IDEX (NYSE:IEX) Price Target Cut to $180.00 by Analysts at DA Davidson

IDEX (NYSE:IEX) had its price target decreased by DA Davidson from $215.00 to $180.00 in a research report released on Monday,Benzinga reports. DA Davidson currently has a neutral rating on the industrial products company’s stock.

Several other equities research analysts have also recently weighed in on IEX. Oppenheimer reduced their price target on shares of IDEX from $224.00 to $212.00 and set an “outperform” rating on the stock in a research report on Thursday, July 31st. Stifel Nicolaus cut their price objective on shares of IDEX from $238.00 to $204.00 and set a “buy” rating on the stock in a research report on Thursday, July 31st. Mizuho set a $185.00 target price on shares of IDEX in a research note on Friday, May 16th. Robert W. Baird set a $215.00 target price on shares of IDEX in a research note on Friday, May 2nd. Finally, Citigroup upped their price objective on shares of IDEX from $208.00 to $216.00 and gave the stock a “buy” rating in a research note on Monday, July 14th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, IDEX presently has an average rating of “Moderate Buy” and an average price target of $205.25.

IDEX Stock Performance

IEX opened at $158.29 on Monday. The company has a current ratio of 3.05, a quick ratio of 2.13 and a debt-to-equity ratio of 0.46. The company has a market cap of $11.92 billion, a price-to-earnings ratio of 25.57, a PEG ratio of 1.68 and a beta of 1.04. The company’s 50 day moving average is $179.06 and its 200 day moving average is $184.37. IDEX has a 12-month low of $153.36 and a 12-month high of $238.22.

IDEX (NYSE:IEX) last posted its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.00 by $0.07. IDEX had a net margin of 14.05% and a return on equity of 15.16%. The company had revenue of $865.40 million for the quarter, compared to the consensus estimate of $858.59 million. During the same quarter last year, the firm posted $2.06 earnings per share. The firm’s revenue was up 7.2% compared to the same quarter last year. On average, equities research analysts predict that IDEX will post 8.26 EPS for the current year.

IDEX Dividend Announcement

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

Insider Activity at IDEX

In related news, CFO Akhil Mahendra sold 250 shares of the firm’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 completion of the sale, the chief financial officer directly owned 5,035 shares of the company’s stock, valued at approximately $910,781.15. This trade represents a 4.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IDEX

Several institutional investors have recently bought and sold shares of IEX. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of IDEX during the second quarter worth about $587,000. Creekmur Asset Management LLC lifted its stake in IDEX by 29.3% in the second quarter. Creekmur Asset Management LLC now owns 1,373 shares of the industrial products company’s stock valued at $241,000 after buying an additional 311 shares during the last quarter. Assetmark Inc. raised its stake in shares of IDEX by 235.5% during the second quarter. Assetmark Inc. now owns 1,899 shares of the industrial products company’s stock worth $333,000 after purchasing an additional 1,333 shares during the last quarter. New York Life Investment Management LLC raised its stake in shares of IDEX by 1.4% during the second quarter. New York Life Investment Management LLC now owns 10,317 shares of the industrial products company’s stock worth $1,811,000 after purchasing an additional 147 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in shares of IDEX during the second quarter worth approximately $841,000. 97.96% of the stock is owned by institutional investors and hedge funds.

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.