IDEX (NYSE:IEX) Releases Q2 Earnings Guidance

IDEX (NYSE:IEX) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.00-$2.05 for the period, compared to the consensus estimate of $2.12. IDEX also updated its FY 2024 guidance to 8.150-8.450 EPS.

IDEX Stock Performance

Shares of NYSE IEX traded down $0.73 during mid-day trading on Friday, hitting $222.55. The company had a trading volume of 58,446 shares, compared to its average volume of 376,029. IDEX has a 1 year low of $183.76 and a 1 year high of $246.36. The company has a current ratio of 3.37, a quick ratio of 2.05 and a debt-to-equity ratio of 0.37. The stock’s 50-day moving average price is $236.49 and its 200-day moving average price is $216.60. The company has a market capitalization of $16.84 billion, a price-to-earnings ratio of 29.38, a P/E/G ratio of 2.24 and a beta of 0.97.

IDEX (NYSE:IEX) last released its earnings results on Tuesday, April 23rd. The industrial products company reported $1.88 earnings per share for the quarter, beating 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 company had revenue of $801.00 million during the quarter, compared to analyst estimates of $807.52 million. During the same quarter in the previous year, the company posted $2.09 EPS. IDEX’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, sell-side analysts forecast that IDEX will post 8.34 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have commented on the company. Stifel Nicolaus raised IDEX from a hold rating to a buy rating and upped their price target for the company from $215.00 to $265.00 in a research report on Thursday, February 8th. StockNews.com downgraded IDEX from a buy rating to a hold rating in a report on Wednesday. Oppenheimer upped their target price on IDEX from $245.00 to $252.00 and gave the stock an outperform rating in a report on Thursday, April 18th. Royal Bank of Canada reiterated an outperform rating and set a $255.00 target price on shares of IDEX in a report on Thursday, March 21st. Finally, Robert W. Baird reduced their target price on IDEX from $260.00 to $256.00 and set an outperform rating on the stock in a report on Thursday. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $241.67.

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.