$644.68 Million in Sales Expected for IDEX Co. (NYSE:IEX) This Quarter
Equities analysts predict that IDEX Co. (NYSE:IEX) will report sales of $644.68 million for the current quarter, Zacks Investment Research reports. Seven analysts have issued estimates for IDEX’s earnings, with the lowest sales estimate coming in at $634.50 million and the highest estimate coming in at $662.00 million. IDEX posted sales of $622.89 million in the same quarter last year, which suggests a positive year over year growth rate of 3.5%. The firm is expected to report its next earnings results on Tuesday, October 22nd.
According to Zacks, analysts expect that IDEX will report full-year sales of $2.57 billion for the current fiscal year, with estimates ranging from $2.54 billion to $2.61 billion. For the next year, analysts forecast that the business will post sales of $2.68 billion, with estimates ranging from $2.65 billion to $2.77 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for IDEX.
IDEX (NYSE:IEX) last released its earnings results on Thursday, July 25th. The industrial products company reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.01. The business had revenue of $642.10 million during the quarter, compared to the consensus estimate of $655.87 million. IDEX had a net margin of 17.11% and a return on equity of 21.40%. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.40 earnings per share.
IDEX stock traded up $3.58 during mid-day trading on Monday, reaching $168.81. The company’s stock had a trading volume of 628,707 shares, compared to its average volume of 382,146. The stock has a market cap of $12.51 billion, a P/E ratio of 31.20, a price-to-earnings-growth ratio of 2.84 and a beta of 1.24. IDEX has a 12 month low of $117.72 and a 12 month high of $173.84. The firm’s 50 day simple moving average is $166.78. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.33 and a quick ratio of 2.45.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Tuesday, July 16th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend is Monday, July 15th. IDEX’s dividend payout ratio is currently 36.97%.
In other news, Chairman Andrew K. Silvernail sold 81,120 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $155.11, for a total transaction of $12,582,523.20. Following the completion of the sale, the chairman now owns 173,947 shares in the company, valued at approximately $26,980,919.17. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Michael J. Yates sold 15,178 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $156.97, for a total transaction of $2,382,490.66. Following the sale, the vice president now owns 38,590 shares of the company’s stock, valued at approximately $6,057,472.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,423 shares of company stock valued at $16,055,566. Corporate insiders own 1.20% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Cornerstone Advisors Inc. lifted its stake in shares of IDEX by 64.9% during the 1st quarter. Cornerstone Advisors Inc. now owns 183 shares of the industrial products company’s stock worth $28,000 after buying an additional 72 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of IDEX by 55.7% during the 1st quarter. Parallel Advisors LLC now owns 204 shares of the industrial products company’s stock worth $31,000 after buying an additional 73 shares during the last quarter. Meeder Asset Management Inc. lifted its stake in shares of IDEX by 16.8% during the 1st quarter. Meeder Asset Management Inc. now owns 493 shares of the industrial products company’s stock worth $75,000 after buying an additional 71 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of IDEX by 303.3% during the 1st quarter. Rockefeller Capital Management L.P. now owns 855 shares of the industrial products company’s stock worth $130,000 after buying an additional 643 shares during the last quarter. Finally, Twin Tree Management LP lifted its stake in shares of IDEX by 410.7% during the 1st quarter. Twin Tree Management LP now owns 863 shares of the industrial products company’s stock worth $131,000 after buying an additional 694 shares during the last quarter. Institutional investors own 94.61% of the company’s stock.
IDEX Corporation, through its subsidiaries, operates as an applied solutions company 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, 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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