TD Cowen Cuts IDEX (NYSE:IEX) Price Target to $230.00

IDEX (NYSE:IEX) had its price objective trimmed by TD Cowen from $240.00 to $230.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

Several other research analysts also recently weighed in on IEX. DA Davidson reduced their price target on shares of IDEX from $220.00 to $210.00 and set a neutral rating for the company in a research report on Monday, August 5th. Robert W. Baird decreased their target price on IDEX from $256.00 to $241.00 and set an outperform rating on the stock in a research report on Friday, August 2nd. Oppenheimer dropped their price target on IDEX from $245.00 to $238.00 and set an outperform rating for the company in a research report on Monday, August 5th. StockNews.com downgraded IDEX from a buy rating to a hold rating in a research note on Thursday, July 11th. Finally, Stifel Nicolaus lowered their target price on shares of IDEX from $265.00 to $236.00 and set a buy rating on the stock in a research note on Thursday, July 18th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $235.33.

IDEX Price Performance

Shares of IDEX stock traded down $0.52 on Wednesday, hitting $194.34. The company’s stock had a trading volume of 338,170 shares, compared to its average volume of 438,506. The company has a market capitalization of $14.71 billion, a price-to-earnings ratio of 25.57, a price-to-earnings-growth ratio of 2.08 and a beta of 0.95. IDEX has a 1 year low of $183.76 and a 1 year high of $246.36. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.45 and a current ratio of 3.41. The firm has a fifty day moving average price of $201.21 and a 200-day moving average price of $218.88.

IDEX (NYSE:IEX) last posted its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $2.06 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.02. IDEX had a return on equity of 16.87% and a net margin of 18.19%. The business had revenue of $807.20 million during the quarter, compared to analysts’ expectations of $828.15 million. During the same period in the previous year, the business earned $2.18 earnings per share. The business’s revenue was down 4.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that IDEX will post 7.85 earnings per share for the current fiscal year.

IDEX Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Friday, July 12th were issued a dividend of $0.69 per share. The ex-dividend date was Friday, July 12th. This represents a $2.76 annualized dividend and a dividend yield of 1.42%. IDEX’s dividend payout ratio is presently 36.32%.

Institutional Investors Weigh In On IDEX

Hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. increased its holdings in shares of IDEX by 14.9% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 5,787 shares of the industrial products company’s stock worth $1,256,000 after buying an additional 750 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in IDEX in the fourth quarter valued at $518,000. Stratos Wealth Partners LTD. acquired a new position in shares of IDEX in the 4th quarter valued at $261,000. Cerity Partners LLC purchased a new position in shares of IDEX during the 4th quarter worth $372,000. Finally, Louisiana State Employees Retirement System acquired a new stake in shares of IDEX during the 4th quarter worth about $999,000. 97.96% of the stock is currently owned by institutional investors and hedge funds.

IDEX Company Profile

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.