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

IDEX (NYSE:IEX) had its price objective lowered by DA Davidson from $220.00 to $210.00 in a research report released on Monday morning, Benzinga reports. The firm 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 and FY2024 earnings at $7.87 EPS.

Several other research analysts have also weighed in on IEX. Oppenheimer lowered their target price on shares of IDEX from $245.00 to $238.00 and set an outperform rating on the stock in a research report on Monday. StockNews.com cut IDEX from a buy rating to a hold rating in a report on Thursday, July 11th. Robert W. Baird cut their price target on IDEX from $256.00 to $241.00 and set an outperform rating for the company in a report on Friday, August 2nd. Stifel Nicolaus cut their price target on IDEX from $265.00 to $236.00 and set a buy rating for the company in a report on Thursday, July 18th. Finally, Citigroup boosted their price target on IDEX from $254.00 to $277.00 and gave the stock a buy rating in a report on Monday, April 8th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, IDEX currently has an average rating of Moderate Buy and a consensus price target of $235.33.

IDEX Trading Down 0.8 %

IEX opened at $190.56 on Monday. IDEX has a one year low of $183.76 and a one year high of $246.36. The company has a market cap of $14.42 billion, a P/E ratio of 25.07, a PEG ratio of 2.08 and a beta of 0.95. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.45 and a current ratio of 3.41. The business’s 50-day simple moving average is $201.70 and its 200-day simple moving average is $219.07.

IDEX (NYSE:IEX) last posted its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $2.06 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.02. IDEX had a return on equity of 16.87% and a net margin of 18.19%. The company had revenue of $807.20 million during the quarter, compared to analysts’ expectations of $828.15 million. During the same period last year, the firm earned $2.18 EPS. The firm’s revenue for the quarter was down 4.6% on a year-over-year basis. As a group, equities research analysts expect that IDEX will post 7.85 EPS for the current fiscal year.

IDEX Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 26th. Shareholders of record on Friday, July 12th were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend was Friday, July 12th. IDEX’s dividend payout ratio (DPR) is presently 36.32%.

Institutional Investors Weigh In On IDEX

A number of institutional investors have recently added to or reduced their stakes in IEX. Riverview Trust Co purchased a new stake in IDEX during the first quarter valued at about $35,000. Quarry LP purchased a new stake in IDEX during the fourth quarter valued at about $36,000. EdgeRock Capital LLC purchased a new stake in IDEX during the second quarter valued at about $41,000. Whittier Trust Co. grew its position in IDEX by 38.4% during the second quarter. Whittier Trust Co. now owns 209 shares of the industrial products company’s stock valued at $42,000 after acquiring an additional 58 shares during the period. Finally, UMB Bank n.a. boosted its position in shares of IDEX by 31.0% in the second quarter. UMB Bank n.a. now owns 241 shares of the industrial products company’s stock worth $48,000 after buying an additional 57 shares during the period. Hedge funds and other institutional investors own 97.96% of the company’s stock.

About IDEX

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.