First Hawaiian Bank purchased a new position in shares of IDEX Co. (NYSE:IEX) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 799 shares of the industrial products company’s stock, valued at approximately $120,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Millennium Management LLC raised its holdings in shares of IDEX by 84.9% in the first quarter. Millennium Management LLC now owns 27,747 shares of the industrial products company’s stock valued at $3,954,000 after acquiring an additional 12,740 shares in the last quarter. DnB Asset Management AS bought a new stake in shares of IDEX in the second quarter valued at about $1,679,000. Clinton Group Inc. bought a new stake in shares of IDEX in the second quarter valued at about $321,000. IFM Investors Pty Ltd purchased a new position in IDEX in the second quarter valued at about $294,000. Finally, State of Alaska Department of Revenue grew its stake in IDEX by 32.6% in the second quarter. State of Alaska Department of Revenue now owns 9,230 shares of the industrial products company’s stock valued at $1,259,000 after purchasing an additional 2,270 shares during the last quarter. 94.97% of the stock is currently owned by institutional investors.
In other news, CFO William K. Grogan sold 3,406 shares of the business’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $152.90, for a total transaction of $520,777.40. Following the sale, the chief financial officer now owns 5,485 shares in the company, valued at $838,656.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael J. Yates sold 5,804 shares of the business’s stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $154.13, for a total value of $894,570.52. Following the sale, the vice president now owns 32,376 shares in the company, valued at approximately $4,990,112.88. The disclosure for this sale can be found here. Insiders have sold 15,316 shares of company stock worth $2,350,746 in the last 90 days. Insiders own 1.20% of the company’s stock.
Several research firms have issued reports on IEX. Zacks Investment Research upgraded IDEX from a “hold” rating to a “buy” rating and set a $168.00 target price on the stock in a research note on Monday, July 30th. Robert W. Baird reiterated a “buy” rating and issued a $143.00 target price on shares of IDEX in a research note on Friday, July 20th. Oppenheimer reiterated a “hold” rating on shares of IDEX in a research note on Wednesday, July 25th. Wells Fargo & Co reiterated a “buy” rating and issued a $170.00 target price (up previously from $165.00) on shares of IDEX in a research note on Wednesday, July 25th. Finally, Boenning Scattergood began coverage on IDEX in a research note on Thursday, October 11th. They issued a “neutral” rating on the stock. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. IDEX currently has a consensus rating of “Hold” and a consensus target price of $145.55.
IEX opened at $134.12 on Friday. IDEX Co. has a 1 year low of $123.47 and a 1 year high of $157.84. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.41 and a current ratio of 3.21. The stock has a market capitalization of $10.29 billion, a price-to-earnings ratio of 31.12, a P/E/G ratio of 2.44 and a beta of 1.31.
IDEX (NYSE:IEX) last posted its earnings results on Tuesday, October 23rd. The industrial products company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.10. IDEX had a return on equity of 20.40% and a net margin of 16.54%. The company had revenue of $623.00 million for the quarter, compared to analyst estimates of $613.94 million. During the same quarter in the previous year, the firm earned $1.08 earnings per share. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. Sell-side analysts predict that IDEX Co. will post 5.36 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 31st. Stockholders of record on Tuesday, October 16th were paid a dividend of $0.43 per share. The ex-dividend date of this dividend was Monday, October 15th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.28%. IDEX’s payout ratio is 39.91%.
IDEX Corporation, through its subsidiaries, provides various pumps, valves, flow meters, other fluidics systems and components, and engineered products worldwide. Its Fluid & Metering Technologies segment designs, produces, and distributes positive displacement pumps, flow meters, injectors, other fluid-handling pump modules and systems, and specialty valve products, as well as offers flow monitoring and other services for food, chemical, general industrial, water and wastewater, agricultural, and energy industries.
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