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Based in Northbrook, Illinois, IDEX Corporation (IEX) provides applied solutions worldwide and specializes in a diverse range of applications, such as fluid and metering technologies, health and science technologies, and fire, safety, and other products. Valued at a market cap of $15.41 billion, the company serves various industries, including food and beverage, life sciences, and pharmaceuticals.
Shares of IEX have significantly underperformed the broader market over the past 52 weeks. IEX has declined 10% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 26.5%. In 2024, shares of IEX are down 5.9%, compared to SPX’s 17.6% gain on a YTD basis.
Zooming in further, IEX’s underperformance becomes evident when compared to the Invesco S&P 500 Equal Weight Industrials ETF’s (RSPN) 20.6% gains over the past 52 weeks and 13.2% return on a YTD basis.
Shares of IEX fell 5.9% following its Q2 earnings release on Jul. 31. The company reported adjusted earnings of $2.06 per share, surpassing Wall Street expectations of $2.04 per share. However, the company’s revenue of $807.20 million missed the street forecast of $830.80 million. The company expects full-year earnings between $7.80 and $7.90 per share.
For the current fiscal year, ending in December, analysts expect IEX’s EPS to decline 4.1% year over year to $7.88. The company’s earnings surprise history is promising. It beat the consensus estimates in each of the last four quarters.
Among the 11 analysts covering the stock, the consensus rating is a “Moderate Buy.” That’s based on six “Strong Buy” ratings, one “Moderate Buy,” and four “Holds.”
On Aug. 7, TD Cowen maintained a “Buy” rating on IDEX Corporation but reduced the price target to $230.
The mean price target of $228.20 represents a premium of 11.6% to IEX’s current levels. The Street-high price target of $249 implies a potential upside of 21.8% from the current price.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
