Berenberg Bank Initiates Coverage on IDEX (IEX)

Berenberg Bank began coverage on shares of IDEX (NYSE:IEX) in a research report released on Wednesday morning, BenzingaRatingsTable reports. The firm issued a buy rating and a $180.00 target price on the industrial products company’s stock.

Several other equities analysts have also commented on the company. DA Davidson reiterated a neutral rating on shares of IDEX in a research report on Friday, April 26th. Zacks Investment Research lowered IDEX from a hold rating to a sell rating in a research report on Tuesday, April 2nd. Boenning Scattergood reiterated a hold rating on shares of IDEX in a research report on Wednesday, January 30th. Janney Montgomery Scott lowered IDEX from a buy rating to a neutral rating in a research report on Friday, March 29th. Finally, Stifel Nicolaus increased their target price on IDEX from $129.00 to $153.00 and gave the company a hold rating in a report on Tuesday, April 16th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $153.40.

Shares of IDEX stock traded up $0.20 during trading on Wednesday, hitting $153.66. 1,642 shares of the stock traded hands, compared to its average volume of 321,653. The company has a current ratio of 3.33, a quick ratio of 2.45 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $11.40 billion, a PE ratio of 28.34, a price-to-earnings-growth ratio of 2.59 and a beta of 1.27. IDEX has a 52 week low of $117.72 and a 52 week high of $159.51.



IDEX (NYSE:IEX) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.37 by $0.07. The firm had revenue of $622.20 million for the quarter, compared to analyst estimates of $634.38 million. IDEX had a return on equity of 21.22% and a net margin of 16.92%. The company’s revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.27 EPS. As a group, analysts predict that IDEX will post 5.82 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, May 16th. This is a boost from IDEX’s previous quarterly dividend of $0.43. This represents a $2.00 annualized dividend and a yield of 1.30%. IDEX’s dividend payout ratio is currently 31.79%.

In related news, SVP Jeffrey D. Bucklew sold 2,255 shares of the stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $143.02, for a total transaction of $322,510.10. Following the completion of the sale, the senior vice president now directly owns 2,255 shares in the company, valued at approximately $322,510.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Andrew K. Silvernail sold 81,120 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $155.11, for a total value of $12,582,523.20. Following the sale, the chairman now owns 173,947 shares of the company’s stock, valued at $26,980,919.17. The disclosure for this sale can be found here. Insiders have sold a total of 109,950 shares of company stock valued at $16,936,898 over the last 90 days. 1.20% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. DNB Asset Management AS lifted its holdings in IDEX by 21.1% in the 4th quarter. DNB Asset Management AS now owns 16,069 shares of the industrial products company’s stock worth $2,029,000 after buying an additional 2,804 shares during the period. BTIM Corp. lifted its holdings in IDEX by 10.1% in the 4th quarter. BTIM Corp. now owns 79,936 shares of the industrial products company’s stock worth $10,093,000 after buying an additional 7,311 shares during the period. FMR LLC lifted its holdings in IDEX by 55.9% in the 4th quarter. FMR LLC now owns 1,733,558 shares of the industrial products company’s stock worth $218,879,000 after buying an additional 621,397 shares during the period. Chicago Equity Partners LLC purchased a new stake in IDEX in the 4th quarter worth approximately $1,283,000. Finally, Texas Permanent School Fund lifted its holdings in IDEX by 2.5% in the 1st quarter. Texas Permanent School Fund now owns 51,462 shares of the industrial products company’s stock worth $7,809,000 after buying an additional 1,264 shares during the period. Institutional investors and hedge funds own 94.64% 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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Analyst Recommendations for IDEX (NYSE:IEX)

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