IDEX Co. (IEX) Holdings Trimmed by Bank of America Corp DE
Bank of America Corp DE lowered its stake in shares of IDEX Co. (NYSE:IEX) by 7.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 334,920 shares of the industrial products company’s stock after selling 27,864 shares during the period. Bank of America Corp DE owned approximately 0.44% of IDEX worth $45,710,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of the business. BlackRock Inc. raised its stake in shares of IDEX by 4.5% in the 2nd quarter. BlackRock Inc. now owns 7,916,684 shares of the industrial products company’s stock valued at $1,080,468,000 after acquiring an additional 339,328 shares during the period. JPMorgan Chase & Co. raised its stake in shares of IDEX by 3.6% in the 1st quarter. JPMorgan Chase & Co. now owns 2,179,038 shares of the industrial products company’s stock valued at $310,535,000 after acquiring an additional 75,886 shares during the period. FMR LLC raised its stake in shares of IDEX by 4.0% in the 2nd quarter. FMR LLC now owns 1,040,468 shares of the industrial products company’s stock valued at $142,003,000 after acquiring an additional 40,153 shares during the period. Janus Henderson Group PLC raised its stake in shares of IDEX by 3.5% in the 2nd quarter. Janus Henderson Group PLC now owns 822,710 shares of the industrial products company’s stock valued at $112,284,000 after acquiring an additional 27,452 shares during the period. Finally, Bessemer Group Inc. raised its stake in shares of IDEX by 1.1% in the 2nd quarter. Bessemer Group Inc. now owns 738,568 shares of the industrial products company’s stock valued at $100,800,000 after acquiring an additional 7,987 shares during the period. 95.10% of the stock is currently owned by institutional investors.
A number of brokerages have recently commented on IEX. Cowen reissued a “hold” rating and issued a $130.00 target price on shares of IDEX in a research note on Tuesday, July 24th. Stifel Nicolaus lifted their price target on shares of IDEX from $140.00 to $149.00 and gave the stock a “hold” rating in a research note on Thursday, July 26th. Zacks Investment Research downgraded shares of IDEX from a “buy” rating to a “hold” rating in a research note on Tuesday, July 31st. Wells Fargo & Co reaffirmed a “buy” rating and set a $170.00 price target (up previously from $165.00) on shares of IDEX in a research note on Wednesday, July 25th. Finally, Oppenheimer reaffirmed a “hold” rating on shares of IDEX in a research note on Wednesday, July 25th. Eleven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $148.10.
IDEX (NYSE:IEX) last released its quarterly earnings results on Tuesday, July 24th. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.09. IDEX had a net margin of 15.94% and a return on equity of 19.71%. The firm had revenue of $634.40 million for the quarter, compared to the consensus estimate of $623.10 million. During the same quarter in the previous year, the firm posted $1.08 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. equities analysts expect that IDEX Co. will post 5.32 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 31st. Investors of record on Tuesday, October 16th will be paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 1.11%. The ex-dividend date of this dividend is Monday, October 15th. IDEX’s dividend payout ratio (DPR) is 39.91%.
In other IDEX news, Chairman Andrew K. Silvernail sold 94,045 shares of the firm’s stock in a transaction on Wednesday, July 25th. The shares were sold at an average price of $145.00, for a total transaction of $13,636,525.00. Following the completion of the transaction, the chairman now directly owns 149,451 shares of the company’s stock, valued at approximately $21,670,395. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO William K. Grogan sold 3,406 shares of the firm’s stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $152.90, for a total transaction of $520,777.40. Following the transaction, the chief financial officer now directly owns 5,485 shares of the company’s stock, valued at $838,656.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 139,858 shares of company stock valued at $20,573,870. 1.20% of the stock is owned by company insiders.
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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