IDEX (NYSE:IEX) Posts Earnings Results, Beats Expectations By $0.12 EPS

IDEX (NYSE:IEX - Get Free Report) issued its quarterly earnings data on Tuesday. The industrial products company reported $1.88 earnings per share for the quarter, topping analysts' consensus estimates of $1.76 by $0.12, Briefing.com reports. The firm had revenue of $801.00 million for the quarter, compared to analyst estimates of $807.52 million. IDEX had a return on equity of 18.56% and a net margin of 18.21%. The business's quarterly revenue was down 5.3% compared to the same quarter last year. During the same period last year, the company earned $2.09 EPS. IDEX updated its Q2 guidance to $2.00-$2.05 EPS and its FY24 guidance to $8.15-$8.45 EPS.

IDEX Stock Performance

Shares of IEX traded up $2.38 during trading hours on Tuesday, hitting $232.27. The stock had a trading volume of 381,827 shares, compared to its average volume of 376,136. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.89 and a quick ratio of 2.05. IDEX has a 12 month low of $183.76 and a 12 month high of $246.36. The firm has a market capitalization of $17.58 billion, a PE ratio of 29.74, a PEG ratio of 2.27 and a beta of 0.97. The stock has a fifty day moving average price of $236.47 and a 200 day moving average price of $216.31.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on IEX. Citigroup lifted their price objective on IDEX from $254.00 to $277.00 and gave the stock a "buy" rating in a research report on Monday, April 8th. Royal Bank of Canada restated an "outperform" rating and issued a $255.00 target price on shares of IDEX in a research note on Thursday, March 21st. StockNews.com upgraded IDEX from a "hold" rating to a "buy" rating in a research note on Tuesday, April 16th. Stifel Nicolaus upgraded IDEX from a "hold" rating to a "buy" rating and raised their target price for the company from $215.00 to $265.00 in a research note on Thursday, February 8th. Finally, Oppenheimer raised their target price on IDEX from $245.00 to $252.00 and gave the company an "outperform" rating in a research note on Thursday, April 18th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $238.78.

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.

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