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IDEX Corporation (IEX - Free Report) recently completed the acquisition of Nexsight, LLC and its WinCan, Envirosight, MyTana and Pipeline Renewal Technologies businesses. The deal was announced in November 2021.
IDEX's shares were down 1.7% yesterday, eventually closing the trading session at $188.72.
Based in Randolph, NJ, Nexsight, through its business units, provides a comprehensive line of wastewater inspection solutions to several sectors like utility, engineering, municipality and transportation. The company’s innovative technology is used in the sewer rehabilitation market.
Acquisition Rationale
With the acquisition of Nexsight, IDEX is expected to strengthen its position and customer base in the intelligent water technologies market. The addition of Nexsight’s proficiency in wastewater inspection space, along with its solid product portfolio and innovative capabilities, will be a strategic fit for IDEX’s ADS and iPEK business units.
The buyout will enhance the company’s product offerings and include iPEK’s major channel partner and its advanced wastewater video inspection software platform. As noted, this will strengthen the capabilities of the cloud-based wastewater system monitoring and predictive analytics platform at IEX’s ADS business unit.
IDEX is expected to integrate Nexsight into the water group of its Fluid & Metering Technology segment. The segment is engaged in providing injectors, displacement pumps, flow meters and related controls for the movement of liquids and gases in several end markets. In the fourth quarter of 2021, the segment contributed 35.4% to IDEX’s total revenues.
Zacks Rank, Estimates and Price Performance
IDEX, with $14.4-billion market capitalization, currently carries a Zacks Rank #2 (Buy). The company stands to gain from strengthening end markets, growth investments, buyouts and share-holder friendly policies in the quarters ahead.
The Zacks Consensus Estimate for IDEX’s earnings is pegged at $7.39 for 2022 and $7.99 for 2023, suggesting growth of 4.1% and 2.3% from the respective 30-day-ago figures.
Image Source: Zacks Investment Research
The company’s shares have lost 17.4% compared with 7.5% decline recorded by the industry in the past three months.
Other Stocks to Consider
Some other top-ranked companies from the same space are discussed below.
Dover’s earnings estimates increased 0.8% for 2022 in the past 30 days. Its shares have lost 9.2% in the past three months.
Standex International Corporation (SXI - Free Report) presently has a Zacks Rank #2. Its earnings surprise in the last four quarters was 5.85%, on average.
In the past 30 days, Standex’s earnings estimates have increased 5.9% for fiscal 2022 (ending June 2022). SXI’s shares have lost 0.1% in the past three months.
Nordson Corporation (NDSN - Free Report) presently carries a Zacks Rank #2. Its earnings surprise in the last four quarters was 9.85%, on average.
In the past 30 days, Nordson’s earnings estimates have increased 0.8% for fiscal 2022 (ending October 2022). NDSN’s shares have lost 14.2% in the past three months.
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IDEX (IEX) Acquires Nexsight, Expands Product Offerings
IDEX Corporation (IEX - Free Report) recently completed the acquisition of Nexsight, LLC and its WinCan, Envirosight, MyTana and Pipeline Renewal Technologies businesses. The deal was announced in November 2021.
IDEX's shares were down 1.7% yesterday, eventually closing the trading session at $188.72.
Based in Randolph, NJ, Nexsight, through its business units, provides a comprehensive line of wastewater inspection solutions to several sectors like utility, engineering, municipality and transportation. The company’s innovative technology is used in the sewer rehabilitation market.
Acquisition Rationale
With the acquisition of Nexsight, IDEX is expected to strengthen its position and customer base in the intelligent water technologies market. The addition of Nexsight’s proficiency in wastewater inspection space, along with its solid product portfolio and innovative capabilities, will be a strategic fit for IDEX’s ADS and iPEK business units.
The buyout will enhance the company’s product offerings and include iPEK’s major channel partner and its advanced wastewater video inspection software platform. As noted, this will strengthen the capabilities of the cloud-based wastewater system monitoring and predictive analytics platform at IEX’s ADS business unit.
IDEX is expected to integrate Nexsight into the water group of its Fluid & Metering Technology segment. The segment is engaged in providing injectors, displacement pumps, flow meters and related controls for the movement of liquids and gases in several end markets. In the fourth quarter of 2021, the segment contributed 35.4% to IDEX’s total revenues.
Zacks Rank, Estimates and Price Performance
IDEX, with $14.4-billion market capitalization, currently carries a Zacks Rank #2 (Buy). The company stands to gain from strengthening end markets, growth investments, buyouts and share-holder friendly policies in the quarters ahead.
The Zacks Consensus Estimate for IDEX’s earnings is pegged at $7.39 for 2022 and $7.99 for 2023, suggesting growth of 4.1% and 2.3% from the respective 30-day-ago figures.
Image Source: Zacks Investment Research
The company’s shares have lost 17.4% compared with 7.5% decline recorded by the industry in the past three months.
Other Stocks to Consider
Some other top-ranked companies from the same space are discussed below.
Dover Corporation (DOV - Free Report) presently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. It delivered a four-quarter earnings surprise of 12.34%, on average.
Dover’s earnings estimates increased 0.8% for 2022 in the past 30 days. Its shares have lost 9.2% in the past three months.
Standex International Corporation (SXI - Free Report) presently has a Zacks Rank #2. Its earnings surprise in the last four quarters was 5.85%, on average.
In the past 30 days, Standex’s earnings estimates have increased 5.9% for fiscal 2022 (ending June 2022). SXI’s shares have lost 0.1% in the past three months.
Nordson Corporation (NDSN - Free Report) presently carries a Zacks Rank #2. Its earnings surprise in the last four quarters was 9.85%, on average.
In the past 30 days, Nordson’s earnings estimates have increased 0.8% for fiscal 2022 (ending October 2022). NDSN’s shares have lost 14.2% in the past three months.