Zacks Investment Research Upgrades IDEX Corporation (IEX) to Buy
IDEX Corporation (NYSE:IEX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The brokerage presently has a $139.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.80% from the stock’s previous close.
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 is currently striving to expand its businesses in the emerging markets by focusing on organic growth. Strategic acquisitions further expand its geographic reach, fill technology gaps and strengthen foothold in the existing markets while expanding its product lines. With diligent execution of operational plans, IDEX outperformed the industry year to date. Management also raised its earlier guidance for 2017 on robust demand patterns and healthy growth dynamics. 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.”
IEX has been the topic of a number of other research reports. Robert W. Baird reaffirmed a “buy” rating and set a $129.00 target price on shares of IDEX Corporation in a research note on Wednesday. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $115.00 target price (up previously from $109.00) on shares of IDEX Corporation in a research note on Thursday, July 27th. BidaskClub lowered shares of IDEX Corporation from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. BMO Capital Markets reaffirmed a “hold” rating and set a $110.00 target price on shares of IDEX Corporation in a research note on Wednesday, September 6th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $91.00 target price on shares of IDEX Corporation in a research note on Friday, August 4th. Ten research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. IDEX Corporation currently has an average rating of “Hold” and a consensus price target of $111.88.
Shares of IDEX Corporation (NYSE:IEX) traded down 0.24% during trading on Thursday, hitting $124.03. 42,723 shares of the stock traded hands. The company has a 50 day moving average price of $119.22 and a 200 day moving average price of $109.84. The firm has a market cap of $9.48 billion, a price-to-earnings ratio of 33.24 and a beta of 1.19. IDEX Corporation has a 12 month low of $82.05 and a 12 month high of $125.42.
IDEX Corporation (NYSE:IEX) last announced its earnings results on Tuesday, July 25th. The industrial products company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.02. The firm had revenue of $573.40 million for the quarter, compared to analyst estimates of $568.43 million. IDEX Corporation had a net margin of 13.12% and a return on equity of 19.01%. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.99 EPS. Analysts anticipate that IDEX Corporation will post $4.23 earnings per share for the current fiscal year.
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In related news, SVP Daniel J. Salliotte sold 6,000 shares of the business’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $115.34, for a total transaction of $692,040.00. Following the sale, the senior vice president now owns 33,762 shares of the company’s stock, valued at $3,894,109.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Andrew K. Silvernail sold 50,000 shares of IDEX Corporation stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $115.00, for a total transaction of $5,750,000.00. Following the completion of 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. Insiders have sold 60,000 shares of company stock worth $6,909,200 in the last three months. 1.00% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the business. Prudential Financial Inc. raised its holdings in 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 buying an additional 303,440 shares during the last quarter. Asset Management One Co. Ltd. raised its holdings in 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 buying an additional 11,352 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings in 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 buying an additional 600 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new position in IDEX Corporation in the second quarter worth about $2,766,000. Finally, BlackRock Inc. raised its holdings in 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 buying an additional 6,335,032 shares during the last quarter. 98.50% 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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