Rosenblatt Securities started coverage on shares of IDEX (NYSE:IEX) in a note issued to investors on Thursday, November 7th, The Fly reports. The brokerage set a “buy” rating and a $185.00 price target on the industrial products company’s stock. Rosenblatt Securities’ target price would indicate a potential upside of 14.16% from the stock’s previous close.
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Several other equities research analysts also recently weighed in on IEX. Wells Fargo & Co reduced their price target on IDEX from $200.00 to $190.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Citigroup assumed coverage on IDEX in a report on Monday, September 30th. They issued a “neutral” rating and a $175.00 price target on the stock. ValuEngine downgraded IDEX from a “buy” rating to a “hold” rating in a report on Tuesday, October 1st. Finally, Stifel Nicolaus increased their price objective on IDEX from $157.00 to $162.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $174.14.
Shares of NYSE:IEX traded up $0.32 during mid-day trading on Thursday, reaching $162.06. The stock had a trading volume of 484,434 shares, compared to its average volume of 426,594. IDEX has a 1 year low of $117.72 and a 1 year high of $173.84. The company has a current ratio of 3.21, a quick ratio of 2.39 and a debt-to-equity ratio of 0.39. The business’s 50 day moving average price is $159.44 and its 200 day moving average price is $161.76. The company has a market cap of $12.30 billion, a P/E ratio of 29.96, a price-to-earnings-growth ratio of 2.78 and a beta of 1.21.
IDEX (NYSE:IEX) last issued its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.06. IDEX had a return on equity of 21.28% and a net margin of 17.05%. The business had revenue of $624.20 million for the quarter, compared to the consensus estimate of $641.66 million. During the same period in the prior year, the business posted $1.41 earnings per share. The company’s quarterly revenue was up .2% compared to the same quarter last year. Analysts predict that IDEX will post 5.81 earnings per share for the current fiscal year.
In other news, Director Ernest J. Mrozek sold 6,650 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $160.24, for a total transaction of $1,065,596.00. Following the completion of the sale, the director now owns 16,255 shares in the company, valued at approximately $2,604,701.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Eric D. Ashleman sold 2,922 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $165.75, for a total value of $484,321.50. Following the sale, the chief operating officer now owns 22,453 shares of the company’s stock, valued at approximately $3,721,584.75. The disclosure for this sale can be found here. Insiders have sold a total of 11,069 shares of company stock worth $1,793,180 in the last ninety days. Insiders own 1.20% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its stake in IDEX by 2.0% in the 2nd quarter. BlackRock Inc. now owns 8,206,026 shares of the industrial products company’s stock worth $1,412,586,000 after acquiring an additional 157,873 shares during the last quarter. Atlanta Capital Management Co. L L C raised its stake in IDEX by 1.0% in the 2nd quarter. Atlanta Capital Management Co. L L C now owns 1,956,871 shares of the industrial products company’s stock worth $336,856,000 after acquiring an additional 19,000 shares during the last quarter. Invesco Ltd. raised its stake in IDEX by 69.3% in the 2nd quarter. Invesco Ltd. now owns 1,469,664 shares of the industrial products company’s stock worth $252,989,000 after acquiring an additional 601,539 shares during the last quarter. Impax Asset Management Group plc raised its stake in IDEX by 1.0% in the 2nd quarter. Impax Asset Management Group plc now owns 1,360,284 shares of the industrial products company’s stock worth $234,159,000 after acquiring an additional 12,822 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in IDEX by 0.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 959,823 shares of the industrial products company’s stock worth $165,223,000 after acquiring an additional 7,988 shares during the last quarter. Hedge funds and other institutional investors own 94.95% 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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