IDEX Corporation Announces Quarterly Dividend of $0.71 (NYSE:IEX)

IDEX Corporation (NYSE:IEX - Get Free Report) announced a quarterly dividend on Wednesday, June 18th, RTT News reports. Investors of record on Friday, July 11th will be paid a dividend of 0.71 per share by the industrial products company on Friday, July 25th. This represents a $2.84 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend is Friday, July 11th.

IDEX has a dividend payout ratio of 31.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect IDEX to earn $9.15 per share next year, which means the company should continue to be able to cover its $2.84 annual dividend with an expected future payout ratio of 31.0%.

IDEX Price Performance

IEX stock traded down $1.75 during midday trading on Friday, reaching $173.28. 2,463,247 shares of the stock were exchanged, compared to its average volume of 594,044. The stock has a market capitalization of $13.09 billion, a PE ratio of 27.46, a P/E/G ratio of 1.76 and a beta of 1.06. IDEX has a 52 week low of $153.36 and a 52 week high of $238.22. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.79 and a quick ratio of 1.99. The company has a fifty day moving average price of $178.57 and a 200 day moving average price of $192.49.

IDEX (NYSE:IEX - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $1.75 earnings per share for the quarter, topping analysts' consensus estimates of $1.64 by $0.11. IDEX had a return on equity of 15.51% and a net margin of 14.60%. The business had revenue of $814.30 million for the quarter, compared to analyst estimates of $807.25 million. During the same quarter in the previous year, the company posted $1.88 EPS. IDEX's quarterly revenue was up 1.7% compared to the same quarter last year. As a group, analysts expect that IDEX will post 8.26 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on IEX shares. Stifel Nicolaus upped their price target on IDEX from $192.00 to $208.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Mizuho set a $185.00 price target on IDEX in a research report on Friday, May 16th. Royal Bank Of Canada upped their price target on IDEX from $206.00 to $208.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Robert W. Baird set a $215.00 target price on IDEX in a research report on Friday, May 2nd. Finally, Citigroup cut their target price on IDEX from $264.00 to $201.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, IDEX has a consensus rating of "Moderate Buy" and a consensus price target of $212.50.

Insider Activity at IDEX

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

Institutional Inflows and Outflows

A hedge fund recently raised its stake in IDEX stock. Empowered Funds LLC increased its position in shares of IDEX Corporation (NYSE:IEX - Free Report) by 3.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,646 shares of the industrial products company's stock after buying an additional 54 shares during the quarter. Empowered Funds LLC's holdings in IDEX were worth $298,000 at the end of the most recent quarter. 97.96% of the stock is owned by institutional investors.

About IDEX

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.