IDEX Co. (NYSE:IEX) Sees Significant Increase in Short Interest
IDEX Co. (NYSE:IEX) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 1,187,800 shares, an increase of 17.1% from the July 31st total of 1,014,700 shares. Currently, 1.6% of the company’s stock are sold short. Based on an average daily trading volume, of 719,600 shares, the short-interest ratio is currently 1.7 days.
Several equities research analysts have recently issued reports on IEX shares. Wells Fargo & Co raised their price target on shares of IDEX from $180.00 to $200.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Stifel Nicolaus raised their price target on shares of IDEX from $157.00 to $162.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Finally, Zacks Investment Research lowered shares of IDEX from a “buy” rating to a “hold” rating and set a $181.00 price target for the company. in a research note on Monday, July 1st. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. IDEX has an average rating of “Hold” and an average target price of $162.38.
IDEX stock traded up $1.37 during mid-day trading on Friday, reaching $170.88. The company’s stock had a trading volume of 373,096 shares, compared to its average volume of 401,090. IDEX has a 12-month low of $117.72 and a 12-month high of $173.84. The company has a market capitalization of $12.72 billion, a P/E ratio of 31.59, a PEG ratio of 3.84 and a beta of 1.25. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.53 and a current ratio of 3.36. The firm’s fifty day moving average price is $164.41 and its two-hundred day moving average price is $158.57.
In other IDEX news, Chairman Andrew K. Silvernail sold 85,785 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $167.75, for a total value of $14,390,433.75. Following the completion of the sale, the chairman now owns 258,604 shares in the company, valued at approximately $43,380,821. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director William M. Cook sold 4,080 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $161.93, for a total transaction of $660,674.40. Following the sale, the director now owns 22,308 shares of the company’s stock, valued at approximately $3,612,334.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 155,229 shares of company stock valued at $25,975,905. Company insiders own 1.20% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Cornerstone Advisors Inc. boosted its holdings in IDEX by 64.9% in the 1st quarter. Cornerstone Advisors Inc. now owns 183 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 72 shares during the period. Parallel Advisors LLC lifted its holdings in shares of IDEX by 55.7% during the 1st quarter. Parallel Advisors LLC now owns 204 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 73 shares during the last quarter. Bbva USA Bancshares Inc. lifted its holdings in shares of IDEX by 1.3% during the 2nd quarter. Bbva USA Bancshares Inc. now owns 5,835 shares of the industrial products company’s stock worth $1,004,000 after acquiring an additional 74 shares during the last quarter. ETF Managers Group LLC lifted its holdings in shares of IDEX by 8.9% during the 1st quarter. ETF Managers Group LLC now owns 1,013 shares of the industrial products company’s stock worth $154,000 after acquiring an additional 83 shares during the last quarter. Finally, Farr Miller & Washington LLC DC lifted its holdings in shares of IDEX by 3.7% during the 2nd quarter. Farr Miller & Washington LLC DC now owns 2,495 shares of the industrial products company’s stock worth $429,000 after acquiring an additional 90 shares during the last quarter. Institutional investors and hedge funds own 95.66% of the company’s stock.
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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