IDEX Co. Plans Quarterly Dividend of $0.69 (NYSE:IEX)

IDEX Co. (NYSE:IEX) announced a quarterly dividend on Wednesday, November 13th,RTT News reports. Shareholders of record on Friday, January 17th will be given a dividend of 0.69 per share by the industrial products company on Friday, January 31st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date of this dividend is Friday, January 17th.

IDEX has raised its dividend payment by an average of 8.5% per year over the last three years and has raised its dividend every year for the last 15 years. IDEX has a payout ratio of 29.3% meaning its dividend is sufficiently covered by earnings. Analysts expect IDEX to earn $8.47 per share next year, which means the company should continue to be able to cover its $2.76 annual dividend with an expected future payout ratio of 32.6%.

IDEX Stock Up 2.2 %

Shares of IEX opened at $214.55 on Wednesday. The stock has a market capitalization of $16.25 billion, a price-to-earnings ratio of 33.21, a PEG ratio of 2.36 and a beta of 0.97. IDEX has a 52 week low of $189.51 and a 52 week high of $246.36. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.11 and a current ratio of 2.97. The stock has a fifty day moving average of $221.40 and a 200-day moving average of $210.02.

IDEX (NYSE:IEX) last announced its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.01. IDEX had a return on equity of 15.92% and a net margin of 15.35%. The firm had revenue of $798.20 million for the quarter, compared to analyst estimates of $793.05 million. During the same period last year, the firm posted $2.12 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. As a group, sell-side analysts anticipate that IDEX will post 7.89 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on IEX. Royal Bank of Canada upped their price target on shares of IDEX from $248.00 to $258.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Citigroup decreased their price objective on IDEX from $269.00 to $267.00 and set a “buy” rating for the company in a report on Monday. Stifel Nicolaus lifted their target price on IDEX from $244.00 to $256.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Finally, Robert W. Baird decreased their price target on IDEX from $245.00 to $241.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, IDEX presently has an average rating of “Moderate Buy” and a consensus target price of $242.86.

IDEX Company Profile

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.