Citigroup Lowers IDEX (NYSE:IEX) Price Target to $267.00

IDEX (NYSE:IEX) had its price objective cut by investment analysts at Citigroup from $269.00 to $267.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Citigroup’s price target indicates a potential upside of 28.19% from the company’s previous close.

Several other research firms have also commented on IEX. Stifel Nicolaus increased their price target on shares of IDEX from $244.00 to $256.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. Robert W. Baird decreased their price objective on shares of IDEX from $245.00 to $241.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Finally, Royal Bank of Canada increased their price objective on shares of IDEX from $248.00 to $258.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $242.86.

IDEX Stock Up 1.1 %

IDEX stock traded up $2.26 during midday trading on Monday, hitting $208.28. 85,495 shares of the company’s stock were exchanged, compared to its average volume of 449,556. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.11 and a current ratio of 2.97. IDEX has a 12 month low of $189.51 and a 12 month high of $246.36. The firm has a 50-day moving average of $221.58 and a two-hundred day moving average of $209.95. The company has a market cap of $15.77 billion, a PE ratio of 32.24, a P/E/G ratio of 2.36 and a beta of 0.97.

IDEX (NYSE:IEX) last issued its earnings results on Tuesday, October 29th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.01. The company had revenue of $798.20 million for the quarter, compared to analysts’ expectations of $793.05 million. IDEX had a net margin of 15.35% and a return on equity of 15.92%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the prior year, the business earned $2.12 EPS. As a group, analysts expect that IDEX will post 7.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IDEX

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp grew its stake in shares of IDEX by 0.5% during the 3rd quarter. State Street Corp now owns 3,017,976 shares of the industrial products company’s stock worth $647,356,000 after purchasing an additional 15,077 shares during the period. Wellington Management Group LLP grew its stake in shares of IDEX by 108.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,830,929 shares of the industrial products company’s stock worth $607,234,000 after purchasing an additional 1,472,456 shares during the period. Geode Capital Management LLC grew its stake in shares of IDEX by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,891,175 shares of the industrial products company’s stock worth $404,339,000 after purchasing an additional 23,388 shares during the period. Champlain Investment Partners LLC grew its stake in shares of IDEX by 28.8% during the 3rd quarter. Champlain Investment Partners LLC now owns 1,223,676 shares of the industrial products company’s stock worth $262,479,000 after purchasing an additional 273,460 shares during the period. Finally, Barclays PLC grew its stake in shares of IDEX by 1.2% during the 3rd quarter. Barclays PLC now owns 1,177,645 shares of the industrial products company’s stock worth $252,603,000 after purchasing an additional 14,360 shares during the period. Institutional investors and hedge funds own 97.96% of the company’s stock.

IDEX Company Profile

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.