DA Davidson Cuts IDEX (NYSE:IEX) Price Target to $210.00

IDEX (NYSE:IEX) had its price target reduced by DA Davidson from $220.00 to $210.00 in a report published on Monday, Benzinga reports. DA Davidson currently has a neutral rating on the industrial products company’s stock. DA Davidson also issued estimates for IDEX’s Q3 2024 earnings at $1.89 EPS, FY2024 earnings at $7.87 EPS and FY2025 earnings at $8.50 EPS.

Several other equities analysts have also weighed in on IEX. Stifel Nicolaus reduced their target price on shares of IDEX from $265.00 to $236.00 and set a buy rating on the stock in a report on Thursday, July 18th. Citigroup lifted their target price on shares of IDEX from $254.00 to $277.00 and gave the company a buy rating in a report on Monday, April 8th. Oppenheimer reduced their target price on shares of IDEX from $245.00 to $238.00 and set an outperform rating on the stock in a report on Monday. Robert W. Baird reduced their target price on shares of IDEX from $256.00 to $241.00 and set an outperform rating on the stock in a report on Friday, August 2nd. Finally, Royal Bank of Canada reduced their target price on shares of IDEX from $250.00 to $236.00 and set an outperform rating on the stock in a report on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, IDEX currently has an average rating of Moderate Buy and a consensus target price of $235.33.

IDEX Stock Up 2.3 %

Shares of IEX opened at $194.86 on Monday. The firm has a market cap of $14.75 billion, a PE ratio of 25.64, a price-to-earnings-growth ratio of 2.08 and a beta of 0.95. The company’s fifty day moving average is $201.50 and its two-hundred day moving average is $218.90. IDEX has a fifty-two week low of $183.76 and a fifty-two week high of $246.36. The company has a quick ratio of 2.45, a current ratio of 3.41 and a debt-to-equity ratio of 0.36.

IDEX (NYSE:IEX) last announced its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $2.06 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.02. The company had revenue of $807.20 million for the quarter, compared to analyst estimates of $828.15 million. IDEX had a net margin of 18.19% and a return on equity of 16.87%. IDEX’s revenue for the quarter was down 4.6% on a year-over-year basis. During the same quarter last year, the business earned $2.18 EPS. Analysts forecast that IDEX will post 7.85 earnings per share for the current year.

IDEX Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 26th. Investors of record on Friday, July 12th were paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 1.42%. The ex-dividend date of this dividend was Friday, July 12th. IDEX’s dividend payout ratio (DPR) is 36.32%.

Institutional Investors Weigh In On IDEX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its position in shares of IDEX by 7.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,964,956 shares of the industrial products company’s stock worth $1,943,609,000 after purchasing an additional 555,250 shares during the last quarter. Impax Asset Management Group plc increased its position in shares of IDEX by 4.0% in the 4th quarter. Impax Asset Management Group plc now owns 2,190,741 shares of the industrial products company’s stock worth $475,632,000 after purchasing an additional 84,502 shares during the last quarter. Norges Bank bought a new stake in shares of IDEX in the 4th quarter worth about $237,425,000. Charles Schwab Investment Management Inc. increased its position in shares of IDEX by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 608,744 shares of the industrial products company’s stock worth $132,164,000 after purchasing an additional 15,202 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of IDEX by 19.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 492,810 shares of the industrial products company’s stock worth $106,994,000 after purchasing an additional 81,780 shares during the last quarter. Hedge funds and other institutional investors own 97.96% of the company’s stock.

IDEX Company Profile

IDEX Corporation, together with its subsidiaries, provides applied solutions 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, valves, small volume provers, flow meters, injectors, and other fluid-handling pump modules and systems, as well as flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries.