DA Davidson Issues Pessimistic Forecast for IDEX (NYSE:IEX) Stock Price

IDEX (NYSE:IEX) had its target price lowered by DA Davidson from $215.00 to $180.00 in a report released on Monday,Benzinga reports. The firm currently has a “neutral” rating on the industrial products company’s stock. DA Davidson’s price target suggests a potential upside of 11.15% from the stock’s current price.

Several other equities research analysts also recently commented on the stock. Stifel Nicolaus lowered their target price on shares of IDEX from $238.00 to $204.00 and set a “buy” rating for the company in a research note on Thursday, July 31st. Oppenheimer lowered their target price on shares of IDEX from $224.00 to $212.00 and set an “outperform” rating for the company in a research note on Thursday, July 31st. Mizuho set a $185.00 target price on shares of IDEX in a research note on Friday, May 16th. Robert W. Baird set a $215.00 target price on shares of IDEX in a research note on Friday, May 2nd. Finally, Royal Bank Of Canada lowered their target price on shares of IDEX from $207.00 to $200.00 and set an “outperform” rating for the company in a research note on Thursday, July 31st. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $205.25.

IDEX Price Performance

Shares of IEX stock opened at $161.94 on Monday. IDEX has a 1 year low of $153.36 and a 1 year high of $238.22. The firm’s 50 day moving average is $178.64 and its 200-day moving average is $184.21. The firm has a market capitalization of $12.19 billion, a price-to-earnings ratio of 26.16, a PEG ratio of 1.67 and a beta of 1.04. The company has a current ratio of 3.05, a quick ratio of 2.13 and a debt-to-equity ratio of 0.46.

IDEX (NYSE:IEX) last announced its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.07 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.07. IDEX had a net margin of 14.05% and a return on equity of 15.16%. The business had revenue of $865.40 million for the quarter, compared to analyst estimates of $858.59 million. During the same period in the prior year, the business posted $2.06 earnings per share. IDEX’s revenue was up 7.2% compared to the same quarter last year. Sell-side analysts forecast that IDEX will post 8.26 EPS for the current fiscal year.

Insider Activity

In related news, CFO Akhil Mahendra sold 250 shares of IDEX stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $180.89, for a total transaction of $45,222.50. Following the sale, the chief financial officer directly owned 5,035 shares of the company’s stock, valued at approximately $910,781.15. The trade was a 4.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On IDEX

A number of institutional investors have recently added to or reduced their stakes in IEX. American Century Companies Inc. grew its holdings in IDEX by 3.4% during the 4th quarter. American Century Companies Inc. now owns 9,655 shares of the industrial products company’s stock worth $2,021,000 after acquiring an additional 314 shares during the last quarter. LPL Financial LLC boosted its stake in shares of IDEX by 13.6% in the 4th quarter. LPL Financial LLC now owns 19,702 shares of the industrial products company’s stock valued at $4,123,000 after purchasing an additional 2,363 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of IDEX in the 4th quarter valued at $448,000. O Shaughnessy Asset Management LLC boosted its stake in shares of IDEX by 4.2% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 3,128 shares of the industrial products company’s stock valued at $655,000 after purchasing an additional 127 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of IDEX by 187.2% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 21,799 shares of the industrial products company’s stock valued at $4,562,000 after purchasing an additional 14,209 shares during the last quarter. 97.96% of the stock is owned by institutional investors.

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.