IDEX Co. (IEX) Expected to Post Earnings of $1.31 Per Share

Equities analysts expect IDEX Co. (NYSE:IEX) to announce earnings of $1.31 per share for the current quarter, Zacks reports. Eight analysts have provided estimates for IDEX’s earnings. The highest EPS estimate is $1.32 and the lowest is $1.29. IDEX posted earnings of $1.08 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 21.3%. The business is scheduled to announce its next quarterly earnings report on Monday, October 15th.

On average, analysts expect that IDEX will report full-year earnings of $5.32 per share for the current fiscal year, with EPS estimates ranging from $5.29 to $5.36. For the next fiscal year, analysts forecast that the business will report earnings of $5.73 per share, with EPS estimates ranging from $5.46 to $5.83. Zacks’ earnings per share calculations are a mean average based on a survey of research analysts that cover IDEX.

IDEX (NYSE:IEX) last issued its earnings results on Tuesday, July 24th. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.09. IDEX had a net margin of 15.94% and a return on equity of 19.71%. The company had revenue of $634.40 million for the quarter, compared to analysts’ expectations of $623.10 million. During the same period in the prior year, the business earned $1.08 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis.

IEX has been the topic of several recent research reports. Royal Bank of Canada reiterated a “hold” rating and set a $144.00 target price on shares of IDEX in a report on Friday, July 13th. Zacks Investment Research lowered shares of IDEX from a “buy” rating to a “hold” rating in a research report on Wednesday, May 16th. Stifel Nicolaus increased their price target on shares of IDEX from $140.00 to $149.00 and gave the company a “hold” rating in a research report on Thursday, July 26th. BMO Capital Markets reissued a “hold” rating and set a $150.00 price target on shares of IDEX in a research report on Thursday, July 26th. Finally, Cowen reissued a “hold” rating and set a $130.00 price target on shares of IDEX in a research report on Tuesday, July 24th. Eleven investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $148.10.

In other IDEX news, Chairman Andrew K. Silvernail sold 94,045 shares of the stock in a transaction dated Wednesday, July 25th. The shares were sold at an average price of $145.00, for a total transaction of $13,636,525.00. Following the completion of the sale, the chairman now directly owns 149,451 shares of the company’s stock, valued at $21,670,395. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William M. Cook sold 1,933 shares of the stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $152.06, for a total transaction of $293,931.98. Following the sale, the director now directly owns 17,288 shares of the company’s stock, valued at $2,628,813.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 139,858 shares of company stock valued at $20,573,870. Insiders own 1.20% of the company’s stock.

Several institutional investors have recently made changes to their positions in IEX. Fenimore Asset Management Inc. purchased a new position in shares of IDEX in the 2nd quarter valued at approximately $96,508,000. BlackRock Inc. raised its position in IDEX by 4.5% during the 2nd quarter. BlackRock Inc. now owns 7,916,684 shares of the industrial products company’s stock worth $1,080,468,000 after buying an additional 339,328 shares during the last quarter. Ontario Teachers Pension Plan Board purchased a new position in IDEX during the 1st quarter worth approximately $16,843,000. Teacher Retirement System of Texas raised its position in IDEX by 189.4% during the 2nd quarter. Teacher Retirement System of Texas now owns 132,292 shares of the industrial products company’s stock worth $18,055,000 after buying an additional 86,584 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in IDEX by 3.6% during the 1st quarter. JPMorgan Chase & Co. now owns 2,179,038 shares of the industrial products company’s stock worth $310,535,000 after buying an additional 75,886 shares during the last quarter. 95.11% of the stock is owned by hedge funds and other institutional investors.

IDEX stock traded down $0.94 during midday trading on Wednesday, hitting $151.13. 288,600 shares of the company’s stock were exchanged, compared to its average volume of 301,569. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.21 and a quick ratio of 2.39. IDEX has a 12 month low of $119.64 and a 12 month high of $156.00. The stock has a market cap of $11.68 billion, a price-to-earnings ratio of 35.06, a PEG ratio of 2.45 and a beta of 1.22.

About IDEX

IDEX Corporation, through its subsidiaries, provides various pumps, valves, flow meters, other fluidics systems and components, and engineered products worldwide. Its Fluid & Metering Technologies segment designs, produces, and distributes positive displacement pumps, flow meters, injectors, other fluid-handling pump modules and systems, and specialty valve products, as well as offers flow monitoring and other services for food, chemical, general industrial, water and wastewater, agricultural, and energy industries.

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