IDEX (NYSE:IEX) Price Target Cut to $245.00 by Analysts at Royal Bank of Canada

IDEX (NYSE:IEX) had its price objective cut by stock analysts at Royal Bank of Canada from $256.00 to $245.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the industrial products company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 21.34% from the company’s previous close.

A number of other equities analysts have also commented on the company. Stifel Nicolaus lifted their price objective on IDEX from $244.00 to $256.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Robert W. Baird cut their price objective on IDEX from $245.00 to $241.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Finally, Citigroup cut their price objective on IDEX from $269.00 to $267.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, IDEX currently has an average rating of “Moderate Buy” and a consensus target price of $241.00.

IDEX Trading Up 2.2 %

Shares of IEX stock traded up $4.34 during mid-day trading on Thursday, reaching $201.92. 390,498 shares of the stock traded hands, compared to its average volume of 481,022. The stock’s fifty day simple moving average is $217.63 and its two-hundred day simple moving average is $212.00. IDEX has a 1-year low of $189.51 and a 1-year high of $246.36. The company has a market cap of $15.29 billion, a price-to-earnings ratio of 31.27, a price-to-earnings-growth ratio of 2.21 and a beta of 0.97. The company has a quick ratio of 2.11, a current ratio of 2.97 and a debt-to-equity ratio of 0.54.

IDEX (NYSE:IEX) last announced its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $2.04 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.01. IDEX had a return on equity of 15.92% and a net margin of 15.35%. On average, research analysts anticipate that IDEX will post 7.88 EPS for the current fiscal year.

Institutional Investors Weigh In On IDEX

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