Brokers Issue Forecasts for IDEX Co.’s Q2 2024 Earnings (NYSE:IEX)

IDEX Co. (NYSE:IEX) – Equities researchers at Seaport Res Ptn dropped their Q2 2024 earnings per share (EPS) estimates for shares of IDEX in a research report issued to clients and investors on Friday, April 26th. Seaport Res Ptn analyst W. Liptak now forecasts that the industrial products company will post earnings of $2.03 per share for the quarter, down from their previous forecast of $2.15. The consensus estimate for IDEX’s current full-year earnings is $8.33 per share. Seaport Res Ptn also issued estimates for IDEX’s FY2024 earnings at $8.23 EPS, Q1 2025 earnings at $2.04 EPS, Q2 2025 earnings at $2.33 EPS, Q3 2025 earnings at $2.44 EPS, Q4 2025 earnings at $2.42 EPS and FY2025 earnings at $9.24 EPS.

Several other research analysts also recently commented on the stock. Royal Bank of Canada restated an “outperform” rating and set a $255.00 price objective on shares of IDEX in a research report on Thursday, March 21st. Oppenheimer upped their price objective on IDEX from $245.00 to $252.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Citigroup lifted their target price on IDEX from $254.00 to $277.00 and gave the company a “buy” rating in a research report on Monday, April 8th. StockNews.com cut shares of IDEX from a “buy” rating to a “hold” rating in a report on Wednesday, April 24th. Finally, Robert W. Baird decreased their price target on shares of IDEX from $260.00 to $256.00 and set an “outperform” rating on the stock in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $250.71.

IDEX Stock Performance

Shares of IDEX stock opened at $220.66 on Monday. The company has a current ratio of 3.37, a quick ratio of 2.05 and a debt-to-equity ratio of 0.37. The company has a market cap of $16.70 billion, a PE ratio of 29.03, a price-to-earnings-growth ratio of 2.20 and a beta of 0.97. The company has a 50 day moving average of $236.36 and a 200-day moving average of $216.80. IDEX has a 1-year low of $183.76 and a 1-year high of $246.36.

IDEX (NYSE:IEX) last posted its quarterly earnings results on Tuesday, April 23rd. The industrial products company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.12. The business had revenue of $801.00 million during the quarter, compared to the consensus estimate of $807.52 million. IDEX had a return on equity of 17.60% and a net margin of 17.89%. IDEX’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.09 earnings per share.

Institutional Trading of IDEX

A number of hedge funds have recently made changes to their positions in IEX. Norges Bank bought a new stake in shares of IDEX in the fourth quarter worth $237,425,000. Alecta Tjanstepension Omsesidigt increased its stake in shares of IDEX by 420.8% in the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 781,172 shares of the industrial products company’s stock valued at $169,600,000 after buying an additional 631,172 shares during the period. Public Employees Retirement Association of Colorado raised its position in shares of IDEX by 4,080.8% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 313,725 shares of the industrial products company’s stock worth $68,113,000 after acquiring an additional 306,221 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of IDEX by 316.9% in the third quarter. Ameriprise Financial Inc. now owns 368,849 shares of the industrial products company’s stock worth $76,667,000 after acquiring an additional 280,385 shares during the period. Finally, Maren Capital LLC bought a new stake in IDEX in the fourth quarter valued at approximately $49,789,000. 97.96% of the stock is owned by institutional investors and hedge funds.

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.