IDEX Corp. (IEX) Issues FY16 Earnings Guidance
IDEX Corp. (NYSE:IEX) issued an update on its FY16 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $3.72 to $3.74 for the period, compared to the Thomson Reuters consensus estimate of $3.74. The company issued revenue guidance of +5% (~$2.12 billion), compared to the consensus revenue estimate of $2.14 billion.IDEX Corp. also updated its Q4 guidance to $0.92-0.94 EPS.
IDEX Corp. (NYSE:IEX) traded up 0.66% on Monday, reaching $86.98. The company had a trading volume of 543,307 shares. IDEX Corp. has a 1-year low of $67.20 and a 1-year high of $95.33. The stock’s 50 day moving average is $91.54 and its 200-day moving average is $86.96. The stock has a market capitalization of $6.62 billion, a P/E ratio of 23.06 and a beta of 1.16.
IDEX Corp. (NYSE:IEX) last released its quarterly earnings results on Monday, October 17th. The company reported $0.92 EPS for the quarter, meeting analysts’ consensus estimates of $0.92. IDEX Corp. had a return on equity of 19.49% and a net margin of 14.16%. The company earned $530.40 million during the quarter, compared to analysts’ expectations of $536.29 million. During the same period last year, the business posted $0.89 earnings per share. The firm’s revenue was up 5.3% compared to the same quarter last year. On average, equities analysts predict that IDEX Corp. will post $3.74 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Monday, October 17th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date is Thursday, October 13th. IDEX Corp.’s dividend payout ratio (DPR) is presently 35.98%.
Several research analysts have recently issued reports on the company. Janney Montgomery Scott upgraded IDEX Corp. from a neutral rating to a buy rating and raised their price objective for the stock from $87.00 to $96.00 in a research note on Tuesday, July 19th. Zacks Investment Research upgraded IDEX Corp. from a hold rating to a buy rating and set a $95.00 price objective for the company in a research note on Thursday, July 14th. Royal Bank Of Canada restated a buy rating on shares of IDEX Corp. in a research note on Tuesday, July 12th. Jefferies Group restated a hold rating on shares of IDEX Corp. in a research note on Tuesday, July 19th. Finally, Sanford C. Bernstein restated a market perform rating on shares of IDEX Corp. in a research note on Monday, June 27th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $85.86.
In other IDEX Corp. news, Chairman Andrew K. Silvernail sold 6,575 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $91.34, for a total value of $600,560.50. Following the sale, the chairman now directly owns 88,418 shares of the company’s stock, valued at $8,076,100.12. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gregory F. Milzcik sold 4,830 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $90.00, for a total value of $434,700.00. Following the completion of the sale, the director now directly owns 5,375 shares in the company, valued at $483,750. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.
A number of hedge funds have recently modified their holdings of IEX. BlackRock Investment Management LLC raised its stake in shares of IDEX Corp. by 2.5% in the second quarter. BlackRock Investment Management LLC now owns 231,296 shares of the company’s stock valued at $18,989,000 after buying an additional 5,620 shares during the last quarter. BlackRock Fund Advisors raised its stake in shares of IDEX Corp. by 4.7% in the second quarter. BlackRock Fund Advisors now owns 2,656,019 shares of the company’s stock valued at $218,059,000 after buying an additional 119,261 shares during the last quarter. BlackRock Group LTD raised its stake in shares of IDEX Corp. by 1.7% in the second quarter. BlackRock Group LTD now owns 299,359 shares of the company’s stock valued at $24,577,000 after buying an additional 5,115 shares during the last quarter. Ameritas Investment Partners Inc. raised its stake in shares of IDEX Corp. by 4.1% in the second quarter. Ameritas Investment Partners Inc. now owns 12,001 shares of the company’s stock valued at $985,000 after buying an additional 478 shares during the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in shares of IDEX Corp. during the second quarter valued at approximately $345,000. 97.49% of the stock is currently owned by institutional investors.
About IDEX Corp.
IDEX Corporation (IDEX) operates an applied solutions business that sells pumps, flow meters and other fluidics systems, and components and engineered products. The Company operates through three segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST), and Fire & Safety/Diversified Products (FSDP).
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