Envestnet Asset Management Inc. increased its stake in IDEX Co. (NYSE:IEX) by 28.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,699 shares of the industrial products company’s stock after acquiring an additional 10,454 shares during the period. Envestnet Asset Management Inc. owned approximately 0.06% of IDEX worth $7,086,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Quantamental Technologies LLC acquired a new position in IDEX in the 4th quarter worth approximately $25,000. Cornerstone Advisors Inc. boosted its stake in IDEX by 64.9% in the 1st quarter. Cornerstone Advisors Inc. now owns 183 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 72 shares during the period. Parallel Advisors LLC boosted its stake in IDEX by 55.7% in the 1st quarter. Parallel Advisors LLC now owns 204 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 73 shares during the period. Lindbrook Capital LLC acquired a new position in IDEX in the 4th quarter worth approximately $32,000. Finally, Essex Investment Management Co. LLC acquired a new position in IDEX in the 4th quarter worth approximately $33,000. Institutional investors and hedge funds own 94.66% of the company’s stock.
A number of equities research analysts have issued reports on IEX shares. Stifel Nicolaus increased their target price on shares of IDEX from $129.00 to $153.00 and gave the stock a “hold” rating in a research report on Tuesday, April 16th. Oppenheimer reiterated a “hold” rating on shares of IDEX in a research report on Wednesday, May 8th. Zacks Investment Research upgraded shares of IDEX from a “hold” rating to a “buy” rating and set a $172.00 target price for the company in a research report on Thursday, May 23rd. DA Davidson reiterated a “neutral” rating on shares of IDEX in a research report on Friday, April 26th. Finally, Berenberg Bank started coverage on shares of IDEX in a research report on Wednesday, May 15th. They issued a “buy” rating and a $180.00 target price for the company. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $153.00.
IEX stock opened at $160.30 on Thursday. The company has a market capitalization of $12.27 billion, a price-to-earnings ratio of 29.15, a P/E/G ratio of 2.79 and a beta of 1.22. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.33 and a quick ratio of 2.45. IDEX Co. has a 12-month low of $117.72 and a 12-month high of $165.72.
IDEX (NYSE:IEX) last released its quarterly earnings results on Thursday, April 25th. The industrial products company reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.07. The business had revenue of $622.20 million for the quarter, compared to the consensus estimate of $634.38 million. IDEX had a net margin of 16.92% and a return on equity of 21.22%. IDEX’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.27 EPS. On average, research analysts expect that IDEX Co. will post 5.82 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Friday, May 17th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.25%. This is an increase from IDEX’s previous quarterly dividend of $0.43. IDEX’s dividend payout ratio (DPR) is currently 36.97%.
In other news, Chairman Andrew K. Silvernail sold 81,120 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $155.11, for a total transaction of $12,582,523.20. Following the transaction, the chairman now owns 173,947 shares in the company, valued at approximately $26,980,919.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Daniel J. Salliotte sold 7,125 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $153.06, for a total transaction of $1,090,552.50. Following the transaction, the senior vice president now owns 44,545 shares in the company, valued at approximately $6,818,057.70. The disclosure for this sale can be found here. Insiders have sold a total of 103,423 shares of company stock worth $16,055,566 in the last 90 days. 1.20% of the stock is owned by insiders.
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IDEX Company Profile
IDEX Corporation, through its subsidiaries, operates as an applied solutions company 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, flow meters, injectors, and other fluid-handling pump modules and systems, as well as offers flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries.
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