IDEX Corp. (IEX) Issues FY16 Earnings Guidance
IDEX Corp. (NYSE:IEX) issued an update on its FY16 earnings guidance on Monday morning. The company provided EPS guidance of $3.72 to $3.74 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.74. The company issued revenue guidance of +5% (~$2.12 billion), compared to the consensus revenue estimate of $2.14 billion.IDEX Corp. also updated its Q4 guidance to $0.92-0.94 EPS.
IDEX Corp. (NYSE:IEX) traded up 0.66% during mid-day trading on Monday, hitting $86.98. 543,307 shares of the stock traded hands. The firm’s 50-day moving average price is $91.54 and its 200-day moving average price is $86.96. The firm has a market cap of $6.62 billion, a P/E ratio of 23.06 and a beta of 1.16. IDEX Corp. has a 52 week low of $67.20 and a 52 week high of $95.33.
IDEX Corp. (NYSE:IEX) last released its quarterly earnings data on Monday, October 17th. The company reported $0.92 earnings per share for the quarter, hitting the consensus estimate of $0.92. The company had revenue of $530.40 million for the quarter, compared to analyst estimates of $536.29 million. IDEX Corp. had a net margin of 14.16% and a return on equity of 19.49%. IDEX Corp.’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.89 EPS. On average, equities analysts forecast that IDEX Corp. will post $3.74 earnings per share for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Monday, October 17th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $1.36 annualized dividend and a dividend yield of 1.56%. IDEX Corp.’s dividend payout ratio is presently 35.98%.
Several research analysts have recently weighed in on the stock. Jefferies Group restated a hold rating on shares of IDEX Corp. in a research note on Tuesday, July 19th. Janney Montgomery Scott raised shares of IDEX Corp. from a neutral rating to a buy rating and lifted their target price for the stock from $87.00 to $96.00 in a report on Tuesday, July 19th. Zacks Investment Research raised shares of IDEX Corp. from a hold rating to a buy rating and set a $95.00 target price for the company in a report on Thursday, July 14th. Sanford C. Bernstein reaffirmed a market perform rating on shares of IDEX Corp. in a report on Monday, June 27th. Finally, Royal Bank Of Canada reaffirmed a buy rating on shares of IDEX Corp. in a report on Tuesday, July 12th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $85.86.
In other IDEX Corp. news, Chairman Andrew K. Silvernail sold 6,575 shares of the business’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $91.34, for a total value of $600,560.50. Following the completion of the sale, the chairman now owns 88,418 shares of the company’s stock, valued at approximately $8,076,100.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory F. Milzcik sold 4,830 shares of the business’s stock in a transaction dated 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 directly owns 5,375 shares of the company’s stock, valued at approximately $483,750. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of IEX. BlackRock Fund Advisors boosted its position in shares of IDEX Corp. by 4.7% in the second quarter. BlackRock Fund Advisors now owns 2,656,019 shares of the company’s stock valued at $218,059,000 after buying an additional 119,261 shares during the last quarter. FMR LLC boosted its position in shares of IDEX Corp. by 2.1% in the second quarter. FMR LLC now owns 2,469,173 shares of the company’s stock valued at $202,720,000 after buying an additional 50,255 shares during the last quarter. Waddell & Reed Financial Inc. boosted its position in shares of IDEX Corp. by 2.3% in the second quarter. Waddell & Reed Financial Inc. now owns 1,097,655 shares of the company’s stock valued at $90,117,000 after buying an additional 24,196 shares during the last quarter. Bessemer Group Inc. boosted its position in shares of IDEX Corp. by 0.3% in the second quarter. Bessemer Group Inc. now owns 712,960 shares of the company’s stock valued at $58,534,000 after buying an additional 2,264 shares during the last quarter. Finally, Allianz Asset Management AG boosted its position in shares of IDEX Corp. by 10.2% in the second quarter. Allianz Asset Management AG now owns 529,032 shares of the company’s stock valued at $43,433,000 after buying an additional 49,103 shares during the last quarter. 97.49% of the stock is owned by hedge funds and other institutional investors.
IDEX Corp. 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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