IDEX Corporation (IEX) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of IDEX Corporation (NYSE:IEX) from a hold rating to a buy rating in a research note published on Thursday. The firm currently has $138.00 price objective on the industrial products company’s stock.

According to Zacks, “With a flexible yet disciplined focus on cost and productivity, IDEX expects to successfully tap newer markets to boost its revenue. The company intends to optimize its cost structure, increase competitiveness and reallocate resources to improve profitability. IDEX is currently striving to expand its businesses in the emerging markets by focusing on organic growth. The company has historically generated a healthy cash flow that allows management the opportunity to invest in product innovations, acquisitions and business development. IDEX outperformed the industry year to date. Management also raised its earlier guidance for 2017 on robust demand patterns and healthy growth dynamics. However, huge recurring R&D expenses increase operating costs and reduce price control over products, which often result in the loss of market share, poor sales and lower operating margins.”

Other research analysts have also issued reports about the company. BidaskClub lowered IDEX Corporation from a strong-buy rating to a buy rating in a research report on Tuesday, July 25th. Stifel Nicolaus reaffirmed a hold rating and set a $100.00 target price on shares of IDEX Corporation in a research report on Friday, May 26th. Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of IDEX Corporation in a research report on Wednesday, May 24th. BMO Capital Markets reaffirmed a hold rating and set a $104.00 target price on shares of IDEX Corporation in a research report on Wednesday, May 24th. Finally, Jefferies Group LLC reaffirmed a hold rating and set a $91.00 target price on shares of IDEX Corporation in a research report on Friday, August 4th. Ten equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. IDEX Corporation has a consensus rating of Hold and a consensus price target of $108.63.

Shares of IDEX Corporation (NYSE IEX) opened at 123.12 on Thursday. The company has a market cap of $9.41 billion, a P/E ratio of 33.00 and a beta of 1.19. IDEX Corporation has a 12-month low of $82.05 and a 12-month high of $123.94. The company has a 50-day moving average price of $116.81 and a 200-day moving average price of $107.55.

IDEX Corporation (NYSE:IEX) last announced its earnings results on Tuesday, July 25th. The industrial products company reported $1.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.02. The business had revenue of $573.40 million during the quarter, compared to analyst estimates of $568.43 million. IDEX Corporation had a return on equity of 19.01% and a net margin of 13.12%. IDEX Corporation’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the company earned $0.99 EPS. On average, analysts predict that IDEX Corporation will post $4.23 earnings per share for the current year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Monday, October 16th will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.20%. The ex-dividend date is Friday, October 13th. IDEX Corporation’s dividend payout ratio (DPR) is presently 39.68%.

In other news, SVP Jeffrey D. Bucklew sold 4,000 shares of IDEX Corporation stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $116.79, for a total value of $467,160.00. Following the completion of the transaction, the senior vice president now directly owns 6,726 shares of the company’s stock, valued at approximately $785,529.54. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Daniel J. Salliotte sold 6,000 shares of IDEX Corporation stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $115.34, for a total value of $692,040.00. Following the completion of the transaction, the senior vice president now directly owns 33,762 shares of the company’s stock, valued at $3,894,109.08. The disclosure for this sale can be found here. Over the last three months, insiders sold 60,000 shares of company stock valued at $6,909,200. Corporate insiders own 1.00% of the company’s stock.

Several hedge funds have recently bought and sold shares of IEX. US Bancorp DE raised its position in shares of IDEX Corporation by 1.4% in the 1st quarter. US Bancorp DE now owns 2,646 shares of the industrial products company’s stock worth $247,000 after acquiring an additional 37 shares in the last quarter. World Asset Management Inc raised its position in shares of IDEX Corporation by 14.4% in the 1st quarter. World Asset Management Inc now owns 5,611 shares of the industrial products company’s stock worth $525,000 after acquiring an additional 708 shares in the last quarter. UBS Asset Management Americas Inc. raised its position in shares of IDEX Corporation by 5.7% in the 1st quarter. UBS Asset Management Americas Inc. now owns 81,522 shares of the industrial products company’s stock worth $7,623,000 after acquiring an additional 4,432 shares in the last quarter. Karp Capital Management Corp bought a new position in shares of IDEX Corporation in the 1st quarter worth about $2,637,000. Finally, Eagle Asset Management Inc. raised its position in shares of IDEX Corporation by 66.3% in the 1st quarter. Eagle Asset Management Inc. now owns 14,929 shares of the industrial products company’s stock worth $1,396,000 after acquiring an additional 5,950 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

About IDEX Corporation

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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