IDEX (NYSE:IEX) Posts Earnings Results, Beats Expectations By $0.13 EPS

Posted by admin on Jul 28th, 2022

IDEX logo IDEX (NYSE:IEX – Get Rating) released its quarterly earnings data on Tuesday. The industrial products company reported $2.02 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.13, RTT News reports. IDEX had a net margin of 16.65% and a return on equity of 18.61%. During the same period last year, the company earned $1.61 EPS. IDEX updated its FY22 guidance to $7.88-$7.98 EPS.

IDEX Trading Up 2.6 %

IEX stock traded up $5.27 during trading on Thursday, reaching $204.99. 3,381 shares of the stock were exchanged, compared to its average volume of 439,977. The company has a current ratio of 3.59, a quick ratio of 2.68 and a debt-to-equity ratio of 0.41. The business has a 50 day moving average price of $186.08 and a 200-day moving average price of $193.26. IDEX has a 1 year low of $172.18 and a 1 year high of $240.33. The firm has a market capitalization of $15.58 billion, a price-to-earnings ratio of 32.83, a P/E/G ratio of 2.10 and a beta of 1.02.

IDEX Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 29th. Shareholders of record on Friday, July 15th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date of this dividend is Thursday, July 14th. IDEX’s dividend payout ratio (DPR) is presently 38.52%.

Analyst Upgrades and Downgrades

IEX has been the topic of several analyst reports. Citigroup raised their price target on shares of IDEX from $219.00 to $228.00 in a research report on Thursday. Loop Capital dropped their price target on shares of IDEX from $220.00 to $200.00 and set a “hold” rating on the stock in a research report on Tuesday, July 19th. DA Davidson restated a “neutral” rating on shares of IDEX in a research report on Thursday, April 28th. Royal Bank of Canada reiterated a “maintains” rating on shares of IDEX in a research report on Thursday. Finally, Morgan Stanley dropped their target price on shares of IDEX from $250.00 to $225.00 and set an “overweight” rating on the stock in a research report on Thursday, June 9th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $218.45.

Hedge Funds Weigh In On IDEX

A number of institutional investors have recently bought and sold shares of the company. Toroso Investments LLC raised its stake in IDEX by 8.3% during the first quarter. Toroso Investments LLC now owns 5,970 shares of the industrial products company’s stock worth $1,145,000 after purchasing an additional 457 shares during the period. BNP Paribas Arbitrage SA raised its stake in IDEX by 7.6% during the first quarter. BNP Paribas Arbitrage SA now owns 118,856 shares of the industrial products company’s stock worth $22,788,000 after purchasing an additional 8,397 shares during the period. Beacon Pointe Advisors LLC purchased a new stake in shares of IDEX in the 1st quarter valued at approximately $205,000. Quantbot Technologies LP raised its stake in shares of IDEX by 158.0% in the 1st quarter. Quantbot Technologies LP now owns 14,877 shares of the industrial products company’s stock valued at $2,852,000 after acquiring an additional 9,111 shares during the period. Finally, Royal Bank of Canada raised its stake in shares of IDEX by 11.3% in the 1st quarter. Royal Bank of Canada now owns 206,677 shares of the industrial products company’s stock valued at $39,626,000 after acquiring an additional 20,937 shares during the period. 96.95% of the stock is owned by hedge funds and other institutional investors.

IDEX Company Profile

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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, small volume provers, 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.