Zacks Investment Research Lowers IDEX (NYSE:IEX) to Hold

IDEX (NYSE:IEXGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday, Zacks.com reports. They presently have a $201.00 price target on the industrial products company’s stock. Zacks Investment Research‘s target price points to a potential upside of 2.46% from the company’s current price.

According to Zacks, “IDEX’s first-quarter 2022 earnings and revenues beat the Zacks Consensus Estimate by 12.6% and 4.1% each.  IDEX is poised to gain from a diversified business structure, solid product portfolio, strengthening end markets and buyouts in the quarters ahead. Its acquisition of KZvalve is expected to boost its position in the agricultural product market. For 2022, it anticipates organic sales growth of 6-8% from the year-ago reported figure. Earnings are expected to be $7.50-$7.63, implying a rise from $6.30 in 2021. However, supply-chain issues, cost inflation and pandemic-led problems might affect the company. High corporate expenses add to its woes. The impacts of unfavorable movements of foreign currencies are predicted to hurt sales in the second quarter and during 2022. In the past six months, its shares have underperformed the industry.”

A number of other equities analysts also recently commented on the stock. Cowen upgraded shares of IDEX from a “market perform” rating to an “outperform” rating and set a $220.00 target price on the stock in a research note on Wednesday, March 9th. Stifel Nicolaus decreased their target price on shares of IDEX from $244.00 to $231.00 and set a “buy” rating for the company in a research report on Monday, April 18th. Robert W. Baird decreased their target price on shares of IDEX from $251.00 to $233.00 in a research report on Thursday, February 3rd. Mizuho decreased their price target on shares of IDEX from $233.00 to $205.00 in a report on Thursday, April 28th. Finally, StockNews.com raised shares of IDEX from a “hold” rating to a “buy” rating in a report on Monday, May 9th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, IDEX presently has a consensus rating of “Buy” and an average target price of $223.90.

Shares of IDEX stock opened at $196.18 on Friday. The company has a market capitalization of $14.91 billion, a P/E ratio of 31.49, a P/E/G ratio of 2.07 and a beta of 1.04. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.68 and a current ratio of 3.59. The company has a fifty day moving average of $191.03 and a 200 day moving average of $206.18. IDEX has a fifty-two week low of $179.30 and a fifty-two week high of $240.33.

IDEX (NYSE:IEXGet Rating) last announced its quarterly earnings results on Tuesday, April 26th. The industrial products company reported $1.96 EPS for the quarter, topping the consensus estimate of $1.74 by $0.22. The business had revenue of $751.10 million for the quarter, compared to analysts’ expectations of $721.21 million. IDEX had a net margin of 16.65% and a return on equity of 18.61%. During the same quarter in the previous year, the company earned $1.51 EPS. Analysts forecast that IDEX will post 7.69 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the stock. Verition Fund Management LLC acquired a new stake in shares of IDEX in the first quarter valued at about $2,847,000. Kestra Private Wealth Services LLC grew its position in shares of IDEX by 7.1% in the first quarter. Kestra Private Wealth Services LLC now owns 1,292 shares of the industrial products company’s stock valued at $248,000 after purchasing an additional 86 shares during the period. Toroso Investments LLC grew its position in shares of IDEX by 8.3% in the first quarter. Toroso Investments LLC now owns 5,970 shares of the industrial products company’s stock valued at $1,145,000 after purchasing an additional 457 shares during the period. BNP Paribas Arbitrage SA grew its position in shares of IDEX by 7.6% in the first quarter. BNP Paribas Arbitrage SA now owns 118,856 shares of the industrial products company’s stock valued at $22,788,000 after purchasing an additional 8,397 shares during the period. Finally, Beacon Pointe Advisors LLC acquired a new stake in shares of IDEX in the first quarter valued at about $205,000. Institutional investors own 96.95% of the company’s stock.

About IDEX (Get Rating)

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, small volume provers, 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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