According to Zacks, “Over the past three months, IDEX's shares have underperformed the industry and look comparatively overvalued. We believe that the company has been dealing with adverse impacts of higher cost of sales and operating expenses for quite some time now. In the fourth-quarter of 2018, it recorded 4.7% increase in the cost of sales. Ongoing trade disputes between the United States and some foreign nations can hike costs in the months ahead. For 2019, IDEX believes that corporate expenses will be $80-$84 million. Also, growth investments are likely to dilute earnings by 5 cents per share. Further, unfavorable movements in foreign currencies are predicted to adversely impact sales by 1% (or $32 million) and earnings per share by 15 cents. It is worth mentioning here that forex woes will lower sales by 1% and earnings by 6 cents per share.”
IEX has been the subject of a number of other reports. Royal Bank of Canada raised shares of IDEX from a sector perform rating to an outperform rating and upped their price objective for the company from $141.00 to $146.00 in a research note on Thursday, January 3rd. Stifel Nicolaus upped their price objective on shares of IDEX from $129.00 to $153.00 and gave the company a hold rating in a research note on Tuesday, April 16th. Boenning Scattergood reaffirmed a hold rating on shares of IDEX in a research note on Wednesday, January 30th. Finally, Janney Montgomery Scott lowered shares of IDEX from a buy rating to a neutral rating in a research note on Friday, March 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The company has an average rating of Hold and a consensus price target of $146.67.
IDEX (NYSE:IEX) last posted its quarterly earnings data on Tuesday, January 29th. The industrial products company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.04. IDEX had a net margin of 16.53% and a return on equity of 20.82%. The company had revenue of $614.09 million during the quarter, compared to analyst estimates of $617.72 million. During the same period in the prior year, the firm earned $1.12 earnings per share. The business’s quarterly revenue was up 4.8% on a year-over-year basis. Sell-side analysts predict that IDEX will post 5.73 EPS for the current year.
In other news, VP Michael J. Yates sold 11,397 shares of the company’s stock in a transaction dated 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 transaction, the vice president now owns 26,590 shares in the company, valued at approximately $3,848,104.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jeffrey D. Bucklew sold 2,255 shares of the company’s stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $143.02, for a total value of $322,510.10. Following the completion of the transaction, the senior vice president now owns 2,255 shares in the company, valued at approximately $322,510.10. The disclosure for this sale can be found here. 1.20% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of IEX. Oregon Public Employees Retirement Fund increased 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 valued at $38,000 after purchasing an additional 4,809,330 shares during the period. Norges Bank acquired a new position in shares of IDEX in the 4th quarter valued at about $90,803,000. FMR LLC increased its holdings in shares of IDEX by 55.9% in the 4th quarter. FMR LLC now owns 1,733,558 shares of the industrial products company’s stock valued at $218,879,000 after purchasing an additional 621,397 shares during the period. Jennison Associates LLC acquired a new position in shares of IDEX in the 4th quarter valued at about $26,223,000. Finally, Impax Asset Management Group plc increased its holdings in shares of IDEX by 15.5% in the 4th quarter. Impax Asset Management Group plc now owns 1,240,378 shares of the industrial products company’s stock valued at $156,610,000 after purchasing an additional 166,540 shares during the period. Institutional investors own 94.63% of the company’s stock.
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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