Zacks Research Analysts Lower Earnings Estimates for IDEX Co. (NYSE:IEX)

Posted by Defense World Staff on Aug 12th, 2023

IDEX Co. (NYSE:IEX – Free Report) – Investment analysts at Zacks Research decreased their Q3 2023 EPS estimates for shares of IDEX in a report issued on Wednesday, August 9th. Zacks Research analyst E. Haque now anticipates that the industrial products company will earn $1.88 per share for the quarter, down from their previous forecast of $2.16. The consensus estimate for IDEX’s current full-year earnings is $7.98 per share. Zacks Research also issued estimates for IDEX’s Q4 2023 earnings at $1.83 EPS, FY2023 earnings at $7.98 EPS, Q1 2024 earnings at $2.18 EPS, Q1 2025 earnings at $2.39 EPS and Q2 2025 earnings at $2.47 EPS.

IDEX (NYSE:IEX – Get Free Report) last announced its quarterly earnings data on Wednesday, July 26th. The industrial products company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.11 by $0.07. The business had revenue of $846.20 million for the quarter, compared to analyst estimates of $852.28 million. IDEX had a net margin of 17.65% and a return on equity of 20.69%. The company’s revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.02 EPS.

IEX has been the topic of several other research reports. Stifel Nicolaus raised their price target on shares of IDEX from $214.00 to $220.00 and gave the company a “hold” rating in a report on Wednesday, July 19th. Sanford C. Bernstein cut their price target on shares of IDEX from $225.00 to $220.00 in a report on Friday, April 28th. Mizuho cut their price target on shares of IDEX from $227.00 to $200.00 in a report on Friday, April 28th. StockNews.com lowered shares of IDEX from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Finally, Citigroup raised their price target on shares of IDEX from $243.00 to $255.00 and gave the company a “buy” rating in a report on Friday, July 28th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $235.73.

Read Our Latest Stock Analysis on IEX

IDEX Trading Up 0.9 %

NYSE IEX opened at $223.41 on Friday. IDEX has a one year low of $195.27 and a one year high of $246.23. The company’s 50 day moving average price is $212.98 and its 200 day moving average price is $216.68. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.07 and a current ratio of 3.06. The firm has a market capitalization of $16.89 billion, a price-to-earnings ratio of 28.90, a PEG ratio of 2.33 and a beta of 0.99.

IDEX Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 28th. Stockholders of record on Friday, July 14th were given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date of this dividend was Thursday, July 13th. IDEX’s payout ratio is currently 33.12%.

Institutional Trading of IDEX

Hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC grew its position in shares of IDEX by 90.0% during the first quarter. EverSource Wealth Advisors LLC now owns 114 shares of the industrial products company’s stock worth $26,000 after buying an additional 54 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings in IDEX by 120.3% in the first quarter. Parkside Financial Bank & Trust now owns 141 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 77 shares during the period. Clear Street Markets LLC boosted its holdings in IDEX by 94.7% in the first quarter. Clear Street Markets LLC now owns 148 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 72 shares during the period. Your Advocates Ltd. LLP acquired a new position in IDEX in the second quarter worth $60,000. Finally, Clearstead Advisors LLC boosted its holdings in IDEX by 910.7% in the first quarter. Clearstead Advisors LLC now owns 283 shares of the industrial products company’s stock worth $65,000 after purchasing an additional 255 shares during the period. Institutional investors and hedge funds own 95.61% of the company’s stock.

IDEX Company Profile

(Get Free Report)

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.