Citigroup Lowers IDEX (NYSE:IEX) Price Target to $267.00

IDEX (NYSE:IEX) had its target price reduced by investment analysts at Citigroup from $269.00 to $267.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Citigroup’s target price indicates a potential upside of 24.45% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Royal Bank of Canada lifted their target price on IDEX from $248.00 to $258.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Robert W. Baird dropped their price objective on shares of IDEX from $245.00 to $241.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Finally, Stifel Nicolaus increased their target price on shares of IDEX from $244.00 to $256.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, IDEX currently has a consensus rating of “Moderate Buy” and an average price target of $242.86.

IDEX Stock Performance

Shares of IEX stock opened at $214.55 on Monday. The company has a market capitalization of $16.25 billion, a price-to-earnings ratio of 33.21, a PEG ratio of 2.36 and a beta of 0.97. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.11 and a current ratio of 2.97. IDEX has a 52 week low of $189.51 and a 52 week high of $246.36. The company has a 50-day simple moving average of $221.40 and a 200 day simple moving average of $210.02.

IDEX (NYSE:IEX) last posted its earnings results on Tuesday, October 29th. The industrial products company reported $1.90 EPS for the quarter, beating the consensus estimate of $1.89 by $0.01. The company had revenue of $798.20 million for the quarter, compared to the consensus estimate of $793.05 million. IDEX had a return on equity of 15.92% and a net margin of 15.35%. The firm’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.12 earnings per share. On average, sell-side analysts predict that IDEX will post 7.89 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IEX. Catalyst Capital Advisors LLC boosted its holdings in shares of IDEX by 73.8% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 139 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 59 shares in the last quarter. Assetmark Inc. acquired a new stake in IDEX in the third quarter valued at about $39,000. Livforsakringsbolaget Skandia Omsesidigt grew its position in IDEX by 100.0% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 200 shares of the industrial products company’s stock valued at $43,000 after acquiring an additional 100 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in IDEX by 19.9% during the second quarter. EverSource Wealth Advisors LLC now owns 344 shares of the industrial products company’s stock worth $72,000 after acquiring an additional 57 shares in the last quarter. Finally, Brooklyn Investment Group bought a new position in shares of IDEX in the third quarter worth about $86,000. 97.96% of the stock is currently owned by institutional investors and hedge funds.

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.