TRUE Private Wealth Advisors bought a new position in IDEX Co. (NYSE:IEX) in the second quarter, HoldingsChannel reports. The fund bought 1,025 shares of the industrial products company’s stock, valued at approximately $176,000.
Other hedge funds also recently added to or reduced their stakes in the company. Cornerstone Advisors Inc. lifted its position in IDEX by 64.9% in the 1st quarter. Cornerstone Advisors Inc. now owns 183 shares of the industrial products company’s stock worth $28,000 after buying an additional 72 shares in the last quarter. Parallel Advisors LLC lifted its position in IDEX by 55.7% in the 1st quarter. Parallel Advisors LLC now owns 204 shares of the industrial products company’s stock worth $31,000 after buying an additional 73 shares in the last quarter. Pendal Group Ltd purchased a new stake in IDEX in the 2nd quarter worth approximately $47,000. Meeder Asset Management Inc. lifted its position in IDEX by 16.8% in the 1st quarter. Meeder Asset Management Inc. now owns 493 shares of the industrial products company’s stock worth $75,000 after buying an additional 71 shares in the last quarter. Finally, Coastal Investment Advisors Inc. lifted its position in IDEX by 2,103.0% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 727 shares of the industrial products company’s stock worth $125,000 after buying an additional 694 shares in the last quarter. Institutional investors own 94.52% of the company’s stock.
A number of equities research analysts have issued reports on IEX shares. DA Davidson reiterated a “neutral” rating on shares of IDEX in a research report on Friday, April 26th. Zacks Investment Research downgraded shares of IDEX from a “buy” rating to a “hold” rating and set a $181.00 target price for the company. in a research report on Monday, July 1st. Stifel Nicolaus increased their target price on shares of IDEX from $157.00 to $162.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Oppenheimer reiterated a “hold” rating on shares of IDEX in a research report on Wednesday, May 8th. Finally, Wells Fargo & Co raised their price target on shares of IDEX from $180.00 to $200.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $162.38.
Shares of IDEX stock traded up $1.60 during midday trading on Thursday, reaching $162.46. 13,018 shares of the company’s stock traded hands, compared to its average volume of 1,446,307. The stock has a market capitalization of $12.30 billion, a P/E ratio of 29.99, a price-to-earnings-growth ratio of 2.78 and a beta of 1.23. The firm has a 50 day moving average of $167.05. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.53 and a current ratio of 3.36. IDEX Co. has a 52 week low of $117.72 and a 52 week high of $173.84.
IDEX (NYSE:IEX) last released its quarterly earnings results on Thursday, July 25th. The industrial products company reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.01. The business had revenue of $642.10 million for the quarter, compared to the consensus estimate of $655.87 million. IDEX had a net margin of 17.11% and a return on equity of 21.20%. IDEX’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.40 EPS. As a group, research analysts expect that IDEX Co. will post 5.83 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Tuesday, July 16th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.23%. IDEX’s dividend payout ratio is currently 36.97%.
IDEX Corporation, through its subsidiaries, operates as an applied solutions company worldwide. The company operates through three segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST), and Fire & Safety/Diversified Products (FSDP). The FMT segment designs, produces, and distributes positive displacement pumps, flow meters, injectors, and other fluid-handling pump modules and systems, as well as offers flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries.
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