IDEX (NYSE:IEX) Price Target Lowered to $238.00 at Oppenheimer

IDEX (NYSE:IEX) had its price objective decreased by Oppenheimer from $245.00 to $238.00 in a research report report published on Monday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the industrial products company’s stock.

Several other research analysts have also recently issued reports on IEX. StockNews.com cut shares of IDEX from a buy rating to a hold rating in a report on Thursday, July 11th. Robert W. Baird reduced 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. Citigroup upped their price objective on IDEX from $254.00 to $277.00 and gave the stock a buy rating in a report on Monday, April 8th. Stifel Nicolaus decreased their target price on shares of IDEX from $265.00 to $236.00 and set a buy rating on the stock in a research report on Thursday, July 18th. Finally, Royal Bank of Canada cut their price target on shares of IDEX from $250.00 to $236.00 and set an outperform rating for the company 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’s stock. According to data from MarketBeat.com, IDEX presently has an average rating of Moderate Buy and an average price target of $235.33.

IDEX Price Performance

Shares of IEX opened at $194.86 on Monday. The company has a market capitalization of $14.75 billion, a price-to-earnings ratio of 25.64, a price-to-earnings-growth ratio of 2.08 and a beta of 0.95. IDEX has a fifty-two week low of $183.76 and a fifty-two week high of $246.36. The firm has a 50-day simple moving average of $201.50 and a 200-day simple moving average of $218.90. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.45 and a current ratio of 3.41.

IDEX (NYSE:IEX) last announced its earnings results on Wednesday, July 31st. The industrial products company reported $2.06 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $828.15 million. During the same period last year, the business posted $2.18 EPS. The company’s revenue was down 4.6% on a year-over-year basis. On average, equities research analysts anticipate that IDEX will post 7.85 earnings per share for the current year.

IDEX Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Friday, July 12th were given a $0.69 dividend. The ex-dividend date was Friday, July 12th. This represents a $2.76 annualized dividend and a dividend yield of 1.42%. IDEX’s dividend payout ratio is presently 36.32%.

Institutional Investors Weigh In On IDEX

A number of institutional investors and hedge funds have recently bought and sold shares of IEX. Price T Rowe Associates Inc. MD raised its holdings in shares of IDEX by 7.5% in the first 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 acquiring an additional 555,250 shares during the last quarter. Impax Asset Management Group plc lifted its holdings in 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 valued at $475,632,000 after purchasing an additional 84,502 shares in the last quarter. Norges Bank acquired a new stake in shares of IDEX during the 4th quarter worth about $237,425,000. Charles Schwab Investment Management Inc. grew its holdings in shares of IDEX by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 608,744 shares of the industrial products company’s stock worth $132,164,000 after buying an additional 15,202 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of IDEX by 19.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 492,810 shares of the industrial products company’s stock valued at $106,994,000 after buying an additional 81,780 shares during the last quarter. 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.