$562.30 Million in Sales Expected for IDEX Corporation (IEX) This Quarter
Wall Street analysts predict that IDEX Corporation (NYSE:IEX) will report $562.30 million in sales for the current fiscal quarter, Zacks reports. Seven analysts have issued estimates for IDEX Corporation’s earnings, with estimates ranging from $539.50 million to $573.40 million. IDEX Corporation reported sales of $530.36 million during the same quarter last year, which indicates a positive year-over-year growth rate of 6%. The company is expected to issue its next earnings report on Monday, October 16th.
According to Zacks, analysts expect that IDEX Corporation will report full-year sales of $562.30 million for the current year, with estimates ranging from $2.20 billion to $2.28 billion. For the next financial year, analysts expect that the firm will report sales of $2.36 billion per share, with estimates ranging from $2.28 billion to $2.43 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover IDEX Corporation.
IDEX Corporation (NYSE:IEX) last issued its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $1.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.02. The firm had revenue of $573.40 million for the quarter, compared to analysts’ expectations of $568.43 million. IDEX Corporation had a return on equity of 19.01% and a net margin of 13.12%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.99 EPS.
Several equities analysts have recently commented on IEX shares. Zacks Investment Research cut shares of IDEX Corporation from a “buy” rating to a “hold” rating in a research report on Monday, May 22nd. BMO Capital Markets reaffirmed a “hold” rating and set a $104.00 price target on shares of IDEX Corporation in a research report on Wednesday, May 24th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of IDEX Corporation in a research report on Wednesday, May 24th. Stifel Nicolaus reaffirmed a “hold” rating and set a $100.00 price target on shares of IDEX Corporation in a research report on Friday, May 26th. Finally, BidaskClub raised shares of IDEX Corporation from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 20th. Eleven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. IDEX Corporation has an average rating of “Hold” and an average price target of $107.25.
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In other news, SVP Jeffrey D. Bucklew sold 4,000 shares of IDEX Corporation stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $116.79, for a total transaction of $467,160.00. Following the sale, the senior vice president now owns 6,726 shares of the company’s stock, valued at $785,529.54. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Andrew K. Silvernail sold 50,000 shares of IDEX Corporation stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $115.00, for a total value of $5,750,000.00. Following the sale, the chairman now directly owns 142,114 shares in the company, valued at approximately $16,343,110. The disclosure for this sale can be found here. Insiders sold 60,000 shares of company stock worth $6,909,200 in the last three months. 1.00% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Toronto Dominion Bank bought a new stake in shares of IDEX Corporation during the second quarter valued at approximately $106,000. Strs Ohio bought a new stake in shares of IDEX Corporation during the second quarter valued at approximately $112,000. Acrospire Investment Management LLC raised its holdings in shares of IDEX Corporation by 1,000.0% during the second quarter. Acrospire Investment Management LLC now owns 1,100 shares of the industrial products company’s stock valued at $124,000 after buying an additional 1,000 shares during the last quarter. Robeco Institutional Asset Management B.V. bought a new stake in shares of IDEX Corporation during the second quarter valued at approximately $134,000. Finally, IHT Wealth Management LLC raised its holdings in shares of IDEX Corporation by 258.5% during the second quarter. IHT Wealth Management LLC now owns 527 shares of the industrial products company’s stock valued at $165,000 after buying an additional 380 shares during the last quarter. 99.13% of the stock is currently owned by institutional investors.
Shares of IDEX Corporation (NYSE IEX) traded up 0.45% during trading on Monday, reaching $120.75. The company had a trading volume of 169,180 shares. The stock has a 50 day moving average of $115.93 and a 200 day moving average of $106.55. IDEX Corporation has a 52-week low of $82.05 and a 52-week high of $122.22. The stock has a market capitalization of $9.23 billion, a price-to-earnings ratio of 32.36 and a beta of 1.19.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Monday, October 16th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 1.23%. IDEX Corporation’s dividend payout ratio is currently 39.68%.
IDEX Corporation 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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