IDEX Corp. (IEX) Stock Rating Lowered by Zacks Investment Research
IDEX Corp. (NYSE:IEX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.
According to Zacks, “With operations across five continents, IDEX’s performance is exposed to the adverse impact of macroeconomic cycles in the U.S. and international markets. In addition, the company entails huge recurring R&D expenses that increase its operating costs. This in turn reduces its price control over its products, which often lead to a loss of market share, declining top-line growth and lower operating margin.Volatility in raw material prices, foreign exchange risks and high integration costs related to acquisitions remain additional headwinds. Nevertheless, IDEX has a decent earnings history with an average positive surprise of 5.19% over the trailing four quarters, beating estimates thrice. IDEX is striving to counter the muted growth environment by improving its productivity and conducting heavy restructuring initiatives across the portfolio. IDEX also aims to exploit strategic acquisition opportunities to fuel its inorganic growth momentum.”
Other research analysts also recently issued reports about the company. Janney Montgomery Scott upgraded IDEX Corp. from a “neutral” rating to a “buy” rating and raised their price target for the company from $87.00 to $96.00 in a research note on Tuesday, July 19th. 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 analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. IDEX Corp. has a consensus rating of “Hold” and a consensus price target of $85.86.
Shares of IDEX Corp. (NYSE:IEX) opened at 86.41 on Thursday. The stock’s 50 day moving average price is $91.75 and its 200-day moving average price is $86.88. The company has a market capitalization of $6.58 billion, a PE ratio of 22.91 and a beta of 1.16. IDEX Corp. has a 52-week low of $67.20 and a 52-week high of $95.33.
IDEX Corp. (NYSE:IEX) last posted its quarterly earnings results on Monday, July 18th. The company reported $0.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.06. The firm earned $549.70 million during the quarter. IDEX Corp. had a return on equity of 19.49% and a net margin of 14.16%. During the same quarter in the prior year, the business earned $0.89 earnings per share. On average, analysts expect that IDEX Corp. will post $3.74 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Monday, October 17th will be given a $0.34 dividend. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.57%. IDEX Corp.’s payout ratio is 35.98%.
In other news, Director Gregory F. Milzcik sold 4,830 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The stock was 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 of the company’s stock, valued at $483,750. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Andrew K. Silvernail sold 6,575 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $91.34, for a total value of $600,560.50. Following the completion of the sale, the chairman now directly owns 88,418 shares of the company’s stock, valued at $8,076,100.12. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Washington Trust Bank boosted its stake in IDEX Corp. by 3.2% in the second quarter. Washington Trust Bank now owns 1,271 shares of the company’s stock worth $104,000 after buying an additional 39 shares during the last quarter. Creative Planning boosted its stake in IDEX Corp. by 60.9% in the third quarter. Creative Planning now owns 1,326 shares of the company’s stock valued at $124,000 after buying an additional 502 shares during the last quarter. Pinkerton Retirement Specialists LLC purchased a new stake in IDEX Corp. during the second quarter valued at $169,000. Quantbot Technologies LP purchased a new stake in IDEX Corp. during the second quarter valued at $181,000. Finally, Synovus Financial Corp boosted its stake in IDEX Corp. by 0.6% in the second quarter. Synovus Financial Corp now owns 2,358 shares of the company’s stock valued at $192,000 after buying an additional 13 shares during the last quarter. 97.49% of the stock is 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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