IDEX Corporation Plans Quarterly Dividend of $0.37 (IEX)
IDEX Corporation (NYSE:IEX) declared a quarterly dividend on Thursday, September 14th, RTT News reports. Investors of record on Monday, October 16th will be paid a dividend of 0.37 per share by the industrial products company on Tuesday, October 31st. This represents a $1.48 annualized dividend and a yield of 1.23%.
IDEX Corporation has raised its dividend payment by an average of 14.6% annually over the last three years and has raised its dividend annually for the last 7 consecutive years. IDEX Corporation has a dividend payout ratio of 34.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect IDEX Corporation to earn $4.56 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 32.5%.
IDEX Corporation (NYSE:IEX) opened at 120.75 on Friday. IDEX Corporation has a 52 week low of $82.05 and a 52 week high of $122.22. The company has a market capitalization of $9.23 billion, a PE ratio of 32.36 and a beta of 1.19. The company’s 50-day moving average price is $116.24 and its 200 day moving average price is $106.75.
IDEX Corporation (NYSE:IEX) last released its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.02. The business 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%. IDEX Corporation’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.99 earnings per share. On average, equities research analysts anticipate that IDEX Corporation will post $4.23 EPS for the current year.
In related news, SVP Daniel J. Salliotte sold 6,000 shares of the business’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $115.34, for a total value of $692,040.00. Following the sale, the senior vice president now owns 33,762 shares of the company’s stock, valued at approximately $3,894,109.08. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Andrew K. Silvernail sold 50,000 shares of the business’s stock in a transaction 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 completion of 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. In the last ninety days, insiders sold 60,000 shares of company stock worth $6,909,200. 1.00% of the stock is owned by insiders.
A number of analysts have recently issued reports on IEX shares. Zacks Investment Research cut IDEX Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 30th. Stifel Nicolaus restated a “hold” rating and set a $120.00 price objective on shares of IDEX Corporation in a research report on Sunday, September 3rd. BidaskClub upgraded IDEX Corporation from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 20th. Finally, Cowen and Company boosted their price objective on IDEX Corporation from $80.00 to $95.00 and gave the company a “market perform” rating in a research report on Wednesday, July 5th. Eleven investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. IDEX Corporation has a consensus rating of “Hold” and a consensus target price of $107.25.
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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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