Zacks Investment Research downgraded shares of IDEX Corp. (NYSE:IEX) from a hold rating to a sell rating in a research note released on Thursday.
According to Zacks, “With operations across five continents, IDEX’s performance is exposed to the adverse impact of macroeconomic cycles in the U.S. and international markets. In addition, the company entails huge recurring R&D expenses that increase its operating costs. This in turn reduces its price control over its products, which often lead to a loss of market share, declining top-line growth and lower operating margin.Volatility in raw material prices, foreign exchange risks and high integration costs related to acquisitions remain additional headwinds. Nevertheless, IDEX has a decent earnings history with an average positive surprise of 5.19% over the trailing four quarters, beating estimates thrice. IDEX is striving to counter the muted growth environment by improving its productivity and conducting heavy restructuring initiatives across the portfolio. IDEX also aims to exploit strategic acquisition opportunities to fuel its inorganic growth momentum.”
IEX has been the subject of several other research reports. Sanford C. Bernstein reiterated a market perform rating on shares of IDEX Corp. in a research note on Monday, June 27th. Royal Bank Of Canada reiterated a buy rating on shares of IDEX Corp. in a research note on Tuesday, July 12th. Janney Montgomery Scott began coverage on shares of IDEX Corp. in a research note on Tuesday, June 21st. They issued a neutral rating and a $87.00 price objective for the company. Finally, Jefferies Group reiterated a hold rating on shares of IDEX Corp. in a research note on Tuesday, July 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. IDEX Corp. currently has an average rating of Hold and a consensus price target of $85.86.
IDEX Corp. (NYSE:IEX) traded down 0.17% during mid-day trading on Thursday, hitting $86.30. 98,135 shares of the stock traded hands. The company has a 50 day moving average price of $91.97 and a 200-day moving average price of $86.85. The stock has a market capitalization of $6.57 billion, a PE ratio of 22.88 and a beta of 1.16. IDEX Corp. has a one year low of $67.20 and a one year high of $95.33.
IDEX Corp. (NYSE:IEX) last issued its quarterly earnings data on Monday, July 18th. The company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.06. IDEX Corp. had a net margin of 14.16% and a return on equity of 19.49%. The business earned $549.70 million during the quarter. During the same quarter last year, the firm earned $0.89 EPS. Equities analysts anticipate that IDEX Corp. will post $3.74 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Monday, October 17th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date is Thursday, October 13th. IDEX Corp.’s dividend payout ratio is 35.98%.
In related news, Director Gregory F. Milzcik sold 4,830 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $90.00, for a total transaction of $434,700.00. Following the completion of the transaction, the director now directly owns 5,375 shares in the company, valued at approximately $483,750. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Andrew K. Silvernail sold 6,575 shares of the company’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $91.34, for a total transaction of $600,560.50. Following the transaction, the chairman now owns 88,418 shares of the company’s stock, valued at $8,076,100.12. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in IEX. Wellington Management Group LLP boosted its position in IDEX Corp. by 12.7% in the first quarter. Wellington Management Group LLP now owns 2,571,528 shares of the company’s stock worth $213,127,000 after buying an additional 289,735 shares in the last quarter. Schroder Investment Management Group raised its stake in IDEX Corp. by 12.0% in the second quarter. Schroder Investment Management Group now owns 807,280 shares of the company’s stock worth $66,278,000 after buying an additional 86,700 shares during the last quarter. Aperio Group LLC raised its stake in IDEX Corp. by 8.7% in the first quarter. Aperio Group LLC now owns 26,765 shares of the company’s stock worth $2,218,000 after buying an additional 2,134 shares during the last quarter. Ameriprise Financial Inc. raised its stake in IDEX Corp. by 0.5% in the second quarter. Ameriprise Financial Inc. now owns 207,547 shares of the company’s stock worth $17,040,000 after buying an additional 945 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in IDEX Corp. by 6.7% in the first quarter. Geode Capital Management LLC now owns 468,847 shares of the company’s stock worth $38,858,000 after buying an additional 29,509 shares during the last quarter. Institutional investors and hedge funds own 97.53% of the company’s stock.
IDEX Corp. 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).