Cibc World Markets Corp cut its stake in IDEX Co. (NYSE:IEX – Free Report) by 57.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,814 shares of the industrial products company’s stock after selling 5,053 shares during the quarter. Cibc World Markets Corp’s holdings in IDEX were worth $881,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in IEX. Van ECK Associates Corp grew its stake in shares of IDEX by 0.6% during the fourth quarter. Van ECK Associates Corp now owns 8,208 shares of the industrial products company’s stock valued at $1,874,000 after acquiring an additional 45 shares in the last quarter. Pathstone Family Office LLC grew its stake in shares of IDEX by 1.2% during the fourth quarter. Pathstone Family Office LLC now owns 3,703 shares of the industrial products company’s stock valued at $846,000 after acquiring an additional 45 shares in the last quarter. IFP Advisors Inc grew its stake in shares of IDEX by 9.8% during the fourth quarter. IFP Advisors Inc now owns 529 shares of the industrial products company’s stock valued at $77,000 after acquiring an additional 47 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of IDEX by 90.0% during the first quarter. EverSource Wealth Advisors LLC now owns 114 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 54 shares in the last quarter. Finally, CI Investments Inc. grew its stake in IDEX by 9.1% in the fourth quarter. CI Investments Inc. now owns 683 shares of the industrial products company’s stock worth $156,000 after purchasing an additional 57 shares in the last quarter. 94.85% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
IEX has been the subject of a number of research reports. StockNews.com initiated coverage on IDEX in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Argus lifted their price target on IDEX from $225.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, August 24th. Oppenheimer reiterated an “outperform” rating and issued a $245.00 price target on shares of IDEX in a research note on Monday, July 31st. Stifel Nicolaus lifted their target price on IDEX from $214.00 to $220.00 and gave the company a “hold” rating in a research note on Wednesday, July 19th. Finally, Citigroup lifted their target price on IDEX from $243.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, July 28th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $236.92.
IDEX Stock Performance
IEX opened at $228.28 on Friday. The business’s 50 day moving average is $217.96 and its 200-day moving average is $216.05. The stock has a market cap of $17.26 billion, a PE ratio of 29.53, a price-to-earnings-growth ratio of 2.37 and a beta of 0.99. The company has a current ratio of 3.06, a quick ratio of 2.07 and a debt-to-equity ratio of 0.45. IDEX Co. has a twelve month low of $195.27 and a twelve month high of $246.23.
IDEX (NYSE:IEX – Get Free Report) last announced its earnings results on Wednesday, July 26th. The industrial products company reported $2.18 EPS for the quarter, topping the consensus estimate of $2.11 by $0.07. IDEX had a return on equity of 20.69% and a net margin of 17.65%. The firm had revenue of $846.20 million for the quarter, compared to analysts’ expectations of $852.28 million. During the same quarter in the previous year, the company earned $2.02 earnings per share. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, analysts predict that IDEX Co. will post 7.97 earnings per share for the current year.
IDEX Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, July 28th. Investors of record on Friday, July 14th were issued a dividend of $0.64 per share. The ex-dividend date was Thursday, July 13th. This represents a $2.56 annualized dividend and a yield of 1.12%. IDEX’s payout ratio is 33.12%.
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.
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