IDEX (NYSE:IEX) Updates FY24 Earnings Guidance

IDEX (NYSE:IEX) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $8.15-$8.45 for the period, compared to the consensus earnings per share estimate of $8.33. IDEX also updated its FY 2024 guidance to 8.150-8.450 EPS.

IDEX Stock Performance

Shares of IEX stock traded down $1.35 on Thursday, hitting $223.29. 486,624 shares of the stock traded hands, compared to its average volume of 380,183. The company has a market capitalization of $16.90 billion, a PE ratio of 29.38, a PEG ratio of 2.32 and a beta of 0.97. The company’s fifty day moving average is $236.49 and its 200 day moving average is $216.60. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.89 and a quick ratio of 2.05. IDEX has a 1-year low of $183.76 and a 1-year high of $246.36.

IDEX (NYSE:IEX) last issued its quarterly earnings data on Tuesday, April 23rd. The industrial products company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.12. The firm had revenue of $801.00 million during the quarter, compared to the consensus estimate of $807.52 million. IDEX had a return on equity of 17.88% and a net margin of 17.89%. The firm’s revenue was down 5.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.09 EPS. On average, equities research analysts predict that IDEX will post 8.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently issued reports on IEX. Citigroup increased their price target on IDEX from $254.00 to $277.00 and gave the stock a buy rating in a research note on Monday, April 8th. Stifel Nicolaus raised IDEX from a hold rating to a buy rating and increased their price target for the stock from $215.00 to $265.00 in a research note on Thursday, February 8th. Royal Bank of Canada reissued an outperform rating and issued a $255.00 price target on shares of IDEX in a research note on Thursday, March 21st. Oppenheimer increased their price target on IDEX from $245.00 to $252.00 and gave the stock an outperform rating in a research note on Thursday, April 18th. Finally, StockNews.com cut IDEX from a buy rating to a hold rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $241.67.

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.