Oppenheimer analyst Bryan Blair maintained a Hold rating on Idex Corp (IEX) yesterday. The company’s shares closed on Friday at $156.59, close to its 52-week high of $159.51.
Blair observed:
“IEX reported 1Q19 EPS of $1.44 vs. our/consensus $1.37E, with largely in-line operations (FMT outperformance, modest HST and FSD miss) aided by a favorable tax rate and share count. The quarter was highlighted by +4% y/y organic sales growth, +6% core orders, and +120bps OM expansion. Combining 1Q sales performance, generally solid industrial demand, and NPD traction across segments, IEX maintained 2019 core sales guidance of +4-5%. Given strong operating trends, 2019 OM is projected ~24% (vs. 23.5-24.0% as of last quarter) and EPS is now guided in the range of $5.70-5.85 vs. $5.60-5.80. Although we are encouraged by 1Q execution and view the high end of revised guidance as achievable (strategic M&A potentially driving upside), we believe this set-up is fairly reflected in valuation.”
According to TipRanks.com, Blair is a 4-star analyst with an average return of 9.7% and a 75.0% success rate. Blair covers the Industrial Goods sector, focusing on stocks such as Carlisle Companies Incorporated, Lincoln Electric Holdings, and Watts Water Technologies.
Idex Corp has an analyst consensus of Moderate Buy, with a price target consensus of $150.67, implying a -3.8% downside from current levels. In a report issued on April 16, Stifel Nicolaus also maintained a Hold rating on the stock with a $153 price target.
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The company has a one-year high of $159.51 and a one-year low of $117.72. Currently, Idex Corp has an average volume of 321.3K.
Based on the recent corporate insider activity of 41 insiders, corporate insider sentiment is negative on the stock. Last month, Michael Yates, the VP-Chief Accounting Officer of IEX sold 11,397 shares for a total of $1,649,260.
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IDEX Corp. engages in the provision of engineering solutions. It offers its products under two brands namely BAND-IT that produces stainless steel banding, buckles, and clamping systems; and Hurst Jaws of Life, which serves as a rescue tool.
