Brokerages expect that IDEX Co. (NYSE:IEX) will announce $642.32 million in sales for the current quarter, Zacks reports. Seven analysts have issued estimates for IDEX’s earnings. The lowest sales estimate is $634.20 million and the highest is $662.00 million. IDEX reported sales of $622.89 million during the same quarter last year, which would suggest a positive year over year growth rate of 3.1%. The company is scheduled to issue its next quarterly earnings report on Tuesday, October 22nd.
On average, analysts expect that IDEX will report full year sales of $2.56 billion for the current year, with estimates ranging from $2.53 billion to $2.59 billion. For the next year, analysts anticipate that the firm will report sales of $2.67 billion, with estimates ranging from $2.61 billion to $2.74 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover IDEX.
IDEX (NYSE:IEX) last posted its earnings results on Thursday, July 25th. The industrial products company reported $1.50 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.49 by $0.01. IDEX had a return on equity of 21.20% and a net margin of 17.11%. The firm had revenue of $642.10 million during the quarter, compared to analyst estimates of $655.87 million. During the same period in the previous year, the company earned $1.40 EPS. The company’s revenue for the quarter was up 1.2% on a year-over-year basis.
A number of research analysts have recently commented on the company. Berenberg Bank assumed coverage on IDEX in a report on Wednesday, May 15th. They set a “buy” rating and a $180.00 price target for the company. Oppenheimer reiterated a “hold” rating on shares of IDEX in a report on Wednesday, May 8th. Stifel Nicolaus upped their price target on IDEX from $157.00 to $162.00 and gave the stock a “hold” rating in a report on Monday, July 29th. DA Davidson reiterated a “neutral” rating on shares of IDEX in a report on Friday, April 26th. Finally, Zacks Investment Research lowered IDEX from a “buy” rating to a “hold” rating and set a $181.00 price target for the company. in a report on Monday, July 1st. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company. IDEX currently has a consensus rating of “Hold” and a consensus price target of $162.38.
Shares of IEX stock opened at $164.67 on Wednesday. IDEX has a 12 month low of $117.72 and a 12 month high of $173.84. The firm has a market capitalization of $12.29 billion, a price-to-earnings ratio of 30.44, a PEG ratio of 2.78 and a beta of 1.23. The stock’s 50 day simple moving average is $167.18. The company has a current ratio of 3.36, a quick ratio of 2.53 and a debt-to-equity ratio of 0.40.
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Tuesday, July 16th were paid a $0.50 dividend. The ex-dividend date was Monday, July 15th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.21%. IDEX’s payout ratio is 36.97%.
In related news, SVP Daniel J. Salliotte sold 7,125 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $153.06, for a total value of $1,090,552.50. Following the completion of the transaction, the senior vice president now directly owns 44,545 shares in the company, valued at $6,818,057.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Daniel J. Salliotte sold 16,672 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $162.22, for a total value of $2,704,531.84. Following the completion of the transaction, the senior vice president now owns 39,665 shares of the company’s stock, valued at $6,434,456.30. The disclosure for this sale can be found here. Insiders sold 155,352 shares of company stock valued at $25,921,461 over the last 90 days. 1.20% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC grew its position in IDEX by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 799,850 shares of the industrial products company’s stock valued at $100,922,000 after buying an additional 21,550 shares during the period. DNB Asset Management AS grew its position in IDEX by 4.6% during the first quarter. DNB Asset Management AS now owns 16,804 shares of the industrial products company’s stock valued at $2,550,000 after buying an additional 735 shares during the period. Virtu Financial LLC acquired a new stake in IDEX during the first quarter valued at $330,000. Retirement Systems of Alabama grew its position in IDEX by 0.9% during the first quarter. Retirement Systems of Alabama now owns 170,633 shares of the industrial products company’s stock valued at $25,892,000 after buying an additional 1,457 shares during the period. Finally, Raymond James Trust N.A. acquired a new stake in IDEX during the first quarter valued at $225,000. Institutional investors and hedge funds own 94.52% of the company’s stock.
IDEX Corporation, through its subsidiaries, operates as an applied solutions company worldwide. The company operates through three segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST), and Fire & Safety/Diversified Products (FSDP). The FMT segment designs, produces, and distributes positive displacement pumps, flow meters, injectors, and other fluid-handling pump modules and systems, as well as offers flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries.
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