IDEX Co. (NYSE:IEX) Declares $0.69 Quarterly Dividend

IDEX Co. (NYSE:IEX) announced a quarterly dividend on Wednesday, November 13th,RTT News reports. Investors of record on Friday, January 17th will be paid a dividend of 0.69 per share by the industrial products company on Friday, January 31st. This represents a $2.76 annualized dividend and a yield of 1.19%.

IDEX has raised its dividend by an average of 8.0% annually over the last three years and has raised its dividend every year for the last 15 years. IDEX has a dividend payout ratio of 32.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect IDEX to earn $8.50 per share next year, which means the company should continue to be able to cover its $2.76 annual dividend with an expected future payout ratio of 32.5%.

IDEX Price Performance

NYSE:IEX traded up $3.03 during midday trading on Wednesday, hitting $231.00. 767,940 shares of the stock were exchanged, compared to its average volume of 473,265. IDEX has a one year low of $189.51 and a one year high of $246.36. The company has a market capitalization of $17.49 billion, a price-to-earnings ratio of 35.64, a P/E/G ratio of 2.41 and a beta of 0.96. The business has a 50-day moving average price of $210.29 and a two-hundred day moving average price of $207.42. The company has a current ratio of 2.97, a quick ratio of 2.11 and a debt-to-equity ratio of 0.54.

IDEX (NYSE:IEX) last posted its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.01. The company had revenue of $798.20 million for the quarter, compared to analysts’ expectations of $793.05 million. IDEX had a return on equity of 15.92% and a net margin of 15.35%. The firm’s revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.12 earnings per share. Sell-side analysts predict that IDEX will post 7.88 EPS for the current year.

Analyst Ratings Changes

IEX has been the topic of several research analyst reports. Oppenheimer lowered their price objective on shares of IDEX from $245.00 to $238.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Argus cut shares of IDEX from a “buy” rating to a “hold” rating in a research report on Wednesday, August 14th. Stifel Nicolaus lifted their price objective on shares of IDEX from $232.00 to $244.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. TD Cowen lowered their price target on shares of IDEX from $240.00 to $230.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, DA Davidson lowered their price target on shares of IDEX from $220.00 to $210.00 and set a “neutral” rating on the stock in a report on Monday, August 5th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, IDEX has an average rating of “Moderate Buy” and a consensus target price of $241.14.

About IDEX

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.