IDEX Co. (NYSE:IEX) Declares $0.69 Quarterly Dividend

IDEX Co. (NYSE:IEX) declared a quarterly dividend on Wednesday, November 13th,RTT News reports. Shareholders of record on Friday, January 17th will be paid a dividend of 0.69 per share by the industrial products company on Friday, January 31st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date is Friday, January 17th.

IDEX has raised its dividend by an average of 8.0% per year over the last three years and has increased its dividend every year for the last 15 years. IDEX has a payout ratio of 32.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect IDEX to earn $8.50 per share next year, which means the company should continue to be able to cover its $2.76 annual dividend with an expected future payout ratio of 32.5%.

IDEX Stock Performance

Shares of NYSE:IEX opened at $229.39 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.97 and a quick ratio of 2.11. IDEX has a 1 year low of $189.51 and a 1 year high of $246.36. The firm has a market capitalization of $17.37 billion, a PE ratio of 35.51, a P/E/G ratio of 2.44 and a beta of 0.96. The business’s 50 day moving average price is $211.55 and its 200-day moving average price is $207.74.

IDEX (NYSE:IEX) last released its earnings results on Tuesday, October 29th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.01. The business had revenue of $798.20 million during the quarter, compared to analyst estimates of $793.05 million. IDEX had a net margin of 15.35% and a return on equity of 15.92%. The company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.12 earnings per share. As a group, equities research analysts expect that IDEX will post 7.88 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on IEX. TD Cowen lowered their target price on IDEX from $240.00 to $230.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Stifel Nicolaus boosted their price objective on IDEX from $232.00 to $244.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Robert W. Baird cut their target price on IDEX from $245.00 to $241.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Royal Bank of Canada boosted their price target on shares of IDEX from $236.00 to $248.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, Oppenheimer cut their price objective on shares of IDEX from $245.00 to $238.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $241.14.

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.