IDEX Corp. (IEX) Releases Earnings Results, Meets Estimates
IDEX Corp. (NYSE:IEX) issued its quarterly earnings results on Monday. The company reported $0.92 EPS for the quarter, meeting analysts’ consensus estimates of $0.92. The company had revenue of $530.40 million for the quarter, compared to analyst estimates of $536.29 million. IDEX Corp. had a return on equity of 19.49% and a net margin of 14.16%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.89 earnings per share. IDEX Corp. updated its Q4 guidance to $0.92-0.94 EPS and its FY16 guidance to $3.72 to $3.74 EPS.
IDEX Corp. (NYSE:IEX) opened at 86.79 on Wednesday. The company has a 50-day moving average of $91.31 and a 200-day moving average of $86.98. The stock has a market capitalization of $6.61 billion, a price-to-earnings ratio of 23.01 and a beta of 1.16. IDEX Corp. has a 1-year low of $67.20 and a 1-year high of $95.33.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Monday, October 17th will be paid a $0.34 dividend. The ex-dividend date is Thursday, October 13th. This represents a $1.36 dividend on an annualized basis and a yield of 1.57%. IDEX Corp.’s dividend payout ratio is 35.98%.
A number of analysts have recently commented on the company. Sanford C. Bernstein restated a “market perform” rating on shares of IDEX Corp. in a report on Monday, June 27th. Zacks Investment Research upgraded IDEX Corp. from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a report on Thursday, July 14th. Royal Bank Of Canada restated a “buy” rating on shares of IDEX Corp. in a report on Tuesday, July 12th. Janney Montgomery Scott assumed coverage on IDEX Corp. in a report on Tuesday, June 21st. They issued a “neutral” rating and a $87.00 price target on the stock. Finally, Jefferies Group restated a “hold” rating on shares of IDEX Corp. in a report on Tuesday, July 19th. 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 company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $85.86.
In other news, Chairman Andrew K. Silvernail sold 6,575 shares of the stock in a transaction 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Gregory F. Milzcik sold 4,830 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $90.00, for a total transaction 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 disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in the company. Synovus Financial Corp boosted its position 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. Blair William & Co. IL boosted its position in IDEX Corp. by 0.7% in the second quarter. Blair William & Co. IL now owns 4,517 shares of the company’s stock valued at $371,000 after buying an additional 32 shares during the last quarter. Raymond James Trust N.A. boosted its position in IDEX Corp. by 0.8% in the second quarter. Raymond James Trust N.A. now owns 4,662 shares of the company’s stock valued at $383,000 after buying an additional 36 shares during the last quarter. KCG Holdings Inc. boosted its position in IDEX Corp. by 0.3% in the second quarter. KCG Holdings Inc. now owns 11,244 shares of the company’s stock valued at $923,000 after buying an additional 36 shares during the last quarter. Finally, Washington Trust Bank boosted its position in IDEX Corp. by 3.2% in the second quarter. Washington Trust Bank now owns 1,271 shares of the company’s stock valued at $104,000 after buying an additional 39 shares during the last quarter. 97.49% of the stock is owned by hedge funds and other 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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