Bank of Nova Scotia Acquires 1,063 Shares of IDEX Co. (NYSE:IEX)

Posted by on May 22nd, 2023

Bank of Nova Scotia increased its holdings in IDEX Co. (NYSE:IEX – Get Rating) by 16.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,341 shares of the industrial products company’s stock after buying an additional 1,063 shares during the period. Bank of Nova Scotia’s holdings in IDEX were worth $1,676,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its position in IDEX by 2.8% during the third quarter. Vanguard Group Inc. now owns 9,188,089 shares of the industrial products company’s stock valued at $1,836,240,000 after acquiring an additional 252,058 shares during the last quarter. Wellington Management Group LLP increased its position in IDEX by 3.9% during the 1st quarter. Wellington Management Group LLP now owns 3,106,765 shares of the industrial products company’s stock valued at $595,660,000 after buying an additional 117,605 shares in the last quarter. Pictet Asset Management SA raised its position in shares of IDEX by 13.7% in the 3rd quarter. Pictet Asset Management SA now owns 1,602,662 shares of the industrial products company’s stock valued at $320,292,000 after purchasing an additional 192,917 shares during the last quarter. Echo Street Capital Management LLC boosted its stake in IDEX by 0.5% in the 3rd quarter. Echo Street Capital Management LLC now owns 703,533 shares of the industrial products company’s stock worth $140,601,000 after purchasing an additional 3,336 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in IDEX by 19.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 565,678 shares of the industrial products company’s stock worth $108,458,000 after purchasing an additional 93,619 shares during the last quarter. Institutional investors own 96.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on IEX shares. Mizuho reduced their target price on IDEX from $227.00 to $200.00 in a research note on Friday, April 28th. Royal Bank of Canada decreased their price objective on shares of IDEX from $252.00 to $243.00 in a research note on Friday, April 28th. Oppenheimer upped their price target on shares of IDEX from $245.00 to $247.00 and gave the company an “outperform” rating in a report on Thursday, February 2nd. Citigroup reduced their price objective on IDEX from $273.00 to $268.00 and set a “buy” rating for the company in a research note on Thursday, February 2nd. Finally, StockNews.com upgraded IDEX from a “hold” rating to a “buy” rating in a research note on Friday. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $236.17.

IDEX Price Performance

Shares of IDEX stock opened at $204.99 on Monday. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.10 and a quick ratio of 2.09. The business has a 50 day simple moving average of $215.78 and a two-hundred day simple moving average of $225.21. The stock has a market capitalization of $15.49 billion, a P/E ratio of 26.55, a PEG ratio of 2.01 and a beta of 1.00. IDEX Co. has a 12 month low of $172.18 and a 12 month high of $246.23.

IDEX (NYSE:IEX – Get Rating) last released its quarterly earnings data on Wednesday, April 26th. The industrial products company reported $2.09 EPS for the quarter, beating analysts’ consensus estimates of $2.02 by $0.07. IDEX had a net margin of 17.91% and a return on equity of 21.14%. The company had revenue of $845.40 million during the quarter, compared to the consensus estimate of $818.87 million. During the same quarter in the prior year, the firm earned $1.96 EPS. IDEX’s quarterly revenue was up 12.6% on a year-over-year basis. As a group, analysts predict that IDEX Co. will post 8.49 EPS for the current fiscal year.

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.

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Institutional Ownership by Quarter for IDEX (NYSE:IEX)

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