IDEX Corp. (IEX) Releases Earnings Results, Misses Expectations By $0.01 EPS
IDEX Corp. (NYSE:IEX) issued its earnings results on Monday. The company reported $0.91 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.92 by $0.01. IDEX Corp. had a return on equity of 19.49% and a net margin of 14.16%. The business had revenue of $530.40 million for the quarter, compared to analysts’ expectations of $536.29 million.
Shares of IDEX Corp. (NYSE:IEX) traded up 0.66% during mid-day trading on Monday, hitting $86.98. 543,212 shares of the stock traded hands. The firm has a market cap of $6.62 billion, a price-to-earnings ratio of 23.06 and a beta of 1.16. IDEX Corp. has a 12-month low of $67.20 and a 12-month high of $95.33. The firm’s 50 day moving average price is $91.75 and its 200 day moving average price is $86.88.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Monday, October 17th will be given a $0.34 dividend. 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 (DPR) is 35.98%.
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A number of research analysts have weighed in on IEX shares. Zacks Investment Research cut shares of IDEX Corp. from a “hold” rating to a “sell” rating in a report on Thursday. Janney Montgomery Scott started coverage on shares of IDEX Corp. in a report on Tuesday, June 21st. They issued a “neutral” rating and a $87.00 price objective for the company. Royal Bank Of Canada reaffirmed a “buy” rating on shares of IDEX Corp. in a report on Tuesday, July 12th. Jefferies Group reaffirmed a “hold” rating on shares of IDEX Corp. in a report on Tuesday, July 19th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating on shares of IDEX Corp. in a report on Monday, June 27th. One investment 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’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $85.86.
In related news, Chairman Andrew K. Silvernail sold 6,575 shares of the stock in a transaction on 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 sale, the chairman now owns 88,418 shares in the company, valued at approximately $8,076,100.12. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gregory F. Milzcik sold 4,830 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $90.00, for a total transaction of $434,700.00. Following the sale, the director now owns 5,375 shares of the company’s stock, valued at approximately $483,750. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.
A number of hedge funds have recently modified their holdings of IEX. BlackRock Fund Advisors boosted its stake 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 worth $218,059,000 after buying an additional 119,261 shares in the last quarter. FMR LLC boosted its stake 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 worth $202,720,000 after buying an additional 50,255 shares in the last quarter. Waddell & Reed Financial Inc. boosted its stake 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 worth $90,117,000 after buying an additional 24,196 shares in the last quarter. Bessemer Group Inc. boosted its stake 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 worth $58,534,000 after buying an additional 2,264 shares in the last quarter. Finally, Allianz Asset Management AG boosted its stake 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 worth $43,433,000 after buying an additional 49,103 shares in the last quarter. Hedge funds and other institutional investors own 97.49% 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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