StockNews.com downgraded shares of IDEX (NYSE:IEX – Free Report) from a buy rating to a hold rating in a research note issued to investors on Thursday.
Other research analysts have also issued reports about the company. Robert W. Baird cut their target price on IDEX from $260.00 to $256.00 and set an outperform rating for the company in a research note on Thursday, April 25th. Citigroup increased their price objective on IDEX from $254.00 to $277.00 and gave the stock a buy rating in a research note on Monday, April 8th. Oppenheimer increased their price objective on IDEX from $245.00 to $252.00 and gave the stock an outperform rating in a research note on Thursday, April 18th. Finally, Royal Bank of Canada reiterated an outperform rating and set a $255.00 price objective on shares of IDEX in a research note on Thursday, March 21st. Two research analysts have rated the stock with a hold rating and six have given 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 $250.71.
Read Our Latest Research Report on IEX
IDEX Stock Performance
IDEX (NYSE:IEX – Get Free Report) last issued its earnings results on Tuesday, April 23rd. The industrial products company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.12. The business had revenue of $801.00 million during the quarter, compared to analyst estimates of $807.52 million. IDEX had a return on equity of 17.60% and a net margin of 17.89%. IDEX’s revenue was down 5.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.09 earnings per share. Sell-side analysts expect that IDEX will post 8.3 EPS for the current year.
IDEX Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 12th will be issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.35%. The ex-dividend date is Friday, July 12th. IDEX’s dividend payout ratio is 36.32%.
Hedge Funds Weigh In On IDEX
Several hedge funds have recently added to or reduced their stakes in the company. Riverview Trust Co bought a new position in IDEX during the first quarter worth about $35,000. Planned Solutions Inc. bought a new position in IDEX during the fourth quarter worth about $33,000. Quarry LP bought a new position in IDEX during the fourth quarter worth about $36,000. EdgeRock Capital LLC bought a new position in IDEX during the fourth quarter worth about $48,000. Finally, VisionPoint Advisory Group LLC acquired a new stake in shares of IDEX during the fourth quarter worth about $50,000. Institutional investors own 97.96% of the company’s stock.
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.
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