IDEX (NYSE:IEX) Price Target Cut to $245.00 by Analysts at Royal Bank of Canada

IDEX (NYSE:IEX) had its price objective reduced by equities research analysts at Royal Bank of Canada from $256.00 to $245.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the industrial products company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 21.34% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Stifel Nicolaus boosted 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. Citigroup reduced their price objective on IDEX from $269.00 to $267.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Finally, Robert W. Baird reduced their price target on IDEX from $245.00 to $241.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Three 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 stock has an average rating of “Moderate Buy” and a consensus price target of $241.00.

IDEX Price Performance

Shares of IDEX stock traded up $4.34 during trading on Thursday, hitting $201.92. 390,498 shares of the stock traded hands, compared to its average volume of 481,022. The company has a quick ratio of 2.11, a current ratio of 2.97 and a debt-to-equity ratio of 0.54. The stock has a market cap of $15.29 billion, a price-to-earnings ratio of 31.27, a PEG ratio of 2.21 and a beta of 0.97. The firm’s fifty day moving average is $217.63 and its 200-day moving average is $212.00. IDEX has a 52 week low of $189.51 and a 52 week high of $246.36.

IDEX (NYSE:IEX) last announced its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.01. IDEX had a return on equity of 15.92% and a net margin of 15.35%. Research analysts expect that IDEX will post 7.88 EPS for the current fiscal year.

Hedge Funds Weigh In On IDEX

Institutional investors have recently modified their holdings of the stock. Catalyst Capital Advisors LLC boosted its holdings in IDEX by 73.8% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 139 shares of the industrial products company’s stock worth $30,000 after buying an additional 59 shares during the last quarter. Assetmark Inc. acquired a new position in IDEX in the third quarter valued at approximately $39,000. Livforsakringsbolaget Skandia Omsesidigt raised its position in IDEX by 100.0% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 200 shares of the industrial products company’s stock valued at $43,000 after purchasing an additional 100 shares during the period. Jones Financial Companies Lllp raised its position in IDEX by 35.2% in the fourth quarter. Jones Financial Companies Lllp now owns 407 shares of the industrial products company’s stock valued at $85,000 after purchasing an additional 106 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in shares of IDEX during the third quarter worth $86,000. Hedge funds and other institutional investors own 97.96% of the company’s stock.

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.