IDEX (NYSE:IEX) Releases Q2 Earnings Guidance

IDEX (NYSE:IEX – Get Rating) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $1.85-1.90 for the period, compared to the Thomson Reuters consensus estimate of $1.88. The company issued revenue guidance of $740.83-747.69 million, compared to the consensus revenue estimate of $747.90 million.IDEX also updated its FY 2022 guidance to $7.500-$7.630 EPS.

Shares of NYSE:IEX traded down $4.86 on Tuesday, hitting $186.85. The company had a trading volume of 410,102 shares, compared to its average volume of 458,689. The company has a current ratio of 3.50, a quick ratio of 2.72 and a debt-to-equity ratio of 0.42. IDEX has a 52-week low of $181.66 and a 52-week high of $240.33. The business has a 50 day moving average of $192.80 and a 200 day moving average of $212.77. The company has a market cap of $14.22 billion, a PE ratio of 31.78, a PEG ratio of 2.16 and a beta of 1.11.

IDEX (NYSE:IEX – Get Rating) last released its earnings results on Tuesday, February 1st. The industrial products company reported $1.55 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.59 by ($0.04). IDEX had a return on equity of 17.82% and a net margin of 16.26%. The business had revenue of $714.80 million for the quarter, compared to analysts’ expectations of $705.84 million. During the same quarter last year, the company posted $1.37 earnings per share. The business’s quarterly revenue was up 16.3% compared to the same quarter last year. As a group, equities analysts predict that IDEX will post 7.56 EPS for the current year.

IEX has been the topic of several recent analyst reports. Zacks Investment Research upgraded IDEX from a hold rating to a buy rating and set a $213.00 target price on the stock in a research report on Friday, February 4th. Stifel Nicolaus cut their price objective on IDEX from $244.00 to $231.00 and set a buy rating on the stock in a report on Monday, April 18th. Cowen upgraded IDEX from a market perform rating to an outperform rating and set a $220.00 price objective on the stock in a report on Wednesday, March 9th. StockNews.com downgraded IDEX from a buy rating to a hold rating in a report on Thursday, April 21st. Finally, Citigroup cut their price objective on IDEX from $269.00 to $248.00 in a report on Thursday, February 3rd. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, IDEX has a consensus rating of Buy and an average price target of $235.15.

A number of hedge funds and other institutional investors have recently modified their holdings of IEX. Barclays PLC grew its stake in IDEX by 23.5% during the 4th quarter. Barclays PLC now owns 973,459 shares of the industrial products company’s stock valued at $230,050,000 after purchasing an additional 184,957 shares in the last quarter. Cetera Investment Advisers grew its stake in IDEX by 41.2% during the 4th quarter. Cetera Investment Advisers now owns 2,189 shares of the industrial products company’s stock valued at $517,000 after purchasing an additional 639 shares in the last quarter. Marshall Wace LLP acquired a new stake in IDEX during the 4th quarter valued at approximately $3,449,000. Schonfeld Strategic Advisors LLC acquired a new stake in IDEX during the 4th quarter valued at approximately $1,683,000. Finally, Stifel Financial Corp grew its stake in IDEX by 4.3% during the 4th quarter. Stifel Financial Corp now owns 1,616 shares of the industrial products company’s stock valued at $383,000 after purchasing an additional 66 shares in the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

About IDEX (Get Rating)

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, small volume provers, 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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