IDEX (NYSE:IEX) Updates FY24 Earnings Guidance

IDEX (NYSE:IEX) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $7.85-7.90 for the period, compared to the consensus earnings per share estimate of $7.86. IDEX also updated its FY 2024 guidance to 7.850-7.900 EPS.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Argus lowered IDEX from a “buy” rating to a “hold” rating in a research note on Wednesday, August 14th. DA Davidson cut their price target on IDEX from $220.00 to $210.00 and set a “neutral” rating on the stock in a research note on Monday, August 5th. Royal Bank of Canada cut their target price on IDEX from $250.00 to $236.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. StockNews.com downgraded shares of IDEX from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. Finally, Oppenheimer reduced their target price on shares of IDEX from $245.00 to $238.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Three 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, the company currently has an average rating of “Moderate Buy” and an average price target of $239.43.

IDEX Stock Up 7.2 %

Shares of IEX traded up $14.76 during mid-day trading on Wednesday, hitting $218.64. 1,345,294 shares of the company traded hands, compared to its average volume of 463,813. The business has a 50 day moving average of $206.51 and a 200 day moving average of $207.70. The company has a market capitalization of $16.55 billion, a PE ratio of 28.62, a price-to-earnings-growth ratio of 2.20 and a beta of 0.95. IDEX has a 1-year low of $183.76 and a 1-year high of $246.36. The company has a quick ratio of 2.52, a current ratio of 3.41 and a debt-to-equity ratio of 0.36.

IDEX (NYSE:IEX) last issued its earnings results on Tuesday, October 29th. The industrial products company reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.01. The firm had revenue of $798.20 million for the quarter, compared to analyst estimates of $793.05 million. IDEX had a return on equity of 16.87% and a net margin of 18.19%. IDEX’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.12 earnings per share. Equities research analysts anticipate that IDEX will post 7.87 EPS for the current year.

IDEX Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Friday, October 11th were given a $0.69 dividend. The ex-dividend date of this dividend was Friday, October 11th. This represents a $2.76 annualized dividend and a yield of 1.26%. IDEX’s dividend payout ratio is presently 36.13%.

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.