IDEX (IEX) Upgraded to “Hold” by Zacks Investment Research
Zacks Investment Research upgraded shares of IDEX (NYSE:IEX) from a sell rating to a hold rating in a research report report published on Thursday.
According to Zacks, “IDEX is currently striving to expand its businesses in the emerging markets by focusing on organic growth. IDEX further aims to increase its market exposure and improve sales mix by continually developing new products. With a flexible yet disciplined focus on cost and productivity, IDEX expects to successfully tap newer markets to augment its revenue. IDEX also outperformed the industry in the past three months. However, IDEX has huge recurring R&D expenses, which increase operating costs and reduce price control over products. Also, IDEX is susceptible to various operating risks related to the availability and prices for raw materials as it procures substantial amount of components from suppliers across the globe. With operations across five continents, IDEX’s performance is exposed to the adverse impact of macroeconomic cycles in the United States and international markets.”
A number of other equities analysts have also weighed in on IEX. Oppenheimer restated a hold rating on shares of IDEX in a research report on Thursday, September 21st. Robert W. Baird restated a buy rating and set a $129.00 target price on shares of IDEX in a research report on Wednesday, October 4th. Jefferies Group restated a hold rating on shares of IDEX in a research report on Friday, October 6th. Cowen restated a hold rating and set a $95.00 target price on shares of IDEX in a research report on Friday, October 6th. Finally, SunTrust Banks restated a hold rating and set a $118.00 target price on shares of IDEX in a research report on Tuesday, October 17th. They noted that the move was a valuation call. Eleven analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $121.60.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 30th. Investors of record on Monday, January 15th will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date of this dividend is Thursday, January 11th. IDEX’s payout ratio is 37.95%.
A number of institutional investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue purchased a new stake in IDEX during the fourth quarter valued at $725,000. Oakbrook Investments LLC raised its stake in IDEX by 10.1% during the fourth quarter. Oakbrook Investments LLC now owns 6,305 shares of the industrial products company’s stock valued at $832,000 after purchasing an additional 580 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in IDEX by 4.6% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 276,349 shares of the industrial products company’s stock valued at $36,470,000 after purchasing an additional 12,153 shares in the last quarter. Creative Planning raised its stake in IDEX by 16.9% during the fourth quarter. Creative Planning now owns 3,496 shares of the industrial products company’s stock valued at $461,000 after purchasing an additional 505 shares in the last quarter. Finally, Stock Yards Bank & Trust Co. purchased a new stake in IDEX during the fourth quarter valued at $201,000. 96.99% of the stock is currently owned by institutional investors.
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IDEX 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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