Oppenheimer Weighs in on IDEX Co.’s Q2 2023 Earnings (NYSE:IEX)

Posted by on May 4th, 2023

IDEX Co. (NYSE:IEX – Get Rating) – Analysts at Oppenheimer dropped their Q2 2023 earnings per share estimates for shares of IDEX in a research note issued to investors on Sunday, April 30th. Oppenheimer analyst B. Blair now anticipates that the industrial products company will earn $2.10 per share for the quarter, down from their prior estimate of $2.21. Oppenheimer currently has a “Outperform” rating and a $247.00 target price on the stock. The consensus estimate for IDEX’s current full-year earnings is $8.49 per share. Oppenheimer also issued estimates for IDEX’s Q3 2023 earnings at $2.15 EPS, Q4 2023 earnings at $2.12 EPS, FY2023 earnings at $8.47 EPS and FY2024 earnings at $9.00 EPS.

A number of other research firms have also weighed in on IEX. Mizuho dropped their price objective on IDEX from $227.00 to $200.00 in a research note on Friday, April 28th. Robert W. Baird cut their price target on shares of IDEX from $255.00 to $230.00 in a report on Friday, April 28th. StockNews.com upgraded shares of IDEX from a “hold” rating to a “buy” rating in a research report on Tuesday, April 25th. Citigroup dropped their target price on shares of IDEX from $273.00 to $268.00 and set a “buy” rating for the company in a report on Thursday, February 2nd. Finally, Stifel Nicolaus boosted their price target on IDEX from $242.00 to $246.00 and gave the company a “hold” rating in a report on Monday, April 17th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $236.17.

IDEX Stock Up 1.6 %

IEX opened at $210.10 on Wednesday. IDEX has a 12 month low of $172.18 and a 12 month high of $246.23. The company has a current ratio of 3.10, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. The business’s 50-day moving average price is $219.94 and its 200-day moving average price is $225.55. The company has a market cap of $15.88 billion, a P/E ratio of 27.22, a P/E/G ratio of 2.04 and a beta of 1.00.

IDEX (NYSE:IEX – Get Rating) last released its earnings results on Wednesday, April 26th. The industrial products company reported $2.09 EPS for the quarter, beating the consensus estimate of $2.02 by $0.07. The company had revenue of $845.40 million for the quarter, compared to analyst estimates of $818.87 million. IDEX had a net margin of 17.91% and a return on equity of 21.14%. The firm’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.96 EPS.

Hedge Funds Weigh In On IDEX

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of IDEX by 2.8% in the 3rd quarter. Vanguard Group Inc. now owns 9,188,089 shares of the industrial products company’s stock worth $1,836,240,000 after purchasing an additional 252,058 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of IDEX by 10.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,269,952 shares of the industrial products company’s stock worth $746,628,000 after purchasing an additional 306,008 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of IDEX by 3.9% in the 1st quarter. Wellington Management Group LLP now owns 3,106,765 shares of the industrial products company’s stock worth $595,660,000 after purchasing an additional 117,605 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of IDEX by 1.8% in the 4th quarter. Alliancebernstein L.P. now owns 2,736,556 shares of the industrial products company’s stock worth $624,838,000 after purchasing an additional 48,631 shares in the last quarter. Finally, Morgan Stanley increased its stake in shares of IDEX by 274.1% in the 4th quarter. Morgan Stanley now owns 2,151,334 shares of the industrial products company’s stock worth $491,214,000 after purchasing an additional 1,576,263 shares in the last quarter. 96.58% of the stock is owned by institutional investors.

Insider Activity at IDEX

In related news, CFO William K. Grogan sold 3,181 shares of the company’s stock in a transaction that occurred on Thursday, February 9th. The stock was sold at an average price of $226.36, for a total value of $720,051.16. Following the transaction, the chief financial officer now directly owns 13,864 shares of the company’s stock, valued at approximately $3,138,255.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is currently owned by insiders.

About IDEX

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IDEX Corp. engages in the provision of engineering solutions. It operates through the following segments: Fluid and Metering Technologies, Health and Science Technologies, and Fire and Safety or Diversified Products. The Fluid and Metering Technologies segment is involved in the design, production, and distribution of displacement pumps, valves, flow meters, injectors, and fluid-handling pump modules and systems.

See Also

Earnings History and Estimates for IDEX (NYSE:IEX)

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