IDEX Corporation (IEX) Expected to Announce Quarterly Sales of $562.30 Million
Analysts expect that IDEX Corporation (NYSE:IEX) will post sales of $562.30 million for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have made estimates for IDEX Corporation’s earnings, with the lowest sales estimate coming in at $539.50 million and the highest estimate coming in at $573.40 million. IDEX Corporation posted sales of $530.36 million in the same quarter last year, which suggests a positive year-over-year growth rate of 6%. The business is scheduled to report its next earnings report on Monday, October 16th.
On average, analysts expect that IDEX Corporation will report full year sales of $562.30 million for the current year, with estimates ranging from $2.20 billion to $2.28 billion. For the next financial year, analysts forecast that the firm will post sales of $2.36 billion per share, with estimates ranging from $2.28 billion to $2.43 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow IDEX Corporation.
IDEX Corporation (NYSE:IEX) last announced its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.02. The business had revenue of $573.40 million for the quarter, compared to analyst estimates of $568.43 million. IDEX Corporation had a return on equity of 19.01% and a net margin of 13.12%. The company’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.99 earnings per share.
IEX has been the topic of a number of research analyst reports. BidaskClub downgraded IDEX Corporation from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Zacks Investment Research upgraded IDEX Corporation from a “hold” rating to a “buy” rating and set a $128.00 target price on the stock in a report on Tuesday, July 11th. Stifel Nicolaus reiterated a “hold” rating and set a $100.00 target price on shares of IDEX Corporation in a report on Friday, May 26th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of IDEX Corporation in a report on Wednesday, May 24th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $104.00 target price on shares of IDEX Corporation in a report on Wednesday, May 24th. Eleven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $107.25.
IDEX Corporation (NYSE IEX) opened at 120.55 on Monday. IDEX Corporation has a one year low of $82.05 and a one year high of $120.56. The firm has a 50-day moving average price of $115.52 and a 200 day moving average price of $105.95. The company has a market cap of $9.21 billion, a price-to-earnings ratio of 32.31 and a beta of 1.19.
In other news, SVP Daniel J. Salliotte sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $115.34, for a total value of $692,040.00. Following the sale, the senior vice president now directly owns 33,762 shares of the company’s stock, valued at approximately $3,894,109.08. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Andrew K. Silvernail sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $115.00, for a total value of $5,750,000.00. Following the completion of the sale, the chairman now directly owns 142,114 shares in the company, valued at $16,343,110. The disclosure for this sale can be found here. Over the last three months, insiders sold 60,000 shares of company stock worth $6,909,200. Insiders own 1.00% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. IHT Wealth Management LLC lifted its position in IDEX Corporation by 258.5% in the 2nd quarter. IHT Wealth Management LLC now owns 527 shares of the industrial products company’s stock valued at $165,000 after acquiring an additional 380 shares in the last quarter. Toronto Dominion Bank bought a new position in IDEX Corporation in the 2nd quarter valued at approximately $106,000. Strs Ohio bought a new position in IDEX Corporation in the 2nd quarter valued at approximately $112,000. Acrospire Investment Management LLC lifted its position in IDEX Corporation by 1,000.0% in the 2nd quarter. Acrospire Investment Management LLC now owns 1,100 shares of the industrial products company’s stock valued at $124,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. bought a new position in IDEX Corporation in the 2nd quarter valued at approximately $134,000. 99.13% of the stock is currently owned by institutional investors and hedge funds.
About IDEX Corporation
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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