Brokers Issue Forecasts for IDEX Co.’s Q2 2024 Earnings (NYSE:IEX)

IDEX Co. (NYSE:IEX) – DA Davidson issued their Q2 2024 EPS estimates for IDEX in a report released on Thursday, April 25th. DA Davidson analyst M. Summerville forecasts that the industrial products company will earn $2.04 per share for the quarter. The consensus estimate for IDEX’s current full-year earnings is $8.34 per share.

IDEX (NYSE:IEX) last issued its quarterly earnings results on Tuesday, April 23rd. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.12. IDEX had a return on equity of 17.60% and a net margin of 17.89%. The business had revenue of $801.00 million during the quarter, compared to analyst estimates of $807.52 million. During the same quarter in the prior year, the business posted $2.09 EPS. IDEX’s revenue for the quarter was down 5.3% compared to the same quarter last year.

Other research analysts have also issued research reports about the company. Oppenheimer raised their price objective on IDEX from $245.00 to $252.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. StockNews.com cut IDEX from a “buy” rating to a “hold” rating in a research note on Wednesday. Stifel Nicolaus upgraded shares of IDEX from a “hold” rating to a “buy” rating and raised their target price for the stock from $215.00 to $265.00 in a report on Thursday, February 8th. Citigroup upped their price target on shares of IDEX from $254.00 to $277.00 and gave the company a “buy” rating in a report on Monday, April 8th. Finally, Robert W. Baird dropped their target price on IDEX from $260.00 to $256.00 and set an “outperform” rating for the company in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $241.67.

IDEX Price Performance

IEX stock opened at $223.29 on Friday. The company has a market capitalization of $16.90 billion, a PE ratio of 29.38, a price-to-earnings-growth ratio of 2.24 and a beta of 0.97. The company’s fifty day moving average price is $236.49 and its 200-day moving average price is $216.60. IDEX has a one year low of $183.76 and a one year high of $246.36. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.05 and a current ratio of 3.37.

Institutional Investors Weigh In On IDEX

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new position in shares of IDEX during the fourth quarter valued at $237,425,000. Alecta Tjanstepension Omsesidigt increased its holdings in IDEX by 420.8% during the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 781,172 shares of the industrial products company’s stock valued at $169,600,000 after buying an additional 631,172 shares during the period. Public Employees Retirement Association of Colorado raised its stake in IDEX by 4,080.8% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 313,725 shares of the industrial products company’s stock worth $68,113,000 after buying an additional 306,221 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of IDEX by 316.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 368,849 shares of the industrial products company’s stock worth $76,667,000 after acquiring an additional 280,385 shares in the last quarter. Finally, Maren Capital LLC bought a new stake in IDEX during the fourth quarter valued at about $49,789,000. 97.96% of the stock is owned by institutional investors.

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.