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 Price Performance

IEX stock traded down $0.73 during trading on Friday, reaching $222.55. The company’s stock had a trading volume of 58,446 shares, compared to its average volume of 376,029. IDEX has a 1 year low of $183.76 and a 1 year high of $246.36. The company has a quick ratio of 2.05, a current ratio of 3.37 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $16.84 billion, a P/E ratio of 29.38, a price-to-earnings-growth ratio of 2.24 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.

IDEX (NYSE:IEX) last issued its quarterly earnings data on Tuesday, April 23rd. The industrial products company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.12. The firm had revenue of $801.00 million during the quarter, compared to analyst estimates of $807.52 million. IDEX had a return on equity of 17.60% and a net margin of 17.89%. The business’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.09 earnings per share. On average, research analysts expect that IDEX will post 8.34 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently commented on the company. Citigroup lifted 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. Royal Bank of Canada reiterated an outperform rating and issued a $255.00 price target on shares of IDEX in a research report on Thursday, March 21st. Stifel Nicolaus upgraded IDEX from a hold rating to a buy rating and lifted their price target for the stock from $215.00 to $265.00 in a research report on Thursday, February 8th. StockNews.com lowered IDEX from a buy rating to a hold rating in a research report on Wednesday. Finally, Robert W. Baird dropped their price target on IDEX from $260.00 to $256.00 and set an outperform rating for the company in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, IDEX presently 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.