IDEX (NYSE:IEX) Share Price Breaks Above 50 Day Moving Average – Here’s What Happened

Shares of IDEX Corporation (NYSE:IEX) passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $230.02 and traded as high as $237.50. IDEX shares last traded at $236.0780, with a volume of 623,095 shares changing hands.

Wall Street Analysts Forecast Growth

IEX has been the subject of a number of research reports. Argus raised their price target on shares of IDEX from $250.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Citigroup upped their price objective on IDEX from $269.00 to $272.00 and gave the stock a “buy” rating in a report on Thursday, October 29th. Royal Bank Of Canada initiated coverage on IDEX in a research report on Thursday, October 29th. They issued a “moderate buy” rating and a $283.00 price objective on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of IDEX in a research note on Wednesday, October 28th. Finally, Robert W. Baird set a $268.00 target price on IDEX in a research report on Thursday, October 29th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $263.64.

IDEX Stock Performance

The firm has a market capitalization of $17.62 billion, a price-to-earnings ratio of 33.32, a P/E/G ratio of 2.65 and a beta of 0.95. The stock’s fifty day moving average is $230.52 and its two-hundred day moving average is $217.53. The company has a quick ratio of 1.95, a current ratio of 2.78 and a debt-to-equity ratio of 0.44.

IDEX (NYSE:IEX) last announced its quarterly earnings results on Wednesday, October 28th. The industrial products company reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.24 by $0.09. The business had revenue of $951.70 million for the quarter, compared to analyst estimates of $934.36 million. IDEX had a net margin of 14.65% and a return on equity of 16.18%. IDEX’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.03 EPS. On average, analysts predict that IDEX Corporation will post 8.95 earnings per share for the current year.

IDEX Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Friday, October 2nd were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Friday, October 2nd. IDEX’s dividend payout ratio is 40.56%.

Hedge Funds Weigh In On IDEX

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in IDEX in the second quarter worth about $1,301,393,000. Primecap Management Co. CA bought a new position in shares of IDEX during the 2nd quarter valued at approximately $748,951,000. Bank of America Corp DE grew its position in shares of IDEX by 215.0% during the 1st quarter. Bank of America Corp DE now owns 1,094,101 shares of the industrial products company’s stock valued at $207,387,000 after acquiring an additional 746,732 shares during the period. Alyeska Investment Group L.P. increased its stake in shares of IDEX by 101.4% during the 2nd quarter. Alyeska Investment Group L.P. now owns 1,042,703 shares of the industrial products company’s stock worth $236,641,000 after purchasing an additional 525,048 shares during the last quarter. Finally, Freestone Grove Partners LP purchased a new stake in shares of IDEX during the 2nd quarter worth approximately $102,523,000. 97.96% of the stock is owned by hedge funds and other institutional investors.

About IDEX

IDEX Corporation is a diversified manufacturer of engineered products and technologies used in industrial, life sciences, fire and safety, and other specialized markets. Its offerings include pumps, valves, flow meters and dispensing equipment, as well as components and instruments used in fluidics, medical technology and scientific applications. The company also supplies fire and rescue equipment, including tools and water-handling products. IDEX serves customers around the world through its operating businesses, which sell products for applications ranging from manufacturing and energy to healthcare and emergency response.