Brokerages Anticipate IDEX Co. (NYSE:IEX) Will Post Quarterly Sales of $555.45 Million

Wall Street brokerages expect IDEX Co. (NYSE:IEX) to report $555.45 million in sales for the current quarter, Zacks reports. Four analysts have provided estimates for IDEX’s earnings. The highest sales estimate is $563.90 million and the lowest is $546.60 million. IDEX reported sales of $624.25 million in the same quarter last year, which would suggest a negative year over year growth rate of 11%. The business is scheduled to announce its next earnings report after the market closes on Tuesday, October 27th.

On average, analysts expect that IDEX will report full-year sales of $2.29 billion for the current year, with estimates ranging from $2.28 billion to $2.30 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $2.44 billion, with estimates ranging from $2.40 billion to $2.49 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow IDEX.

IDEX (NYSE:IEX) last issued its quarterly earnings data on Friday, July 24th. The industrial products company reported $1.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.10. IDEX had a net margin of 15.71% and a return on equity of 18.15%. The company had revenue of $561.25 million during the quarter, compared to the consensus estimate of $526.69 million. During the same quarter last year, the company earned $1.50 earnings per share.

A number of research firms have issued reports on IEX. Stifel Nicolaus raised their target price on IDEX from $172.00 to $195.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Rosenblatt Securities lifted their price objective on shares of IDEX from $178.00 to $200.00 and gave the company a “buy” rating in a research note on Tuesday, September 22nd. Boenning Scattergood upgraded shares of IDEX from a “neutral” rating to an “outperform” rating in a research note on Friday, July 24th. Zacks Investment Research raised IDEX from a “sell” rating to a “hold” rating and set a $187.00 target price on the stock in a report on Friday, September 25th. Finally, Argus assumed coverage on IDEX in a report on Friday, June 19th. They set a “buy” rating and a $180.00 target price on the stock. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. IDEX presently has a consensus rating of “Buy” and an average price target of $173.82.

In other news, SVP Jeffrey D. Bucklew sold 1,936 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $180.90, for a total transaction of $350,222.40. Following the sale, the senior vice president now directly owns 740 shares in the company, valued at $133,866. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Michael J. Yates sold 15,397 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $180.17, for a total value of $2,774,077.49. Following the sale, the chief accounting officer now owns 28,763 shares in the company, valued at $5,182,229.71. The disclosure for this sale can be found here. Insiders have sold a total of 128,043 shares of company stock valued at $21,872,661 over the last 90 days. Corporate insiders own 1.10% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in IEX. Cerebellum GP LLC purchased a new position in IDEX in the second quarter valued at approximately $36,000. Twin Tree Management LP acquired a new stake in IDEX in the first quarter valued at approximately $53,000. Citizens Financial Group Inc RI grew its position in IDEX by 131.5% in the second quarter. Citizens Financial Group Inc RI now owns 419 shares of the industrial products company’s stock valued at $66,000 after acquiring an additional 238 shares in the last quarter. Fifth Third Bancorp grew its position in IDEX by 24.3% in the second quarter. Fifth Third Bancorp now owns 1,063 shares of the industrial products company’s stock valued at $168,000 after acquiring an additional 208 shares in the last quarter. Finally, RMR Wealth Builders acquired a new stake in IDEX in the second quarter valued at approximately $200,000. Institutional investors and hedge funds own 97.01% of the company’s stock.

Shares of IEX stock traded down $4.29 during mid-day trading on Monday, reaching $178.12. 351,680 shares of the company were exchanged, compared to its average volume of 505,319. The business’s 50 day simple moving average is $179.71 and its 200 day simple moving average is $159.15. IDEX has a fifty-two week low of $104.56 and a fifty-two week high of $188.17. The company has a market capitalization of $13.77 billion, a P/E ratio of 36.64, a P/E/G ratio of 3.93 and a beta of 1.07. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.67 and a current ratio of 3.48.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Thursday, October 15th will be given a dividend of $0.50 per share. The ex-dividend date is Wednesday, October 14th. This represents a $2.00 dividend on an annualized basis and a yield of 1.12%. IDEX’s payout ratio is presently 34.48%.

IDEX Company Profile

IDEX Corporation, through its subsidiaries, operates as an applied solutions company 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, flow meters, injectors, and other fluid-handling pump modules and systems, as well as offers flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries.

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Earnings History and Estimates for IDEX (NYSE:IEX)

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