IDEX (NYSE:IEX) Releases FY24 Earnings Guidance

IDEX (NYSE:IEX) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $7.85-7.90 for the period, compared to the consensus estimate of $7.86.

IDEX Trading Down 0.5 %

Shares of IEX traded down $0.96 during mid-day trading on Tuesday, reaching $203.88. 441,888 shares of the company’s stock traded hands, compared to its average volume of 459,488. The stock has a market cap of $15.43 billion, a P/E ratio of 26.78, a P/E/G ratio of 2.20 and a beta of 0.95. The stock’s 50-day moving average is $206.07 and its two-hundred day moving average is $207.82. IDEX has a 12 month low of $183.76 and a 12 month high of $246.36. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.41 and a quick ratio of 2.52.

IDEX (NYSE:IEX) last released its earnings results on Wednesday, July 31st. The industrial products company reported $2.06 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.02. IDEX had a return on equity of 16.87% and a net margin of 18.19%. The firm had revenue of $807.20 million for the quarter, compared to analysts’ expectations of $828.15 million. During the same quarter in the prior year, the firm posted $2.18 earnings per share. The company’s quarterly revenue was down 4.6% on a year-over-year basis. Research analysts forecast that IDEX will post 7.87 earnings per share for the current fiscal year.

IDEX Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Friday, October 11th were paid 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 1.35%. IDEX’s dividend payout ratio (DPR) is currently 36.13%.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Royal Bank of Canada dropped their price objective on IDEX from $250.00 to $236.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Oppenheimer dropped their price objective on IDEX from $245.00 to $238.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. Argus lowered IDEX from a “buy” rating to a “hold” rating in a report on Wednesday, August 14th. DA Davidson lowered their target price on IDEX from $220.00 to $210.00 and set a “neutral” rating for the company in a report on Monday, August 5th. Finally, Stifel Nicolaus upped their target price on IDEX from $232.00 to $244.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Three research 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 has a consensus rating of “Moderate Buy” and an average target price of $239.43.

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.