IDEX Corporation (IEX) Lifted to Buy at Zacks Investment Research
IDEX Corporation (NYSE:IEX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage presently has a $135.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.80% from the stock’s current price.
According to Zacks, “With a flexible yet disciplined focus on cost and productivity, IDEX expects to successfully tap newer markets to boost its revenue. The company intends to optimize its cost structure, increase competitiveness and reallocate resources to improve profitability. IDEX further aims to increase its market exposure and improve sales mix by continually developing new products. IDEX has historically generated a healthy cash flow that allows management the opportunity to invest in product innovations, acquisitions and business development. Management also raised its earlier guidance for 2017 on robust demand patterns and healthy growth dynamics. IDEX outperformed the industry year to date. However, huge recurring R&D expenses increase operating costs and reduce price control over products, which often result in the loss of market share, poor sales and lower operating margins.”
Several other brokerages also recently commented on IEX. Stifel Nicolaus reissued a “hold” rating and issued a $120.00 price objective on shares of IDEX Corporation in a research note on Sunday, September 3rd. BMO Capital Markets reaffirmed a “hold” rating and issued a $110.00 target price on shares of IDEX Corporation in a report on Wednesday, September 6th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $115.00 target price (up from $109.00) on shares of IDEX Corporation in a report on Thursday, July 27th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $91.00 target price on shares of IDEX Corporation in a report on Friday, August 4th. Finally, BidaskClub raised IDEX Corporation from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 20th. Ten research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $108.25.
IDEX Corporation (NYSE:IEX) traded up 0.52% on Friday, reaching $121.45. The company’s stock had a trading volume of 102,930 shares. The firm’s 50-day moving average price is $116.24 and its 200 day moving average price is $106.75. The company has a market cap of $9.28 billion, a P/E ratio of 32.55 and a beta of 1.19. IDEX Corporation has a 52-week low of $82.05 and a 52-week high of $122.22.
IDEX Corporation (NYSE:IEX) last issued its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.08 EPS for the quarter, topping the consensus estimate of $1.06 by $0.02. The firm had revenue of $573.40 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the business posted $0.99 earnings per share. Equities analysts anticipate that IDEX Corporation will post $4.23 EPS for the current fiscal year.
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In other IDEX Corporation news, SVP Daniel J. Salliotte sold 6,000 shares of the stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $115.34, for a total transaction of $692,040.00. Following the completion of the transaction, the senior vice president now directly owns 33,762 shares of the company’s stock, valued at $3,894,109.08. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Andrew K. Silvernail sold 50,000 shares of the stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $115.00, for a total value of $5,750,000.00. Following the transaction, the chairman now directly owns 142,114 shares of the company’s stock, valued at $16,343,110. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,000 shares of company stock valued at $6,909,200. 1.00% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in IEX. Prudential Financial Inc. boosted its holdings in shares of IDEX Corporation by 468.9% in the second quarter. Prudential Financial Inc. now owns 368,154 shares of the industrial products company’s stock worth $41,605,000 after acquiring an additional 303,440 shares during the period. Asset Management One Co. Ltd. boosted its holdings in shares of IDEX Corporation by 129.5% in the first quarter. Asset Management One Co. Ltd. now owns 20,120 shares of the industrial products company’s stock worth $1,871,000 after acquiring an additional 11,352 shares during the period. Louisiana State Employees Retirement System boosted its holdings in shares of IDEX Corporation by 3.1% in the second quarter. Louisiana State Employees Retirement System now owns 19,900 shares of the industrial products company’s stock worth $2,249,000 after acquiring an additional 600 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new position in shares of IDEX Corporation in the second quarter worth $2,766,000. Finally, BlackRock Inc. boosted its holdings in shares of IDEX Corporation by 7,037.4% in the first quarter. BlackRock Inc. now owns 6,425,051 shares of the industrial products company’s stock worth $600,808,000 after acquiring an additional 6,335,032 shares during the period. 99.13% of the stock is owned by institutional investors and hedge funds.
IDEX Corporation 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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