IDEX Corp. (IEX) Stock Rating Lowered by Zacks Investment Research
IDEX Corp. (NYSE:IEX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report 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.”
A number of other research analysts have also recently weighed in on the stock. Jefferies Group restated a “hold” rating on shares of IDEX Corp. in a report on Tuesday, July 19th. Janney Montgomery Scott upgraded shares of IDEX Corp. from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $87.00 to $96.00 in a report on Tuesday, July 19th. Royal Bank Of Canada restated a “buy” rating on shares of IDEX Corp. in a report on Tuesday, July 12th. Finally, Sanford C. Bernstein restated a “market perform” rating on shares of IDEX Corp. in a report on Monday, June 27th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $85.86.
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Shares of IDEX Corp. (NYSE:IEX) traded down 0.95% on Thursday, reaching $86.24. 129,604 shares of the company’s stock were exchanged. The firm has a market capitalization of $6.57 billion, a P/E ratio of 22.86 and a beta of 1.16. IDEX Corp. has a one year low of $67.20 and a one year high of $95.33. The firm has a 50 day moving average of $92.17 and a 200 day moving average of $86.86.
IDEX Corp. (NYSE:IEX) last announced its quarterly earnings results on Monday, July 18th. The company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.06. IDEX Corp. had a net margin of 14.16% and a return on equity of 19.49%. The business earned $549.70 million during the quarter. During the same quarter in the prior year, the business earned $0.89 earnings per share. On average, equities research analysts predict 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 $0.34 dividend. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $1.36 dividend on an annualized basis and a yield of 1.56%. IDEX Corp.’s dividend payout ratio is currently 35.98%.
In other news, Director Gregory F. Milzcik sold 4,830 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $90.00, for a total transaction of $434,700.00. Following the completion of the sale, the director now owns 5,375 shares in the company, valued at approximately $483,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Andrew K. Silvernail sold 6,575 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $91.34, for a total transaction of $600,560.50. Following the sale, the chairman now owns 88,418 shares of the company’s stock, valued at approximately $8,076,100.12. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. Glenmede Trust Co. NA increased its stake in shares of IDEX Corp. by 5.5% in the first quarter. Glenmede Trust Co. NA now owns 8,016 shares of the company’s stock valued at $664,000 after buying an additional 416 shares in the last quarter. Aperio Group LLC increased its stake in shares of IDEX Corp. by 8.7% in the first quarter. Aperio Group LLC now owns 26,765 shares of the company’s stock valued at $2,218,000 after buying an additional 2,134 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake in shares of IDEX Corp. by 11.8% in the first quarter. TIAA CREF Investment Management LLC now owns 180,402 shares of the company’s stock valued at $14,952,000 after buying an additional 19,041 shares in the last quarter. Teachers Advisors Inc. increased its stake in shares of IDEX Corp. by 5.4% in the first quarter. Teachers Advisors Inc. now owns 179,197 shares of the company’s stock valued at $14,852,000 after buying an additional 9,200 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of IDEX Corp. by 12.1% in the first quarter. BlackRock Inc. now owns 85,863 shares of the company’s stock valued at $7,117,000 after buying an additional 9,263 shares in the last quarter. Institutional investors and hedge funds own 97.53% of the company’s stock.
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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