IDEX (IEX) Cut to Hold at Zacks Investment Research

IDEX (NYSE:IEX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “IDEX reported strong first-quarter 2018 results with all-time high revenues, operating income and earnings. The company is expanding its businesses in the emerging markets by focusing on organic growth. It aims to increase its market exposure and improve sales mix by continually developing new products. With a flexible yet disciplined focus on cost and productivity, IDEX expects to successfully tap newer markets to augment its revenue. The stock has outperformed the industry in the past three months. However, IDEX has huge recurring R&D expenses, which increase operating costs and reduce price control over products. Also, IDEX is susceptible to various operating risks related to the availability and prices for raw materials as it procures substantial amount of components from suppliers across the globe. With operations across five continents, IDEX’s performance is exposed to the adverse impact of macroeconomic cycles.”

Several other analysts have also weighed in on IEX. Wells Fargo set a $155.00 target price on IDEX and gave the company a “buy” rating in a report on Thursday, January 18th. Robert W. Baird lowered their target price on IDEX from $160.00 to $144.00 and set an “outperform” rating on the stock in a report on Tuesday, May 1st. UBS began coverage on IDEX in a report on Monday, January 22nd. They issued a “neutral” rating on the stock. Stifel Nicolaus reissued a “hold” rating and issued a $145.00 target price (up previously from $132.00) on shares of IDEX in a report on Tuesday, January 16th. Finally, ValuEngine raised IDEX from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Twelve analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $137.18.

IDEX opened at $138.02 on Wednesday, MarketBeat Ratings reports. The company has a market capitalization of $10.54 billion, a PE ratio of 30.07, a P/E/G ratio of 2.41 and a beta of 1.22. The company has a current ratio of 3.38, a quick ratio of 2.48 and a debt-to-equity ratio of 0.43. IDEX has a 12-month low of $137.09 and a 12-month high of $138.17.

IDEX (NYSE:IEX) last released its earnings results on Monday, April 30th. The industrial products company reported $1.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.05. IDEX had a return on equity of 19.07% and a net margin of 15.36%. The business had revenue of $612.30 million for the quarter, compared to analyst estimates of $601.11 million. During the same quarter in the previous year, the company posted $1.04 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. equities analysts predict that IDEX will post 5.18 earnings per share for the current year.

In other news, COO Eric D. Ashleman sold 24,495 shares of the company’s stock in a transaction on Friday, May 11th. The stock was sold at an average price of $138.34, for a total value of $3,388,638.30. Following the sale, the chief operating officer now directly owns 38,589 shares in the company, valued at $5,338,402.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Denise R. Cade sold 7,416 shares of the company’s stock in a transaction on Monday, May 14th. The shares were sold at an average price of $138.57, for a total value of $1,027,635.12. Following the completion of the sale, the senior vice president now owns 6,302 shares in the company, valued at $873,268.14. The disclosure for this sale can be found here. 1.20% of the stock is owned by corporate insiders.

Several large investors have recently modified their holdings of IEX. Creative Planning lifted its position in shares of IDEX by 16.9% in the fourth quarter. Creative Planning now owns 3,496 shares of the industrial products company’s stock valued at $461,000 after acquiring an additional 505 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in IDEX by 4.6% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 276,349 shares of the industrial products company’s stock worth $36,470,000 after buying an additional 12,153 shares during the period. Oakbrook Investments LLC lifted its position in IDEX by 10.1% during the fourth quarter. Oakbrook Investments LLC now owns 6,305 shares of the industrial products company’s stock worth $832,000 after buying an additional 580 shares during the period. State of Alaska Department of Revenue purchased a new position in IDEX during the fourth quarter worth about $725,000. Finally, First Quadrant L P CA purchased a new position in IDEX during the fourth quarter worth about $11,462,000. Institutional investors and hedge funds own 96.23% of the company’s stock.

About IDEX

IDEX Corporation, through its subsidiaries, provides various pumps, valves, flow meters, other fluidics systems and components, and engineered products worldwide. Its Fluid & Metering Technologies segment designs, produces, and distributes positive displacement pumps, flow meters, injectors, other fluid-handling pump modules and systems, and specialty valve products, as well as offers flow monitoring and other services for food, chemical, general industrial, water and wastewater, agricultural, and energy industries.

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