IDEX Corp. (IEX) Lowered to Sell at Zacks Investment Research
IDEX Corp. (NYSE:IEX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday.
According to Zacks, “With operations across five continents, IDEX’s performance is exposed to the adverse impact of macroeconomic cycles in the U.S. and international markets. In addition, the company entails huge recurring R&D expenses that increase its operating costs. This in turn reduces its price control over its products, which often lead to a loss of market share, declining top-line growth and lower operating margin.Volatility in raw material prices, foreign exchange risks and high integration costs related to acquisitions remain additional headwinds. Nevertheless, IDEX has a decent earnings history with an average positive surprise of 5.19% over the trailing four quarters, beating estimates thrice. IDEX is striving to counter the muted growth environment by improving its productivity and conducting heavy restructuring initiatives across the portfolio. IDEX also aims to exploit strategic acquisition opportunities to fuel its inorganic growth momentum.”
Other analysts also recently issued reports about the stock. Royal Bank Of Canada reiterated a “buy” rating on shares of IDEX Corp. in a report on Tuesday, July 12th. Jefferies Group reiterated a “hold” rating on shares of IDEX Corp. in a report on Tuesday, July 19th. Janney Montgomery Scott assumed coverage on shares of IDEX Corp. in a report on Tuesday, June 21st. They issued a “neutral” rating and a $87.00 price target on the stock. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of IDEX Corp. in a report on Monday, June 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $85.86.
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IDEX Corp. (NYSE:IEX) traded down 0.85% during mid-day trading on Thursday, hitting $86.33. 125,001 shares of the stock were exchanged. IDEX Corp. has a 52 week low of $67.20 and a 52 week high of $95.33. The company’s 50-day moving average price is $92.17 and its 200 day moving average price is $86.86. The firm has a market capitalization of $6.57 billion, a price-to-earnings ratio of 22.89 and a beta of 1.16.
IDEX Corp. (NYSE:IEX) last announced its quarterly earnings results on Monday, July 18th. The company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.06. The company had revenue of $549.70 million for the quarter. IDEX Corp. had a net margin of 14.16% and a return on equity of 19.49%. During the same quarter in the prior year, the firm posted $0.89 earnings per share. Equities research analysts expect that IDEX Corp. will post $3.74 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Monday, October 17th will be paid a dividend of $0.34 per share. The ex-dividend date is Thursday, October 13th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.56%. IDEX Corp.’s dividend payout ratio is presently 35.98%.
In related news, Chairman Andrew K. Silvernail sold 6,575 shares of IDEX Corp. stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $91.34, for a total transaction of $600,560.50. Following the completion of the transaction, the chairman now directly owns 88,418 shares of the company’s stock, valued at approximately $8,076,100.12. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gregory F. Milzcik sold 4,830 shares of IDEX Corp. stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $90.00, for a total transaction of $434,700.00. Following the transaction, the director now directly owns 5,375 shares of the company’s stock, valued at $483,750. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Glenmede Trust Co. NA boosted its position in IDEX Corp. by 5.5% in the first quarter. Glenmede Trust Co. NA now owns 8,016 shares of the company’s stock worth $664,000 after buying an additional 416 shares in the last quarter. Aperio Group LLC boosted its position in IDEX Corp. by 8.7% in the first quarter. Aperio Group LLC now owns 26,765 shares of the company’s stock worth $2,218,000 after buying an additional 2,134 shares in the last quarter. TIAA CREF Investment Management LLC boosted its position in IDEX Corp. by 11.8% in the first quarter. TIAA CREF Investment Management LLC now owns 180,402 shares of the company’s stock worth $14,952,000 after buying an additional 19,041 shares in the last quarter. Teachers Advisors Inc. boosted its position in IDEX Corp. by 5.4% in the first quarter. Teachers Advisors Inc. now owns 179,197 shares of the company’s stock worth $14,852,000 after buying an additional 9,200 shares in the last quarter. Finally, BlackRock Inc. boosted its position in IDEX Corp. by 12.1% in the first quarter. BlackRock Inc. now owns 85,863 shares of the company’s stock worth $7,117,000 after buying an additional 9,263 shares in the last quarter. 97.53% of the stock is owned by hedge funds and other institutional investors.
About IDEX Corp.
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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