IDEX (NYSE:IEX) Updates FY24 Earnings Guidance

IDEX (NYSE:IEX) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $8.15-$8.45 for the period, compared to the consensus estimate of $8.33. IDEX also updated its Q2 guidance to $2.00-$2.05 EPS.

Analysts Set New Price Targets

IEX has been the topic of a number of research analyst reports. Royal Bank of Canada reissued an outperform rating and set a $255.00 price objective on shares of IDEX in a report on Thursday, March 21st. Citigroup lifted their price objective on IDEX from $254.00 to $277.00 and gave the company a buy rating in a research report on Monday, April 8th. Stifel Nicolaus raised shares of IDEX from a hold rating to a buy rating and boosted their price objective for the company from $215.00 to $265.00 in a research note on Thursday, February 8th. Oppenheimer lifted their target price on shares of IDEX from $245.00 to $252.00 and gave the company an outperform rating in a report on Thursday, April 18th. Finally, StockNews.com upgraded shares of IDEX from a hold rating to a buy rating in a research note on Tuesday, April 16th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, IDEX has a consensus rating of Moderate Buy and a consensus price target of $238.78.

IDEX Price Performance

Shares of NYSE IEX traded up $2.38 during trading on Tuesday, reaching $232.27. The company had a trading volume of 381,825 shares, compared to its average volume of 376,136. The business’s 50 day moving average price is $236.47 and its 200-day moving average price is $216.31. IDEX has a 52 week low of $183.76 and a 52 week high of $246.36. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.05 and a current ratio of 2.89. The stock has a market cap of $17.58 billion, a PE ratio of 29.74, a PEG ratio of 2.27 and a beta of 0.97.

IDEX (NYSE:IEX) last issued its earnings results on Tuesday, February 6th. The industrial products company reported $1.83 EPS for the quarter, beating 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 the consensus estimate of $767.96 million. During the same quarter in the prior year, the firm earned $2.01 earnings per share. The business’s quarterly revenue was down 2.7% on a year-over-year basis. Analysts expect that IDEX will post 8.34 earnings per share for the current year.

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.