Equities Analysts Set Expectations for IDEX Co.’s Q3 2019 Earnings (IEX)

IDEX Co. (NYSE:IEX) – Seaport Global Securities increased their Q3 2019 earnings estimates for IDEX in a report issued on Monday, April 29th, Zacks Investment Research reports. Seaport Global Securities analyst W. Liptak now forecasts that the industrial products company will post earnings of $1.50 per share for the quarter, up from their previous estimate of $1.47. Seaport Global Securities also issued estimates for IDEX’s Q1 2020 earnings at $1.53 EPS, Q3 2020 earnings at $1.58 EPS, Q4 2020 earnings at $1.48 EPS and FY2020 earnings at $6.15 EPS.

IDEX (NYSE:IEX) last issued its quarterly earnings data on Thursday, April 25th. The industrial products company reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.07. IDEX had a return on equity of 21.22% and a net margin of 16.92%. The firm had revenue of $622.20 million during the quarter, compared to analyst estimates of $634.38 million. During the same quarter last year, the firm earned $1.27 EPS. IDEX’s quarterly revenue was up 1.6% on a year-over-year basis.

A number of other brokerages have also weighed in on IEX. Stifel Nicolaus raised their price objective on IDEX from $129.00 to $153.00 and gave the company a “hold” rating in a research note on Tuesday, April 16th. Oppenheimer restated a “hold” rating on shares of IDEX in a research note on Wednesday, May 8th. Zacks Investment Research lowered IDEX from a “buy” rating to a “hold” rating in a research report on Monday, May 13th. DA Davidson reiterated a “neutral” rating on shares of IDEX in a research report on Friday, April 26th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of IDEX in a research report on Wednesday, January 30th. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. IDEX currently has an average rating of “Hold” and a consensus target price of $153.40.

NYSE IEX traded down $1.41 during mid-day trading on Tuesday, reaching $151.82. 183,800 shares of the company’s stock traded hands, compared to its average volume of 316,855. IDEX has a 1-year low of $117.72 and a 1-year high of $159.51. The company has a quick ratio of 2.45, a current ratio of 3.33 and a debt-to-equity ratio of 0.41. The firm has a market cap of $11.40 billion, a PE ratio of 28.06, a price-to-earnings-growth ratio of 2.59 and a beta of 1.27.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in shares of IDEX by 0.8% in the 1st quarter. BlackRock Inc. now owns 8,048,153 shares of the industrial products company’s stock worth $1,221,229,000 after purchasing an additional 65,516 shares during the last quarter. Vanguard Group Inc lifted its holdings in shares of IDEX by 1.4% in the 3rd quarter. Vanguard Group Inc now owns 6,997,198 shares of the industrial products company’s stock worth $1,054,197,000 after purchasing an additional 95,176 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of IDEX by 10,176.1% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,856,591 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 4,809,330 shares during the last quarter. FMR LLC lifted its holdings in shares of IDEX by 5.4% in the 1st quarter. FMR LLC now owns 1,826,878 shares of the industrial products company’s stock worth $277,210,000 after purchasing an additional 93,320 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its holdings in shares of IDEX by 1.4% in the 3rd quarter. Clearbridge Investments LLC now owns 1,290,870 shares of the industrial products company’s stock worth $194,482,000 after purchasing an additional 17,572 shares during the last quarter. 94.64% of the stock is currently owned by institutional investors and hedge funds.

In related news, VP Michael J. Yates sold 15,178 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $156.97, for a total value of $2,382,490.66. Following the sale, the vice president now owns 38,590 shares of the company’s stock, valued at approximately $6,057,472.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Michael J. Yates sold 11,397 shares of the firm’s stock in a transaction that occurred on Wednesday, February 27th. The stock was sold at an average price of $144.72, for a total value of $1,649,373.84. Following the completion of the sale, the vice president now directly owns 26,590 shares in the company, valued at approximately $3,848,104.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 107,695 shares of company stock valued at $16,614,388. Insiders own 1.20% of the company’s stock.

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be given a $0.50 dividend. This is a positive change from IDEX’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.00 annualized dividend and a dividend yield of 1.32%. IDEX’s dividend payout ratio (DPR) is presently 36.97%.

IDEX Company Profile

IDEX Corporation, through its subsidiaries, operates as an applied solutions company 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, flow meters, injectors, and other fluid-handling pump modules and systems, as well as offers flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries.

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