State Board of Administration of Florida Retirement System trimmed its holdings in IDEX Co. (NYSE:IEX) by 1.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 107,517 shares of the industrial products company’s stock after selling 1,161 shares during the period. State Board of Administration of Florida Retirement System’s holdings in IDEX were worth $16,199,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Capital Fund Management S.A. acquired a new stake in shares of IDEX in the second quarter valued at about $3,508,000. Swiss National Bank raised its position in shares of IDEX by 3.5% in the second quarter. Swiss National Bank now owns 252,800 shares of the industrial products company’s stock valued at $34,502,000 after buying an additional 8,600 shares during the last quarter. Andra AP fonden acquired a new stake in shares of IDEX in the second quarter valued at about $3,699,000. GAM Holding AG acquired a new stake in shares of IDEX in the second quarter valued at about $344,000. Finally, Qube Research & Technologies Ltd acquired a new stake in shares of IDEX in the second quarter valued at about $155,000. Institutional investors and hedge funds own 94.83% of the company’s stock.
Shares of IEX stock opened at $135.53 on Friday. The company has a quick ratio of 2.41, a current ratio of 3.21 and a debt-to-equity ratio of 0.41. The stock has a market cap of $10.47 billion, a price-to-earnings ratio of 31.45, a P/E/G ratio of 2.48 and a beta of 1.31. IDEX Co. has a 1-year low of $123.47 and a 1-year high of $157.84.
IDEX (NYSE:IEX) last announced its earnings results on Tuesday, October 23rd. The industrial products company reported $1.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.10. The company had revenue of $623.00 million during the quarter, compared to analyst estimates of $613.94 million. IDEX had a net margin of 16.54% and a return on equity of 20.40%. IDEX’s revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.08 earnings per share. Equities research analysts anticipate that IDEX Co. will post 5.36 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, October 31st. Shareholders of record on Tuesday, October 16th were paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 1.27%. The ex-dividend date was Monday, October 15th. IDEX’s dividend payout ratio (DPR) is presently 39.91%.
In other IDEX news, CFO William K. Grogan sold 3,406 shares of the stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $152.90, for a total transaction of $520,777.40. Following the completion of the transaction, the chief financial officer now owns 5,485 shares of the company’s stock, valued at $838,656.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael J. Yates sold 1,030 shares of the stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $155.91, for a total transaction of $160,587.30. Following the transaction, the vice president now directly owns 27,602 shares of the company’s stock, valued at approximately $4,303,427.82. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,579 shares of company stock valued at $1,162,244. 1.20% of the stock is currently owned by insiders.
A number of equities research analysts have recently commented on IEX shares. Stifel Nicolaus increased their target price on shares of IDEX from $149.00 to $150.00 and gave the company a “hold” rating in a research report on Monday, October 8th. Zacks Investment Research cut shares of IDEX from a “hold” rating to a “sell” rating in a research report on Tuesday, October 16th. Boenning Scattergood started coverage on shares of IDEX in a research report on Thursday, October 11th. They issued a “neutral” rating for the company. Janney Montgomery Scott upgraded shares of IDEX from a “neutral” rating to a “buy” rating and set a $149.00 price objective for the company in a research report on Thursday, October 25th. Finally, Robert W. Baird cut their price objective on shares of IDEX from $145.00 to $139.00 and set an “outperform” rating for the company in a research report on Thursday, October 25th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $145.55.
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IDEX Company Profile
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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