IDEX (NYSE:IEX) Updates FY24 Earnings Guidance

IDEX (NYSE:IEX) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $8.15-$8.45 for the period, compared to the consensus earnings per share estimate of $8.33. IDEX also updated its Q2 guidance to $2.00-$2.05 EPS.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Citigroup raised their price target on shares of IDEX from $254.00 to $277.00 and gave the company a buy rating in a research report on Monday, April 8th. Royal Bank of Canada reiterated an outperform rating and issued a $255.00 price objective on shares of IDEX in a research note on Thursday, March 21st. Stifel Nicolaus upgraded shares of IDEX from a hold rating to a buy rating and increased their price objective for the company from $215.00 to $265.00 in a research note on Thursday, February 8th. Oppenheimer increased their price objective on shares of IDEX from $245.00 to $252.00 and gave the company an outperform rating in a research note on Thursday, April 18th. Finally, StockNews.com upgraded shares of IDEX from a hold rating to a buy rating in a research note on Tuesday, April 16th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $238.78.

IDEX Stock Performance

IDEX stock traded up $2.38 during mid-day trading on Tuesday, reaching $232.27. The company’s stock had a trading volume of 381,827 shares, compared to its average volume of 376,136. IDEX has a 12-month low of $183.76 and a 12-month high of $246.36. The company has a market capitalization of $17.58 billion, a P/E ratio of 29.74, a PEG ratio of 2.27 and a beta of 0.97. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.05 and a current ratio of 2.89. The firm’s fifty day moving average price is $236.47 and its two-hundred day moving average price is $216.31.

IDEX (NYSE:IEX) last announced its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.78 by $0.05. IDEX had a net margin of 18.21% and a return on equity of 18.56%. The firm had revenue of $788.90 million during the quarter, compared to the consensus estimate of $767.96 million. During the same period last year, the firm earned $2.01 EPS. The business’s quarterly revenue was down 2.7% compared to the same quarter last year. Sell-side analysts predict that IDEX will post 8.34 EPS for the current fiscal year.

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.