IDEX Corporation to Issue 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 given a dividend of 0.71 per share by the industrial products company on Friday, July 25th. This represents a $2.84 annualized dividend and a yield of 1.62%.

IDEX has a payout ratio of 31.8% meaning 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 Stock Down 0.7%

Shares of NYSE IEX traded down $1.16 during midday trading on Wednesday, reaching $174.83. 888,840 shares of the company's stock were exchanged, compared to its average volume of 586,360. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.99 and a current ratio of 2.79. IDEX has a 52-week low of $153.36 and a 52-week high of $238.22. The business's fifty day moving average price is $178.29 and its two-hundred day moving average price is $193.65. The stock has a market capitalization of $13.21 billion, a PE ratio of 27.71, a price-to-earnings-growth ratio of 1.83 and a beta of 1.06.

IDEX (NYSE:IEX - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $814.30 million during the quarter, compared to the consensus estimate of $807.25 million. IDEX had a net margin of 14.60% and a return on equity of 15.51%. The business's quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.88 earnings per share. Analysts forecast that IDEX will post 8.26 EPS for the current year.

Insider Buying and Selling at IDEX

In other news, CFO Akhil Mahendra sold 250 shares of the business'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 now owns 5,035 shares of the company's stock, valued at approximately $910,781.15. The trade was a 4.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On IDEX

An institutional investor recently raised its position in IDEX stock. Empowered Funds LLC increased its stake in IDEX Corporation (NYSE:IEX - Free Report) by 3.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,646 shares of the industrial products company's stock after purchasing an additional 54 shares during the quarter. Empowered Funds LLC's holdings in IDEX were worth $298,000 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 97.96% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on IEX shares. Stifel Nicolaus increased their target price on IDEX from $192.00 to $208.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. DA Davidson decreased their price objective on shares of IDEX from $225.00 to $215.00 and set a "neutral" rating for the company in a report on Wednesday, February 19th. Robert W. Baird set a $215.00 target price on shares of IDEX in a report on Friday, May 2nd. Mizuho set a $185.00 price target on shares of IDEX in a report on Friday, May 16th. Finally, Citigroup dropped their price objective on shares of IDEX from $264.00 to $201.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, IDEX presently has an average rating of "Moderate Buy" and a consensus target price of $212.50.

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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