Rosenblatt Securities Initiates Coverage on IDEX (NYSE:IEX)

Research analysts at Rosenblatt Securities began coverage on shares of IDEX (NYSE:IEX) in a report issued on Thursday, November 7th, The Fly reports. The brokerage set a “buy” rating and a $185.00 price target on the industrial products company’s stock. Rosenblatt Securities’ price objective points to a potential upside of 14.16% from the stock’s previous close.

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A number of other equities analysts have also recently commented on the stock. ValuEngine cut shares of IDEX from a “buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Citigroup assumed coverage on shares of IDEX in a research report on Monday, September 30th. They issued a “neutral” rating and a $175.00 price objective for the company. Wells Fargo & Co lowered their price objective on shares of IDEX from $200.00 to $190.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Finally, Stifel Nicolaus boosted their price objective on shares of IDEX from $157.00 to $162.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $174.14.

Shares of IEX stock traded up $0.32 during trading hours on Thursday, reaching $162.06. 484,434 shares of the stock were exchanged, compared to its average volume of 426,594. IDEX has a 12-month low of $117.72 and a 12-month high of $173.84. The company has a current ratio of 3.21, a quick ratio of 2.39 and a debt-to-equity ratio of 0.39. The company’s 50-day moving average price is $159.44 and its 200-day moving average price is $161.76. The firm has a market capitalization of $12.30 billion, a price-to-earnings ratio of 29.96, a price-to-earnings-growth ratio of 2.78 and a beta of 1.21.

IDEX (NYSE:IEX) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.06. IDEX had a net margin of 17.05% and a return on equity of 21.28%. The firm had revenue of $624.20 million during the quarter, compared to analysts’ expectations of $641.66 million. During the same period in the previous year, the company earned $1.41 EPS. The firm’s revenue for the quarter was up .2% compared to the same quarter last year. On average, sell-side analysts expect that IDEX will post 5.81 EPS for the current year.

In other news, COO Eric D. Ashleman sold 2,922 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $165.75, for a total value of $484,321.50. Following the completion of the sale, the chief operating officer now owns 22,453 shares of the company’s stock, valued at approximately $3,721,584.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ernest J. Mrozek sold 6,650 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $160.24, for a total transaction of $1,065,596.00. Following the completion of the sale, the director now directly owns 16,255 shares of the company’s stock, valued at approximately $2,604,701.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,069 shares of company stock valued at $1,793,180. 1.20% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in IEX. Amundi Pioneer Asset Management Inc. lifted its position in shares of IDEX by 0.4% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 69,239 shares of the industrial products company’s stock worth $10,506,000 after purchasing an additional 301 shares during the period. DNB Asset Management AS lifted its position in shares of IDEX by 12.5% in the 2nd quarter. DNB Asset Management AS now owns 18,904 shares of the industrial products company’s stock worth $3,254,000 after purchasing an additional 2,100 shares during the period. NN Investment Partners Holdings N.V. lifted its position in shares of IDEX by 11.8% in the 2nd quarter. NN Investment Partners Holdings N.V. now owns 40,273 shares of the industrial products company’s stock worth $6,931,000 after purchasing an additional 4,263 shares during the period. Raymond James Trust N.A. raised its stake in shares of IDEX by 7.5% during the 2nd quarter. Raymond James Trust N.A. now owns 1,596 shares of the industrial products company’s stock worth $274,000 after acquiring an additional 112 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in shares of IDEX by 0.9% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 39,118 shares of the industrial products company’s stock worth $6,734,000 after acquiring an additional 333 shares in the last quarter. 94.95% of the stock is owned by hedge funds and other institutional investors.

IDEX Company Profile

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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