Bank of New York Mellon Corp Has $114.85 Million Stock Holdings in IDEX Corporation $IEX

Bank of New York Mellon Corp raised its stake in IDEX Corporation (NYSE:IEX) by 7.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 654,149 shares of the industrial products company’s stock after purchasing an additional 42,727 shares during the period. Bank of New York Mellon Corp’s holdings in IDEX were worth $114,849,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Thurston Springer Miller Herd & Titak Inc. increased its position in IDEX by 257.5% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 143 shares of the industrial products company’s stock valued at $25,000 after buying an additional 103 shares in the last quarter. American National Bank & Trust acquired a new stake in IDEX in the second quarter valued at approximately $25,000. Steph & Co. bought a new stake in shares of IDEX during the second quarter valued at approximately $42,000. SVB Wealth LLC acquired a new position in shares of IDEX during the first quarter worth approximately $56,000. Finally, Federated Hermes Inc. lifted its holdings in shares of IDEX by 42.9% in the 1st quarter. Federated Hermes Inc. now owns 333 shares of the industrial products company’s stock worth $60,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 97.96% of the company’s stock.

IDEX Trading Up 0.7%

Shares of IEX stock opened at $168.03 on Friday. IDEX Corporation has a 52-week low of $153.36 and a 52-week high of $237.38. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.13 and a current ratio of 2.93. The company has a 50-day simple moving average of $164.65 and a two-hundred day simple moving average of $172.34. The company has a market capitalization of $12.58 billion, a price-to-earnings ratio of 26.59, a PEG ratio of 1.83 and a beta of 1.04.

IDEX (NYSE:IEX) last posted its earnings results on Friday, December 16th. The industrial products company reported $1.79 EPS for the quarter. The firm had revenue of $712.00 million for the quarter. IDEX had a net margin of 13.97% and a return on equity of 15.20%. Research analysts anticipate that IDEX Corporation will post 8.26 EPS for the current fiscal year.

IDEX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 24th. Shareholders of record on Friday, October 10th were given a $0.71 dividend. The ex-dividend date of this dividend was Friday, October 10th. This represents a $2.84 annualized dividend and a yield of 1.7%. IDEX’s payout ratio is currently 44.94%.

IDEX announced that its board has approved a share buyback program on Thursday, September 18th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 8.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have commented on IEX. Stifel Nicolaus decreased their price target on shares of IDEX from $204.00 to $191.00 and set a “buy” rating for the company in a research note on Monday, October 20th. Weiss Ratings reissued a “hold (c-)” rating on shares of IDEX in a research report on Wednesday, October 8th. DA Davidson set a $180.00 target price on shares of IDEX and gave the stock a “neutral” rating in a report on Monday, August 4th. Oppenheimer set a $210.00 price target on IDEX in a research note on Tuesday, October 7th. Finally, Royal Bank Of Canada lowered their price objective on IDEX from $200.00 to $195.00 and set an “outperform” rating for the company in a research note on Thursday, October 30th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $198.86.

IDEX Company Profile

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.