IDEX (NYSE:IEX) Updates FY 2024 Earnings Guidance

IDEX (NYSE:IEX) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 8.150-8.450 for the period, compared to the consensus earnings per share estimate of 8.330. The company issued revenue guidance of -. IDEX also updated its FY24 guidance to $8.15-$8.45 EPS.

IDEX Price Performance

IEX traded down $7.97 during trading on Wednesday, reaching $224.30. The stock had a trading volume of 374,502 shares, compared to its average volume of 375,892. The business has a 50-day moving average of $236.63 and a 200-day moving average of $216.50. IDEX has a one year low of $183.76 and a one year 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 $16.98 billion, a PE ratio of 29.52, a PEG ratio of 2.30 and a beta of 0.97.

IDEX (NYSE:IEX) last announced its quarterly earnings data on Tuesday, April 23rd. The industrial products company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.76 by $0.12. The firm had revenue of $801.00 million for the quarter, compared to analyst estimates of $807.52 million. IDEX had a return on equity of 18.56% and a net margin of 18.21%. The company’s revenue was down 5.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.09 EPS. As a group, equities research analysts anticipate that IDEX will post 8.34 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on IEX shares. Royal Bank of Canada restated an outperform rating and issued a $255.00 price objective on shares of IDEX in a report on Thursday, March 21st. Stifel Nicolaus raised shares of IDEX from a hold rating to a buy rating and boosted their price target for the stock from $215.00 to $265.00 in a research note on Thursday, February 8th. StockNews.com cut IDEX from a buy rating to a hold rating in a research note on Wednesday. Oppenheimer boosted their target price on IDEX from $245.00 to $252.00 and gave the company an outperform rating in a research note on Thursday, April 18th. Finally, Citigroup raised their price target on IDEX from $254.00 to $277.00 and gave the stock a buy rating in a research report on Monday, April 8th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, IDEX currently has a consensus rating of Moderate Buy and an average price target of $238.78.

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.