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Ingersoll Rand Inc. (IR) - free report >>
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Ingersoll Rand Inc. (IR) - free report >>
IDEX Corporation (IEX) - free report >>
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IDEX (IEX) Cheers Investors With 7% Quarterly Dividend Hike
IDEX Corporation (IEX - Free Report) has announced a hike in its dividend payout, to the delight of its shareholders. The company increased its quarterly dividend by 7% to 64 cents per share (annually: $2.56). The new dividend will be paid out on Jun 23 to shareholders of record as of Jun 9.
The move underscores IDEX’s sound financial health as it utilizes free cash flow to enhance its shareholders’ returns. This marks the company’s 114th consecutive quarterly dividend payment.
The dividend yield, based on the new payout and its May 25 closing price of $201.79 per share, is 1.3%.
Prior to this, IDEX had hiked its dividends by 11% to 60 cents per share in May 2022.
IDEX Corporation Price
IDEX Corporation price | IDEX Corporation Quote
Sound Capital-Allocation Strategies
Strong cash flows allow IDEX to effectively deploy capital for rewarding its shareholders handsomely through dividend payments and share buybacks. In 2022, the company distributed dividends totaling $177.4 million and repurchased common stocks worth $148.1 million. In the first three months of 2023, dividend payments totaled $45.5 million. We believe such disbursements highlight the company’s operational strength and commitment to enhancing shareholders’ wealth.
Zacks Rank & Stocks to Consider
IEX currently carries a Zacks Rank #3 (Hold). Some top-ranked companies from the Industrial Products sector are discussed below:
Ingersoll Rand Inc. (IR - Free Report) presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks.
IR delivered a trailing four-quarter earnings surprise of 12.6%, on average. In the past 60 days, estimates for Ingersoll Rand’s 2023 earnings have increased 7.5%. The stock has improved 8.3% in the past six months.
Alamo Group Inc. (ALG - Free Report) presently sports a Zacks Rank of 1. ALG delivered a trailing four-quarter earnings surprise of 17.7%, on average.
In the past 60 days, estimates for Alamo’s 2023 earnings have increased 12.7%. The stock has gained 18.4% in the past six months.
Axon Enterprise (AXON - Free Report) sports a Zacks Rank of 1. The company has a trailing four-quarter earnings surprise of 44.4%, on average.
In the past 60 days, estimates for Axon’s 2023 earnings have increased 13%. The stock has rallied 5.5% in the past six months.