IDEX Corp. to Post Q3 2016 Earnings of $0.93 Per Share, Jefferies Group Forecasts (IEX)
IDEX Corp. (NYSE:IEX) – Equities research analysts at Jefferies Group decreased their Q3 2016 earnings estimates for shares of IDEX Corp. in a research note issued on Friday. Jefferies Group analyst B. Bohra now expects that the brokerage will earn $0.93 per share for the quarter, down from their prior estimate of $0.95. Jefferies Group has a “Hold” rating on the stock. Jefferies Group also issued estimates for IDEX Corp.’s Q4 2016 earnings at $0.94 EPS, FY2016 earnings at $3.75 EPS and FY2017 earnings at $4.04 EPS.
IDEX Corp. (NYSE:IEX) last issued its quarterly earnings data on Monday, July 18th. The company reported $0.99 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.06. IDEX Corp. had a return on equity of 19.49% and a net margin of 14.16%. The company had revenue of $549.70 million for the quarter. During the same quarter last year, the business posted $0.89 EPS.
A number of other research firms also recently commented on IEX. Zacks Investment Research downgraded shares of IDEX Corp. from a “hold” rating to a “sell” rating in a research report on Thursday. 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 research report on Tuesday, July 19th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of IDEX Corp. in a research report on Tuesday, July 12th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating on shares of IDEX Corp. in a research report on Monday, June 27th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $85.86.
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Shares of IDEX Corp. (NYSE:IEX) opened at 86.41 on Monday. The stock has a market cap of $6.58 billion, a P/E ratio of 22.91 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 company has a 50 day moving average price of $91.75 and a 200-day moving average price of $86.88.
A number of hedge funds and other institutional investors have recently modified their holdings of IEX. Washington Trust Bank increased its position in shares of IDEX Corp. by 3.2% in the second quarter. Washington Trust Bank now owns 1,271 shares of the company’s stock valued at $104,000 after buying an additional 39 shares in the last quarter. Creative Planning increased its position in shares of IDEX Corp. by 60.9% in the third quarter. Creative Planning now owns 1,326 shares of the company’s stock valued at $124,000 after buying an additional 502 shares in the last quarter. Pinkerton Retirement Specialists LLC purchased a new position in shares of IDEX Corp. during the second quarter valued at $169,000. Quantbot Technologies LP purchased a new position in shares of IDEX Corp. during the second quarter valued at $181,000. Finally, Synovus Financial Corp increased its position in shares of IDEX Corp. by 0.6% in the second quarter. Synovus Financial Corp now owns 2,358 shares of the company’s stock valued at $192,000 after buying an additional 13 shares in the last quarter. 97.53% of the stock is owned by institutional investors.
In related news, Chairman Andrew K. Silvernail sold 6,575 shares of the company’s stock in a transaction on 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 transaction, the chairman now owns 88,418 shares of the company’s stock, valued at approximately $8,076,100.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory F. Milzcik sold 4,830 shares of the company’s 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 completion of the transaction, 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 corporate insiders.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Monday, October 17th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend is Thursday, October 13th. IDEX Corp.’s dividend payout ratio is currently 35.98%.
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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