NORTHBROOK, Ill. - IDEX Corporation (NYSE:IEX), a diversified industrial company, has declared a quarterly cash dividend of $0.69 per common share. The upcoming payment, scheduled for July 26, 2024, marks the 119th consecutive quarterly distribution to its shareholders. Shareholders on record by July 12, 2024, will be eligible for the dividend.
This announcement continues IDEX's long-standing practice of returning value to its shareholders through consistent dividend payments. The company's commitment to maintaining its dividend payout reflects its stable financial position and confidence in its business operations.
IDEX Corporation, established in 1988, has grown from a collection of three manufacturing companies to an international conglomerate of over 50 businesses. The company employs approximately 8,800 people across manufacturing facilities in more than 20 countries. With a wide array of products that impact daily life, from candy production to emergency rescue tools and medical equipment components, IDEX has woven its operations into various aspects of the consumer and industrial sectors.
The company's financial performance has been robust, with annual sales reaching around $3.3 billion. IDEX's products and components are essential to numerous industries, indicating the company's integral role in the global supply chain and its potential for sustained growth.
InvestingPro Insights
IDEX Corporation's (NYSE:IEX) latest dividend announcement underscores its remarkable history of shareholder returns, with the company having raised its dividend for 14 consecutive years. This demonstrates not only a commitment to consistent payouts but also a confidence in the company's financial health and future outlook. With a market capitalization of $15.47 billion and a dividend yield of 1.36%, IDEX stands out as a potentially attractive option for income-focused investors.
Investors considering IDEX will find that the company operates with a moderate level of debt and has liquid assets that exceed its short-term obligations, according to InvestingPro Tips. This suggests a solid financial footing that supports its dividend policy. Additionally, the company's stock is known for low price volatility, which might appeal to those seeking stability in their investment portfolio.
From a valuation perspective, IDEX trades at a high revenue valuation multiple and a high Price/Book multiple of 4.28, which could signal a premium market valuation compared to its intrinsic value. Despite a slight decline in revenue growth over the last twelve months of -1.44%, the company remains profitable, as evidenced by its gross profit margin of 44.16% and an operating income margin of 22.48%. This profitability is further affirmed by analysts predicting that the company will be profitable this year.
While the company's robust financial performance and stable dividend payments are appealing, it's worth noting that 7 analysts have revised their earnings downwards for the upcoming period. Investors should consider this alongside the positive aspects to get a comprehensive view of the company's prospects. For those looking to delve deeper into IDEX's financials and future earnings estimates, there are additional InvestingPro Tips available that could provide more nuanced insights into the company's performance.
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