Royal Bank of Canada Issues Positive Forecast for IDEX (NYSE:IEX) Stock Price

by · The Cerbat Gem

IDEX (NYSE:IEX – Free Report) had its target price increased by Royal Bank of Canada from $236.00 to $248.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an outperform rating on the industrial products company’s stock.

A number of other research firms also recently issued reports on IEX. Robert W. Baird decreased their target price on IDEX from $245.00 to $241.00 and set an “outperform” rating for the company in a research report on Thursday. TD Cowen dropped their price objective on shares of IDEX from $240.00 to $230.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Argus downgraded shares of IDEX from a “buy” rating to a “hold” rating in a research note on Wednesday, August 14th. DA Davidson dropped their price target on shares of IDEX from $220.00 to $210.00 and set a “neutral” rating on the stock in a research note on Monday, August 5th. Finally, StockNews.com lowered shares of IDEX from a “buy” rating to a “hold” rating in a research note on Thursday, July 11th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $241.14.

Check Out Our Latest Stock Analysis on IDEX

IDEX Stock Performance

IDEX stock traded up $2.85 during mid-day trading on Thursday, reaching $217.49. 129,048 shares of the company’s stock were exchanged, compared to its average volume of 464,619. The firm has a market capitalization of $16.46 billion, a PE ratio of 33.21, a P/E/G ratio of 2.32 and a beta of 0.95. The company has a quick ratio of 2.52, a current ratio of 2.97 and a debt-to-equity ratio of 0.54. The business’s fifty day simple moving average is $206.81 and its 200 day simple moving average is $207.75. IDEX has a one year low of $189.33 and a one year high of $246.36.

IDEX (NYSE:IEX – Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.01. The company had revenue of $798.20 million during the quarter, compared to analyst estimates of $793.05 million. IDEX had a net margin of 15.35% and a return on equity of 15.92%. The firm’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.12 earnings per share. On average, sell-side analysts expect that IDEX will post 7.86 earnings per share for the current year.

IDEX Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Friday, October 11th were paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend was Friday, October 11th. IDEX’s dividend payout ratio is presently 42.72%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. grew its position in IDEX by 3.0% during the third quarter. Principal Financial Group Inc. now owns 95,836 shares of the industrial products company’s stock worth $20,557,000 after buying an additional 2,820 shares in the last quarter. Northstar Asset Management Inc. boosted its position in shares of IDEX by 5.6% during the 3rd quarter. Northstar Asset Management Inc. now owns 39,698 shares of the industrial products company’s stock valued at $8,515,000 after acquiring an additional 2,096 shares during the last quarter. Catalyst Capital Advisors LLC grew its holdings in shares of IDEX by 73.8% during the third quarter. Catalyst Capital Advisors LLC now owns 139 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 59 shares in the last quarter. QRG Capital Management Inc. increased its position in shares of IDEX by 8.4% in the third quarter. QRG Capital Management Inc. now owns 9,554 shares of the industrial products company’s stock worth $2,049,000 after purchasing an additional 737 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its stake in IDEX by 0.3% in the third quarter. Robeco Institutional Asset Management B.V. now owns 35,343 shares of the industrial products company’s stock valued at $7,581,000 after purchasing an additional 95 shares in the last quarter. Institutional investors own 97.96% of the company’s stock.

About IDEX

(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.

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