IDEX (NYSE:IEX) Given New $260.00 Price Target at Wells Fargo & Company

IDEX (NYSE:IEX) had its price target raised by Wells Fargo & Company from $240.00 to $260.00 in a report released on Monday, Analyst Ratings Network reports. Wells Fargo & Company currently has an overweight rating on the industrial products company’s stock.

Several other analysts also recently weighed in on the stock. Cowen downgraded shares of IDEX from an outperform rating to a market perform rating and boosted their target price for the stock from $200.00 to $220.00 in a research report on Thursday, January 14th. Royal Bank of Canada upped their price objective on shares of IDEX from $232.00 to $247.00 and gave the company an outperform rating in a report on Thursday, April 29th. Morgan Stanley upped their price objective on shares of IDEX from $230.00 to $250.00 and gave the company an overweight rating in a report on Thursday, April 29th. Zacks Investment Research raised shares of IDEX from a hold rating to a buy rating and set a $199.00 price objective on the stock in a report on Friday, February 5th. Finally, Rosenblatt Securities upped their price objective on shares of IDEX from $225.00 to $255.00 and gave the company a buy rating in a report on Monday. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $223.44.

NYSE:IEX opened at $223.50 on Monday. IDEX has a one year low of $141.86 and a one year high of $235.76. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.97 and a current ratio of 3.71. The firm has a market cap of $16.97 billion, a P/E ratio of 45.71, a P/E/G ratio of 3.53 and a beta of 1.08. The firm has a 50-day simple moving average of $213.57 and a 200-day simple moving average of $198.87.

IDEX (NYSE:IEX) last posted its quarterly earnings results on Monday, April 26th. The industrial products company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.41 by $0.10. IDEX had a net margin of 15.94% and a return on equity of 17.21%. The business had revenue of $652.04 million during the quarter, compared to analyst estimates of $634.96 million. During the same quarter in the previous year, the business posted $1.33 EPS. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. On average, research analysts predict that IDEX will post 5.15 EPS for the current fiscal year.

In related news, SVP Denise R. Cade sold 3,750 shares of the company’s stock in a transaction dated Tuesday, February 16th. The shares were sold at an average price of $200.11, for a total value of $750,412.50. Corporate insiders own 1.10% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Amundi Pioneer Asset Management Inc. boosted its stake in IDEX by 0.4% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 69,239 shares of the industrial products company’s stock worth $10,506,000 after buying an additional 301 shares during the period. Brinker Capital Investments LLC purchased a new position in IDEX during the third quarter worth about $854,000. Van ECK Associates Corp boosted its stake in IDEX by 13.0% during the third quarter. Van ECK Associates Corp now owns 4,572 shares of the industrial products company’s stock worth $834,000 after buying an additional 526 shares during the period. Wetherby Asset Management Inc. lifted its position in shares of IDEX by 5.5% during the third quarter. Wetherby Asset Management Inc. now owns 1,582 shares of the industrial products company’s stock worth $289,000 after purchasing an additional 83 shares in the last quarter. Finally, New England Research & Management Inc. acquired a new stake in shares of IDEX during the fourth quarter worth about $677,000. 96.59% of the stock is owned by hedge funds and other institutional investors.

About IDEX

IDEX Corporation, together with 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, small volume provers, 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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