IDEX Corp. (IEX) Updates Q4 Earnings Guidance
IDEX Corp. (NYSE:IEX) updated its fourth quarter earnings guidance on Monday. The company provided earnings per share guidance of $0.92-0.94 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.95. IDEX Corp. also updated its FY16 guidance to $3.72 to $3.74 EPS.
A number of research analysts have recently weighed in on the company. Zacks Investment Research cut IDEX Corp. from a hold rating to a sell rating in a research report on Thursday, October 13th. Janney Montgomery Scott initiated 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. Royal Bank Of Canada reissued a buy rating on shares of IDEX Corp. in a report on Tuesday, July 12th. Jefferies Group reissued a hold rating on shares of IDEX Corp. in a report on Tuesday, July 19th. Finally, Sanford C. Bernstein reissued a market perform rating on shares of IDEX Corp. in a report on Monday, June 27th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $85.86.
IDEX Corp. (NYSE:IEX) opened at 86.79 on Wednesday. The company’s 50-day moving average price is $91.31 and its 200-day moving average price is $86.98. IDEX Corp. has a 12 month low of $67.20 and a 12 month high of $95.33. The stock has a market cap of $6.61 billion, a P/E ratio of 23.01 and a beta of 1.16.
IDEX Corp. (NYSE:IEX) last released its earnings results on Monday, October 17th. The company reported $0.92 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.92. IDEX Corp. had a return on equity of 19.49% and a net margin of 14.16%. The company had revenue of $530.40 million for the quarter, compared to analysts’ expectations of $536.29 million. During the same quarter in the previous year, the firm posted $0.89 EPS. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. Equities analysts forecast that IDEX Corp. will post $3.74 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Monday, October 17th will be given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.57%. The ex-dividend date is Thursday, October 13th. IDEX Corp.’s payout ratio is 35.98%.
In related news, Director Gregory F. Milzcik sold 4,830 shares of the company’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 sale, the director now owns 5,375 shares in the company, valued at approximately $483,750. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Andrew K. Silvernail sold 6,575 shares of the company’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 completion of the sale, the chairman now owns 88,418 shares in the company, valued at approximately $8,076,100.12. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.
Several large investors have recently added to or reduced their stakes in IEX. Pinkerton Retirement Specialists LLC purchased a new stake in IDEX Corp. during the second quarter worth $169,000. Cubist Systematic Strategies LLC boosted its stake in IDEX Corp. by 935.3% in the second quarter. Cubist Systematic Strategies LLC now owns 33,915 shares of the company’s stock worth $2,784,000 after buying an additional 30,639 shares in the last quarter. Lombard Odier Asset Management USA Corp purchased a new stake in IDEX Corp. during the second quarter worth $2,373,000. Paloma Partners Management Co purchased a new stake in IDEX Corp. during the second quarter worth $1,225,000. Finally, Cantab Capital Partners LLP boosted its stake in IDEX Corp. by 81.4% in the second quarter. Cantab Capital Partners LLP now owns 2,756 shares of the company’s stock worth $226,000 after buying an additional 1,237 shares in the last quarter. Institutional investors and hedge funds own 97.49% of the company’s stock.
IDEX Corp. Company Profile
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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