IDEX (NYSE:IEX) Updates Q2 Earnings Guidance

IDEX (NYSE:IEX) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.00-$2.05 for the period, compared to the consensus earnings per share estimate of $2.12. IDEX also updated its FY24 guidance to $8.15-$8.45 EPS.

IDEX Price Performance

Shares of IDEX stock traded up $2.38 during trading on Tuesday, reaching $232.27. The company’s stock had a trading volume of 381,825 shares, compared to its average volume of 376,136. The company has a current ratio of 2.89, a quick ratio of 2.05 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $17.58 billion, a P/E ratio of 29.74, a price-to-earnings-growth ratio of 2.27 and a beta of 0.97. IDEX has a one year low of $183.76 and a one year high of $246.36. The stock has a 50-day moving average price of $236.47 and a two-hundred day moving average price of $216.31.

IDEX (NYSE:IEX) last posted its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $1.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.05. IDEX had a net margin of 18.21% and a return on equity of 18.56%. The business had revenue of $788.90 million during the quarter, compared to the consensus estimate of $767.96 million. During the same period in the previous year, the firm posted $2.01 earnings per share. IDEX’s revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that IDEX will post 8.34 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Stifel Nicolaus raised shares of IDEX from a hold rating to a buy rating and lifted their price target for the company from $215.00 to $265.00 in a research note on Thursday, February 8th. Oppenheimer increased their target price on IDEX from $245.00 to $252.00 and gave the stock an outperform rating in a report on Thursday, April 18th. StockNews.com raised IDEX from a hold rating to a buy rating in a research report on Tuesday, April 16th. 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. Finally, Citigroup boosted their price objective on shares of IDEX from $254.00 to $277.00 and gave the stock a buy rating in a research report on Monday, April 8th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $238.78.

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.