IDEX (NYSE:IEX) Receives “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of IDEX (NYSE:IEXFree Report) in a research report report published on Thursday morning, Benzinga reports. The firm currently has a $255.00 price objective on the industrial products company’s stock.

Separately, Stifel Nicolaus upgraded shares of IDEX from a hold rating to a buy rating and lifted their price target for the company from $215.00 to $265.00 in a research report on Thursday, February 8th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, IDEX currently has an average rating of Moderate Buy and an average target price of $235.56.

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IDEX Price Performance

IDEX stock opened at $245.87 on Thursday. IDEX has a 12-month low of $183.76 and a 12-month high of $246.05. The stock has a market cap of $18.60 billion, a P/E ratio of 31.36, a PEG ratio of 2.40 and a beta of 0.97. The company has a 50-day moving average price of $226.12 and a 200 day moving average price of $212.48. The company has a current ratio of 2.89, a quick ratio of 2.05 and a debt-to-equity ratio of 0.37.

IDEX (NYSE:IEXGet Free Report) last released its quarterly earnings data on Tuesday, February 6th. The industrial products company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.05. IDEX had a net margin of 18.21% and a return on equity of 18.56%. The firm had revenue of $788.90 million during the quarter, compared to analysts’ expectations of $767.96 million. During the same period last year, the business earned $2.01 earnings per share. IDEX’s revenue was down 2.7% compared to the same quarter last year. Sell-side analysts anticipate that IDEX will post 8.35 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in IEX. Morgan Stanley lifted its stake in IDEX by 274.1% in the fourth quarter. Morgan Stanley now owns 2,151,334 shares of the industrial products company’s stock worth $491,214,000 after acquiring an additional 1,576,263 shares during the last quarter. Norges Bank acquired a new stake in IDEX during the fourth quarter worth approximately $237,425,000. Price T Rowe Associates Inc. MD raised its holdings in IDEX by 12.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,409,706 shares of the industrial products company’s stock worth $1,608,722,000 after purchasing an additional 833,772 shares in the last quarter. Alecta Tjanstepension Omsesidigt raised its holdings in IDEX by 420.8% during the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 781,172 shares of the industrial products company’s stock worth $169,600,000 after purchasing an additional 631,172 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado raised its holdings in IDEX by 4,080.8% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 313,725 shares of the industrial products company’s stock worth $68,113,000 after purchasing an additional 306,221 shares in the last quarter. Hedge funds and other institutional investors own 94.85% of the company’s stock.

IDEX Company Profile

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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.

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