Truist Financial Corp Cuts Stock Holdings in IDEX Co. (NYSE:IEX)

Truist Financial Corp trimmed its position in shares of IDEX Co. (NYSE:IEX) by 11.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 58,624 shares of the industrial products company’s stock after selling 7,294 shares during the quarter. Truist Financial Corp’s holdings in IDEX were worth $12,728,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of IEX. Alecta Tjanstepension Omsesidigt boosted its holdings in IDEX by 420.8% during the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 781,172 shares of the industrial products company’s stock worth $169,600,000 after acquiring an additional 631,172 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of IDEX by 316.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 368,849 shares of the industrial products company’s stock worth $76,667,000 after buying an additional 280,385 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of IDEX by 6,079.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 189,143 shares of the industrial products company’s stock worth $41,065,000 after buying an additional 186,082 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of IDEX by 1,196.4% in the 4th quarter. Nordea Investment Management AB now owns 135,825 shares of the industrial products company’s stock worth $29,598,000 after buying an additional 125,348 shares during the last quarter. Finally, Boston Trust Walden Corp boosted its holdings in shares of IDEX by 112.4% in the 4th quarter. Boston Trust Walden Corp now owns 201,152 shares of the industrial products company’s stock worth $43,672,000 after buying an additional 106,431 shares during the last quarter. 97.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $255.00 price target on shares of IDEX in a report on Thursday, March 21st. Oppenheimer boosted their price target on shares of IDEX from $245.00 to $252.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. StockNews.com downgraded shares of IDEX from a “buy” rating to a “hold” rating in a report on Wednesday, April 24th. Citigroup boosted their price target on shares of IDEX from $254.00 to $277.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Finally, Stifel Nicolaus raised shares of IDEX from a “hold” rating to a “buy” rating and boosted their price target for the stock from $215.00 to $265.00 in a report on Thursday, February 8th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $250.71.

IDEX Price Performance

NYSE IEX opened at $221.38 on Thursday. The company has a market cap of $16.76 billion, a PE ratio of 29.13, a price-to-earnings-growth ratio of 2.24 and a beta of 0.97. IDEX Co. has a 52 week low of $183.76 and a 52 week high of $246.36. The company has a quick ratio of 2.45, a current ratio of 3.37 and a debt-to-equity ratio of 0.37. The firm’s 50-day simple moving average is $236.09 and its two-hundred day simple moving average is $217.07.

IDEX (NYSE:IEX) last announced its quarterly earnings results on Tuesday, April 23rd. The industrial products company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.12. IDEX had a return on equity of 17.60% and a net margin of 17.89%. The firm had revenue of $801.00 million for the quarter, compared to analysts’ expectations of $807.52 million. During the same period in the prior year, the business posted $2.09 earnings per share. The company’s revenue was down 5.3% on a year-over-year basis. Research analysts predict that IDEX Co. will post 8.33 earnings per share for the current year.

About IDEX

IDEX Corporation, together with its subsidiaries, provides applied solutions 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, valves, small volume provers, flow meters, injectors, and other fluid-handling pump modules and systems, as well as flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries.