IDEX (NYSE:IEX) Issues FY24 Earnings Guidance

IDEX (NYSE:IEX) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $7.85-7.90 for the period, compared to the consensus EPS estimate of $7.86. IDEX also updated its FY 2024 guidance to 7.850-7.900 EPS.

Analyst Upgrades and Downgrades

IEX has been the topic of several research analyst reports. StockNews.com lowered shares of IDEX from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. Robert W. Baird cut their price objective on IDEX from $245.00 to $241.00 and set an “outperform” rating for the company in a research note on Thursday. TD Cowen lowered their price target on IDEX from $240.00 to $230.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Oppenheimer reduced their price objective on IDEX from $245.00 to $238.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Finally, Argus lowered shares of IDEX from a “buy” rating to a “hold” rating in a report on Wednesday, August 14th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $241.14.

IDEX Trading Up 1.4 %

IEX stock traded up $2.99 during trading on Friday, reaching $217.63. 247,366 shares of the stock were exchanged, compared to its average volume of 465,057. The business has a 50 day moving average price of $206.81 and a 200-day moving average price of $207.75. IDEX has a 1 year low of $189.33 and a 1 year high of $246.36. The company has a current ratio of 2.97, a quick ratio of 2.52 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $16.47 billion, a price-to-earnings ratio of 33.21, a P/E/G ratio of 2.32 and a beta of 0.95.

IDEX (NYSE:IEX) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $1.90 EPS for the quarter, beating the consensus estimate of $1.89 by $0.01. The firm had revenue of $798.20 million for the quarter, compared to analyst estimates of $793.05 million. IDEX had a net margin of 15.35% and a return on equity of 15.92%. The business’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.12 EPS. On average, research analysts predict that IDEX will post 7.86 earnings per share for the current year.

IDEX Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Friday, October 11th were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date of this dividend was Friday, October 11th. IDEX’s payout ratio is 42.72%.

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.