IDEX Co. Declares Quarterly Dividend of $0.69 (NYSE:IEX)

IDEX Co. (NYSE:IEX) announced a quarterly dividend on Wednesday, September 18th, NASDAQ reports. Stockholders of record on Friday, October 11th will be given a dividend of 0.69 per share by the industrial products company on Friday, October 25th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date is Friday, October 11th.

IDEX has increased its dividend by an average of 8.0% per year over the last three years and has increased its dividend annually for the last 15 consecutive years. IDEX has a payout ratio of 32.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect IDEX to earn $8.58 per share next year, which means the company should continue to be able to cover its $2.76 annual dividend with an expected future payout ratio of 32.2%.

IDEX Price Performance

Shares of IEX traded up $4.90 during mid-day trading on Thursday, reaching $210.50. The company had a trading volume of 509,259 shares, compared to its average volume of 446,544. The company’s 50 day simple moving average is $200.80 and its 200 day simple moving average is $214.02. IDEX has a 1-year low of $183.76 and a 1-year high of $246.36. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.52 and a current ratio of 3.41. The company has a market capitalization of $15.93 billion, a price-to-earnings ratio of 27.63, a P/E/G ratio of 2.09 and a beta of 0.95.

IDEX (NYSE:IEX) last posted 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. IDEX had a net margin of 18.19% and a return on equity of 16.87%. 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 company posted $2.18 EPS. The firm’s quarterly revenue was down 4.6% compared to the same quarter last year. Analysts expect that IDEX will post 7.88 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on IEX shares. TD Cowen cut their target price on shares of IDEX from $240.00 to $230.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. DA Davidson cut their target price on shares of IDEX from $220.00 to $210.00 and set a “neutral” rating on the stock in a research report on Monday, August 5th. Stifel Nicolaus lowered their price target on shares of IDEX from $265.00 to $236.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Royal Bank of Canada lowered 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. Finally, Robert W. Baird lowered their price target on shares of IDEX from $256.00 to $241.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $233.50.

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.