IDEX (NYSE:IEX) Given New $212.00 Price Target at Oppenheimer

Key Points

• Oppenheimer has reduced its price target for IDEX (NYSE:IEX) from $224.00 to $212.00, while maintaining an "outperform" rating, indicating a potential upside of 30.52% from the current stock price.
• IDEX recently reported earnings of $2.07 per share, surpassing analyst expectations, with revenue of $865.40 million for the quarter, reflecting a 7.2% year-over-year increase.
• The stock has a consensus rating of "Moderate Buy" with an average target price of $214.88, and is primarily owned (97.96%) by institutional investors and hedge funds.

IDEX (NYSE:IEX - Free Report) had its price target cut by Oppenheimer from $224.00 to $212.00 in a research note released on Thursday morning,Benzinga reports. They currently have an outperform rating on the industrial products company's stock.

IEX has been the subject of several other research reports. Robert W. Baird set a $215.00 price objective on shares of IDEX in a report on Friday, May 2nd. Royal Bank Of Canada upped their price objective on shares of IDEX from $206.00 to $208.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Stifel Nicolaus upped their price objective on shares of IDEX from $208.00 to $238.00 and gave the stock a "buy" rating in a report on Monday, July 21st. Mizuho set a $185.00 price target on shares of IDEX in a research report on Friday, May 16th. Finally, Citigroup boosted their price target on shares of IDEX from $208.00 to $216.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, IDEX currently has a consensus rating of "Moderate Buy" and a consensus target price of $209.63.

IDEX Price Performance

IEX stock traded down $4.48 during trading on Thursday, hitting $159.03. The company had a trading volume of 1,319,862 shares, compared to its average volume of 772,596. The firm has a market capitalization of $11.97 billion, a price-to-earnings ratio of 25.69, a P/E/G ratio of 1.72 and a beta of 1.04. The business has a 50 day moving average of $179.49 and a 200 day moving average of $185.20. IDEX has a fifty-two week low of $153.36 and a fifty-two week high of $238.22. The company has a current ratio of 3.05, a quick ratio of 1.99 and a debt-to-equity ratio of 0.46.

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

IDEX Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Friday, July 11th were issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 1.8%. The ex-dividend date was Friday, July 11th. IDEX's payout ratio is presently 45.88%.

Insider Transactions at IDEX

In other IDEX news, CFO Akhil Mahendra sold 250 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $180.89, for a total transaction of $45,222.50. Following the sale, the chief financial officer owned 5,035 shares in the company, 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 hyperlink. Insiders own 0.50% of the company's stock.

Institutional Trading of IDEX

Institutional investors and hedge funds have recently bought and sold shares of the stock. Banque de Luxembourg S.A. acquired a new stake in IDEX during the 4th quarter worth about $27,000. MassMutual Private Wealth & Trust FSB increased its holdings in shares of IDEX by 81.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 143 shares of the industrial products company's stock valued at $26,000 after purchasing an additional 64 shares during the period. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of IDEX by 257.5% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 143 shares of the industrial products company's stock valued at $25,000 after purchasing an additional 103 shares during the period. American National Bank & Trust acquired a new position in shares of IDEX in the 2nd quarter valued at about $25,000. Finally, UMB Bank n.a. increased its holdings in shares of IDEX by 63.5% in the 1st quarter. UMB Bank n.a. now owns 224 shares of the industrial products company's stock valued at $41,000 after purchasing an additional 87 shares during the period. Institutional investors and hedge funds own 97.96% of the company's stock.

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.