Stifel Nicolaus Raises IDEX (NYSE:IEX) Price Target to $157.00

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IDEX (NYSE:IEX) had its target price raised by Stifel Nicolaus from $153.00 to $157.00 in a report released on Monday morning, BenzingaRatingsTable reports. Stifel Nicolaus currently has a hold rating on the industrial products company’s stock.

IEX has been the subject of several other reports. Oppenheimer decreased their price objective on shares of 2U from $83.00 to $67.00 and set an outperform rating for the company in a report on Wednesday, May 8th. Berenberg Bank reissued a buy rating and set a GBX 150 ($1.96) price objective on shares of Tharisa in a research report on Wednesday, May 15th. Janney Montgomery Scott downgraded shares of Xylem from a buy rating to a neutral rating in a research report on Friday, March 29th. Zacks Investment Research downgraded shares of First Merchants from a hold rating to a sell rating in a report on Monday, July 1st. Finally, DA Davidson reiterated a neutral rating on shares of IDEX in a research note on Friday, April 26th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $154.40.

IEX opened at $165.75 on Monday. The company has a market capitalization of $12.75 billion, a price-to-earnings ratio of 30.28, a P/E/G ratio of 2.90 and a beta of 1.24. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.33 and a quick ratio of 2.45. IDEX has a fifty-two week low of $117.72 and a fifty-two week high of $173.84. The firm’s 50-day moving average price is $164.70.

IDEX (NYSE:IEX) last posted its quarterly earnings results on Thursday, April 25th. The industrial products company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.07. The company had revenue of $622.20 million for the quarter, compared to analyst estimates of $634.38 million. IDEX had a net margin of 16.92% and a return on equity of 21.22%. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.27 earnings per share. As a group, analysts predict that IDEX will post 5.81 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Tuesday, July 16th will be given a $0.50 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $2.00 dividend on an annualized basis and a yield of 1.21%. IDEX’s dividend payout ratio is currently 36.97%.

In related news, Chairman Andrew K. Silvernail sold 81,120 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $155.11, for a total value of $12,582,523.20. Following the completion of the transaction, the chairman now directly owns 173,947 shares of the company’s stock, valued at approximately $26,980,919.17. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Michael J. Yates sold 15,178 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $156.97, for a total value of $2,382,490.66. Following the completion of the transaction, the vice president now directly owns 38,590 shares of the company’s stock, valued at $6,057,472.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,423 shares of company stock worth $16,055,566. 1.20% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of IEX. Commonwealth Equity Services LLC bought a new position in IDEX during the fourth quarter valued at about $294,000. Raymond James Financial Services Advisors Inc. raised its stake in shares of IDEX by 20.9% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 4,695 shares of the industrial products company’s stock valued at $593,000 after acquiring an additional 811 shares during the last quarter. Advisor Group Inc. raised its stake in shares of IDEX by 47.9% in the fourth quarter. Advisor Group Inc. now owns 1,991 shares of the industrial products company’s stock valued at $251,000 after acquiring an additional 645 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of IDEX by 6.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 343,723 shares of the industrial products company’s stock valued at $43,396,000 after acquiring an additional 19,354 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in IDEX by 0.6% in the 4th quarter. California State Teachers Retirement System now owns 124,062 shares of the industrial products company’s stock worth $15,664,000 after purchasing an additional 680 shares during the last quarter. Institutional investors own 94.61% of the company’s stock.

About IDEX

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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