (NYSE:IEX) Updates FY 2024 Earnings Guidance

IDEX (NYSE:IEX) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 7.850-7.900 for the period, compared to the consensus EPS estimate of 7.860. The company issued revenue guidance of -. IDEX also updated its FY24 guidance to $7.85-7.90 EPS.

IDEX Stock Down 1.9 %

NYSE:IEX traded down $4.10 during mid-day trading on Thursday, hitting $214.54. 984,611 shares of the company’s stock traded hands, compared to its average volume of 466,281. The company has a fifty day moving average of $206.81 and a 200 day moving average of $207.75. IDEX has a twelve month low of $183.76 and a twelve month high of $246.36. The company has a market capitalization of $16.24 billion, a P/E ratio of 28.08, a P/E/G ratio of 2.20 and a beta of 0.95. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.52 and a current ratio of 3.41.

IDEX (NYSE:IEX) last announced its earnings results on Tuesday, October 29th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.01. IDEX had a return on equity of 16.87% and a net margin of 18.19%. The company had revenue of $798.20 million for the quarter, compared to analyst estimates of $793.05 million. During the same period in the prior year, the company posted $2.12 EPS. The firm’s quarterly revenue was up .6% compared to the same quarter last year. On average, analysts forecast that IDEX will post 7.87 EPS for the current year.

IDEX Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Friday, October 11th were given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 1.29%. The ex-dividend date was Friday, October 11th. IDEX’s dividend payout ratio is currently 36.13%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on IEX shares. TD Cowen cut their price objective on IDEX from $240.00 to $230.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. StockNews.com lowered IDEX from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. DA Davidson cut their price objective on IDEX from $220.00 to $210.00 and set a “neutral” rating on the stock in a report on Monday, August 5th. Royal Bank of Canada increased their price objective on IDEX from $236.00 to $248.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Oppenheimer cut their price objective on IDEX from $245.00 to $238.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $241.14.

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.