Sumitomo Mitsui DS Asset Management Company Ltd Increases Stock Holdings in IDEX Co. (NYSE:IEX)

Posted by Defense World Staff on Apr 9th, 2023

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of IDEX Co. (NYSE:IEX – Get Rating) by 0.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,696 shares of the industrial products company’s stock after purchasing an additional 51 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in IDEX were worth $1,301,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Parkside Financial Bank & Trust raised its position in IDEX by 120.3% during the 1st quarter. Parkside Financial Bank & Trust now owns 141 shares of the industrial products company’s stock worth $27,000 after buying an additional 77 shares during the last quarter. Allworth Financial LP lifted its position in IDEX by 491.2% in the third quarter. Allworth Financial LP now owns 201 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 167 shares during the period. General Partner Inc. purchased a new stake in IDEX in the 4th quarter valued at approximately $46,000. Newfound Research LLC acquired a new position in IDEX during the 3rd quarter worth approximately $59,000. Finally, Covington Capital Management lifted its holdings in shares of IDEX by 120.7% in the 3rd quarter. Covington Capital Management now owns 331 shares of the industrial products company’s stock valued at $66,000 after buying an additional 181 shares during the period. 96.58% of the stock is owned by institutional investors and hedge funds.

IDEX Price Performance

IEX stock opened at $216.77 on Friday. The stock’s 50 day moving average price is $224.30 and its 200 day moving average price is $223.96. The firm has a market cap of $16.38 billion, a P/E ratio of 28.12, a PEG ratio of 2.08 and a beta of 1.00. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.71 and a current ratio of 2.57. IDEX Co. has a 1 year low of $172.18 and a 1 year high of $246.23.

IDEX (NYSE:IEX – Get Rating) last released its quarterly earnings results on Wednesday, February 1st. The industrial products company reported $2.01 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.03. The company had revenue of $810.70 million during the quarter, compared to analysts’ expectations of $772.75 million. IDEX had a return on equity of 21.44% and a net margin of 18.44%. The business’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.55 earnings per share. On average, sell-side analysts expect that IDEX Co. will post 8.74 earnings per share for the current fiscal year.

Analyst Ratings Changes

IEX has been the subject of several research analyst reports. Stifel Nicolaus increased their price objective on IDEX from $241.00 to $242.00 and gave the stock a “hold” rating in a research report on Friday, January 20th. Citigroup decreased their price objective on shares of IDEX from $273.00 to $268.00 and set a “buy” rating on the stock in a report on Thursday, February 2nd. Mizuho upped their target price on shares of IDEX from $225.00 to $227.00 and gave the stock a “neutral” rating in a research report on Thursday, February 2nd. Morgan Stanley lifted their price target on shares of IDEX from $235.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 18th. Finally, Robert W. Baird upped their price target on IDEX from $227.00 to $255.00 and gave the stock an “outperform” rating in a report on Thursday, February 2nd. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $239.91.

Insider Buying and Selling at IDEX

In other news, CFO William K. Grogan sold 3,181 shares of IDEX stock in a transaction dated Thursday, February 9th. The shares were sold at an average price of $226.36, for a total transaction of $720,051.16. Following the completion of the sale, the chief financial officer now directly owns 13,864 shares in the company, valued at $3,138,255.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.50% of the stock is owned by insiders.

IDEX Profile

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IDEX Corp. engages in the provision of engineering solutions. It operates through the following segments: Fluid and Metering Technologies, Health and Science Technologies, and Fire and Safety or Diversified Products. The Fluid and Metering Technologies segment is involved in the design, production, and distribution of displacement pumps, valves, flow meters, injectors, and fluid-handling pump modules and systems.