DA Davidson Lowers IDEX (NYSE:IEX) Price Target to $180.00

Key Points

• DA Davidson has lowered its price target for IDEX (NYSE:IEX) from $215.00 to $180.00, maintaining a "neutral" rating on the stock.
• The company's recent quarterly earnings report showed a profit of $2.07 per share, exceeding analyst expectations, with revenue increasing by 7.2% year-over-year.
• Institutional investors have significantly increased their stakes in IDEX, with Wellington Management boosting their ownership by 19.7% in the last quarter alone.

IDEX (NYSE:IEX - Get Free Report) had its price target cut by DA Davidson from $215.00 to $180.00 in a report released on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the industrial products company's stock. DA Davidson's target price would suggest a potential upside of 13.19% from the company's current price.

IEX has been the topic of a number of other research reports. Royal Bank Of Canada dropped their target price on IDEX from $207.00 to $200.00 and set an "outperform" rating on the stock in a report on Thursday. Mizuho set a $185.00 target price on IDEX in a report on Friday, May 16th. Oppenheimer dropped their price objective on IDEX from $224.00 to $212.00 and set an "outperform" rating on the stock in a report on Thursday. Citigroup upped their price objective on IDEX from $208.00 to $216.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Finally, Robert W. Baird set a $215.00 price objective on IDEX in a report on Friday, May 2nd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $205.25.

IDEX Stock Performance

NYSE IEX traded down $0.10 on Monday, reaching $159.02. The stock had a trading volume of 383,336 shares, compared to its average volume of 665,335. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.13 and a current ratio of 3.05. IDEX has a 12-month low of $153.36 and a 12-month high of $238.22. The business's 50-day moving average price is $179.49 and its 200 day moving average price is $184.77. The stock has a market cap of $11.97 billion, a P/E ratio of 25.69, a price-to-earnings-growth ratio of 1.68 and a beta of 1.04.

IDEX (NYSE:IEX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.07 earnings per share for the quarter, beating analysts' consensus estimates of $2.00 by $0.07. The company had revenue of $865.40 million during the quarter, compared to analysts' expectations of $858.59 million. IDEX had a return on equity of 15.16% and a net margin of 14.05%. The firm's revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.06 earnings per share. As a group, equities analysts expect that IDEX will post 8.26 earnings per share for the current year.

Insider Activity

In other news, CFO Akhil Mahendra sold 250 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $180.89, for a total value of $45,222.50. Following the sale, the chief financial officer directly owned 5,035 shares in the company, valued at $910,781.15. This represents a 4.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is owned by corporate insiders.

Institutional Trading of IDEX

Institutional investors and hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP increased its stake in IDEX by 19.7% during the first quarter. Wellington Management Group LLP now owns 5,050,601 shares of the industrial products company's stock worth $914,007,000 after acquiring an additional 831,005 shares during the last quarter. Millennium Management LLC grew its stake in shares of IDEX by 1,232.4% in the first quarter. Millennium Management LLC now owns 487,274 shares of the industrial products company's stock valued at $88,182,000 after buying an additional 450,704 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of IDEX by 8.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,666,777 shares of the industrial products company's stock valued at $767,421,000 after buying an additional 277,964 shares in the last quarter. Flossbach Von Storch SE acquired a new stake in shares of IDEX in the first quarter valued at about $49,815,000. Finally, Amundi boosted its holdings in IDEX by 23.4% in the first quarter. Amundi now owns 1,249,546 shares of the industrial products company's stock valued at $220,849,000 after purchasing an additional 236,650 shares during the last quarter. 97.96% of the stock is currently owned by hedge funds and other institutional investors.

IDEX Company Profile

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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