IDEX (NYSE:IEX) Issues FY 2024 Earnings Guidance

IDEX (NYSE:IEX) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 7.850-7.900 for the period, compared to the consensus EPS estimate of 7.860. The company issued revenue guidance of -. IDEX also updated its FY24 guidance to $7.85-7.90 EPS.

IDEX Stock Down 0.5 %

IEX traded down $0.96 during midday trading on Tuesday, hitting $203.88. The company had a trading volume of 441,888 shares, compared to its average volume of 459,488. The stock’s 50 day moving average price is $206.17 and its 200 day moving average price is $207.62. IDEX has a 52 week low of $183.76 and a 52 week high of $246.36. The company has a market capitalization of $15.43 billion, a price-to-earnings ratio of 26.69, a PEG ratio of 2.20 and a beta of 0.95. The company has a quick ratio of 2.52, a current ratio of 3.41 and a debt-to-equity ratio of 0.36.

IDEX (NYSE:IEX) last released its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $2.06 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.02. The firm had revenue of $807.20 million for the quarter, compared to the consensus estimate of $828.15 million. IDEX had a net margin of 18.19% and a return on equity of 16.87%. The business’s revenue was down 4.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.18 earnings per share. On average, research analysts anticipate that IDEX will post 7.87 earnings per share for the current fiscal year.

IDEX Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Friday, October 11th were paid a $0.69 dividend. The ex-dividend date was Friday, October 11th. This represents a $2.76 annualized dividend and a yield of 1.35%. IDEX’s dividend payout ratio (DPR) is 36.13%.

Analysts Set New Price Targets

IEX has been the subject of several recent analyst reports. StockNews.com lowered IDEX from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. Robert W. Baird lowered their target price on IDEX from $256.00 to $241.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Oppenheimer reduced their price target on shares of IDEX from $245.00 to $238.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Stifel Nicolaus raised their price objective on shares of IDEX from $232.00 to $244.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Finally, TD Cowen dropped their target price on shares of IDEX from $240.00 to $230.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $239.43.

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.