IDEX (NYSE:IEX) Updates Q2 2024 Earnings Guidance

IDEX (NYSE:IEX) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 2.000-2.050 for the period, compared to the consensus earnings per share estimate of 2.120. The company issued revenue guidance of -. IDEX also updated its FY 2024 guidance to 8.150-8.450 EPS.

IDEX Stock Performance

NYSE IEX traded up $2.48 during trading hours on Tuesday, reaching $232.37. The stock had a trading volume of 381,823 shares, compared to its average volume of 376,136. The stock has a fifty day moving average of $236.47 and a 200 day moving average of $216.31. The stock has a market cap of $17.59 billion, a P/E ratio of 29.74, a price-to-earnings-growth ratio of 2.27 and a beta of 0.97. 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.

IDEX (NYSE:IEX) last released its quarterly earnings data on Tuesday, April 23rd. The industrial products company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.76 by $0.12. The business 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 business’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.09 EPS. Sell-side analysts predict that IDEX will post 8.34 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on IEX shares. Royal Bank of Canada reissued an outperform rating and issued a $255.00 price objective on shares of IDEX in a research note on Thursday, March 21st. Stifel Nicolaus raised IDEX from a hold rating to a buy rating and increased their price objective for the company from $215.00 to $265.00 in a research note on Thursday, February 8th. Oppenheimer raised their target price on IDEX from $245.00 to $252.00 and gave the stock an outperform rating in a research note on Thursday, April 18th. Citigroup raised their target price on IDEX from $254.00 to $277.00 and gave the stock a buy rating in a research note on Monday, April 8th. Finally, StockNews.com raised 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. Based on data from MarketBeat.com, IDEX presently has an average rating of Moderate Buy and a consensus target price 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.