IDEX Corporation (IEX) Rating Reiterated by SunTrust Banks, Inc.
IDEX Corporation (NYSE:IEX)‘s stock had its “hold” rating reaffirmed by equities researchers at SunTrust Banks, Inc. in a report issued on Tuesday. They presently have a $118.00 price target on the industrial products company’s stock. SunTrust Banks, Inc.’s target price would indicate a potential downside of 5.24% from the stock’s previous close. SunTrust Banks also issued estimates for IDEX Corporation’s Q4 2017 earnings at $1.06 EPS, FY2017 earnings at $4.25 EPS, Q3 2018 earnings at $1.18 EPS, Q4 2018 earnings at $1.17 EPS, FY2018 earnings at $4.61 EPS, Q1 2019 earnings at $1.19 EPS and FY2019 earnings at $5.06 EPS. The analysts noted that the move was a valuation call.
A number of other brokerages also recently commented on IEX. Zacks Investment Research raised shares of IDEX Corporation from a “hold” rating to a “buy” rating and set a $139.00 target price on the stock in a research note on Thursday, October 5th. Cowen and Company reissued a “hold” rating and issued a $95.00 price target on shares of IDEX Corporation in a research note on Friday, October 6th. Jefferies Group LLC reissued a “hold” rating on shares of IDEX Corporation in a research note on Friday, October 6th. Robert W. Baird reissued a “buy” rating and issued a $129.00 price target on shares of IDEX Corporation in a research note on Wednesday, October 4th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of IDEX Corporation in a research note on Thursday, September 21st. Eleven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. IDEX Corporation presently has an average rating of “Hold” and a consensus target price of $113.78.
Shares of IDEX Corporation (IEX) traded down 0.50% during mid-day trading on Tuesday, hitting $123.91. 44,714 shares of the stock traded hands. IDEX Corporation has a 12 month low of $82.05 and a 12 month high of $125.59. The company has a market cap of $9.47 billion, a P/E ratio of 33.21 and a beta of 1.19. The firm has a 50 day moving average of $121.98 and a 200 day moving average of $112.15.
IDEX Corporation (NYSE:IEX) last issued its earnings results on Monday, October 16th. The industrial products company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.02. IDEX Corporation had a net margin of 13.48% and a return on equity of 19.07%. The company had revenue of $574.50 million for the quarter, compared to the consensus estimate of $563.23 million. During the same period in the previous year, the firm earned $0.92 earnings per share. IDEX Corporation’s quarterly revenue was up 8.3% compared to the same quarter last year. Equities analysts anticipate that IDEX Corporation will post $4.24 EPS for the current fiscal year.
In other news, Chairman Andrew K. Silvernail sold 50,000 shares of the company’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 transaction, the chairman now owns 142,114 shares in the company, valued at approximately $16,343,110. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Jeffrey D. Bucklew sold 4,000 shares of the company’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $116.79, for a total transaction of $467,160.00. Following the completion of the transaction, the senior vice president now owns 6,726 shares of the company’s stock, valued at approximately $785,529.54. The disclosure for this sale can be found here. Insiders have sold a total of 60,000 shares of company stock valued at $6,909,200 in the last quarter. 1.00% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of the company. Prudential Financial Inc. raised its position in IDEX Corporation by 468.9% in the 2nd quarter. Prudential Financial Inc. now owns 368,154 shares of the industrial products company’s stock valued at $41,605,000 after purchasing an additional 303,440 shares during the last quarter. Louisiana State Employees Retirement System raised its position in IDEX Corporation by 3.1% in the 2nd quarter. Louisiana State Employees Retirement System now owns 19,900 shares of the industrial products company’s stock valued at $2,249,000 after purchasing an additional 600 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in IDEX Corporation in the 2nd quarter valued at $2,766,000. Nordea Investment Management AB purchased a new stake in IDEX Corporation in the 2nd quarter valued at $377,000. Finally, Paloma Partners Management Co raised its position in IDEX Corporation by 20.3% in the 1st quarter. Paloma Partners Management Co now owns 13,758 shares of the industrial products company’s stock valued at $1,286,000 after purchasing an additional 2,318 shares during the last quarter. Institutional investors and hedge funds own 98.49% of the company’s stock.
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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