In a report released yesterday, Bryan Blair from Oppenheimer maintained a Hold rating on Idex Corp (IEX). The company’s shares closed yesterday at $146.67.
Blair noted:
“We recently toured IDEX’s Akron Brass (AKB) manufacturing facility in a run-through of production stages, product demonstrations, and business/ strategy overview with Simmons, VP Danny Teixeira, and other team members. We also met with IEX CFO Bill Grogan to discuss consolidated business trends (generally solid), 2019 risks (largely macro in nature), and capital deployment strategy. Overall, we came away impressed with AKB operations, where IEX has streamlined costs, accelerated growth investments, enhanced automation, and ingrained its 80/20 management philosophy over the last three years. Consistent with its European counterpart AWG, we view AKB as very much an IEX-type business, highlighted by technology-driven share opportunity in niche, mission-critical applications and structurally elevated margins (meaningfully improved under IEX ownership).”
According to TipRanks.com, Blair is a 3-star analyst with an average return of 4.6% and a 61.8% success rate. Blair covers the Industrial Goods sector, focusing on stocks such as Carlisle Companies Incorporated, Lincoln Electric Holdings, and Watts Water Technologies.
The word on The Street in general, suggests a Hold analyst consensus rating for Idex Corp with a $142.33 average price target.
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The company has a one-year high of $157.84 and a one-year low of $117.72. Currently, Idex Corp has an average volume of 333.3K.
Based on the recent corporate insider activity of 49 insiders, corporate insider sentiment is negative on the stock. Earlier this 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.
