IDEX (NYSE:IEX – Get Free Report) issued its earnings results on Tuesday. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.12, Briefing.com reports. The company had revenue of $801.00 million during the quarter, compared to analyst estimates of $807.52 million. IDEX had a return on equity of 18.56% and a net margin of 18.21%. The firm’s quarterly revenue was down 5.3% on a year-over-year basis. During the same quarter last year, the business posted $2.09 EPS. IDEX updated its Q2 guidance to $2.00-$2.05 EPS and its FY24 guidance to $8.15-$8.45 EPS.
IDEX Price Performance
Shares of NYSE:IEX traded up $2.38 during trading on Tuesday, reaching $232.27. 381,827 shares of the company’s stock traded hands, compared to its average volume of 376,136. IDEX has a fifty-two week low of $183.76 and a fifty-two week high of $246.36. The company has a quick ratio of 2.05, a current ratio of 2.89 and a debt-to-equity ratio of 0.37. The firm has a market cap of $17.58 billion, a PE ratio of 29.74, a P/E/G ratio of 2.27 and a beta of 0.97. The company has a 50-day simple moving average of $236.47 and a 200-day simple moving average of $216.31.
Wall Street Analyst Weigh In
A number of equities analysts recently issued reports on the company. Royal Bank of Canada restated an “outperform” rating and issued a $255.00 target price on shares of IDEX in a research note on Thursday, March 21st. Citigroup raised their target price on IDEX from $254.00 to $277.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Stifel Nicolaus upgraded IDEX from a “hold” rating to a “buy” rating and lifted their price objective for the company from $215.00 to $265.00 in a research note on Thursday, February 8th. Oppenheimer lifted their price objective on IDEX from $245.00 to $252.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Finally, StockNews.com upgraded IDEX from a “hold” rating to a “buy” rating in a research note on Tuesday, April 16th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, IDEX has a consensus rating of “Moderate Buy” and an average target price of $238.78.
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.
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