According to Zacks, “Over the past three months, IDEX's shares have underperformed the industry and look comparatively overvalued. We believe that the company has been dealing with adverse impacts of higher cost of sales and operating expenses for quite some time now. In the fourth-quarter of 2018, it recorded 4.7% increase in the cost of sales. Ongoing trade disputes between the United States and some foreign nations can hike costs in the months ahead. For 2019, IDEX believes that corporate expenses will be $80-$84 million. Also, growth investments are likely to dilute earnings by 5 cents per share. Further, unfavorable movements in foreign currencies are predicted to adversely impact sales by 1% (or $32 million) and earnings per share by 15 cents. It is worth mentioning here that forex woes will lower sales by 1% and earnings by 6 cents per share.”
A number of other research analysts also recently weighed in on IEX. Stifel Nicolaus upped their price target on IDEX from $129.00 to $153.00 and gave the stock a hold rating in a research note on Tuesday, April 16th. Janney Montgomery Scott downgraded IDEX from a buy rating to a neutral rating in a research note on Friday, March 29th. Boenning Scattergood reaffirmed a hold rating on shares of IDEX in a research note on Wednesday, January 30th. Finally, Royal Bank of Canada raised IDEX from a sector perform rating to an outperform rating and upped their price target for the stock from $141.00 to $146.00 in a research note on Thursday, January 3rd. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $146.67.
IEX stock opened at $154.52 on Thursday. IDEX has a fifty-two week low of $117.72 and a fifty-two week high of $159.10. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.23 and a current ratio of 3.00. The company has a market cap of $11.71 billion, a P/E ratio of 28.56, a PEG ratio of 2.63 and a beta of 1.29.
IDEX (NYSE:IEX) last posted its quarterly earnings results on Tuesday, January 29th. The industrial products company reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.04. IDEX had a return on equity of 20.82% and a net margin of 16.53%. The business had revenue of $614.09 million for the quarter, compared to the consensus estimate of $617.72 million. During the same period in the prior year, the business earned $1.12 EPS. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, equities research analysts forecast that IDEX will post 5.73 earnings per share for the current year.
In other news, VP Michael J. Yates sold 11,397 shares of the stock in a transaction that occurred on Wednesday, February 27th. The stock was sold at an average price of $144.72, for a total value of $1,649,373.84. Following the completion of the sale, the vice president now directly owns 26,590 shares of the company’s stock, valued at $3,848,104.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Jeffrey D. Bucklew sold 2,255 shares of the stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $143.02, for a total value of $322,510.10. Following the completion of the sale, the senior vice president now directly owns 2,255 shares of the company’s stock, valued at $322,510.10. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.
Several institutional investors have recently modified their holdings of IEX. Gulf International Bank UK Ltd grew its holdings in shares of IDEX by 8.7% in the first quarter. Gulf International Bank UK Ltd now owns 17,931 shares of the industrial products company’s stock valued at $2,720,000 after acquiring an additional 1,440 shares in the last quarter. Oakbrook Investments LLC grew its holdings in shares of IDEX by 5.3% in the first quarter. Oakbrook Investments LLC now owns 7,900 shares of the industrial products company’s stock valued at $1,199,000 after acquiring an additional 400 shares in the last quarter. IFM Investors Pty Ltd grew its holdings in shares of IDEX by 11.5% in the first quarter. IFM Investors Pty Ltd now owns 4,192 shares of the industrial products company’s stock valued at $636,000 after acquiring an additional 431 shares in the last quarter. Stock Yards Bank & Trust Co. bought a new position in shares of IDEX in the first quarter valued at approximately $231,000. Finally, Meeder Asset Management Inc. grew its holdings in shares of IDEX by 16.8% in the first quarter. Meeder Asset Management Inc. now owns 493 shares of the industrial products company’s stock valued at $75,000 after acquiring an additional 71 shares in the last quarter. 94.63% of the stock is owned by hedge funds and other institutional investors.
IDEX Company Profile
IDEX Corporation, through its subsidiaries, operates as an applied solutions company 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, flow meters, injectors, and other fluid-handling pump modules and systems, as well as offers flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries.
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