IDEX Corporation $IEX Position Reduced by Bank of Montreal Can

Bank of Montreal Can reduced its stake in shares of IDEX Corporation (NYSE:IEX) by 18.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,563 shares of the industrial products company’s stock after selling 9,440 shares during the period. Bank of Montreal Can’s holdings in IDEX were worth $7,122,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of IEX. South Dakota Investment Council grew its stake in IDEX by 102.6% in the second quarter. South Dakota Investment Council now owns 3,950 shares of the industrial products company’s stock worth $694,000 after purchasing an additional 2,000 shares in the last quarter. Regents Gate Capital LLP grew its position in shares of IDEX by 22.4% in the 2nd quarter. Regents Gate Capital LLP now owns 69,110 shares of the industrial products company’s stock worth $12,134,000 after acquiring an additional 12,655 shares in the last quarter. Nicholas Company Inc. grew its position in shares of IDEX by 19.4% in the 2nd quarter. Nicholas Company Inc. now owns 103,553 shares of the industrial products company’s stock worth $18,181,000 after acquiring an additional 16,800 shares in the last quarter. Versor Investments LP increased its holdings in shares of IDEX by 247.1% in the 2nd quarter. Versor Investments LP now owns 4,991 shares of the industrial products company’s stock valued at $876,000 after acquiring an additional 3,553 shares during the last quarter. Finally, GHP Investment Advisors Inc. raised its position in shares of IDEX by 16.2% during the 2nd quarter. GHP Investment Advisors Inc. now owns 19,528 shares of the industrial products company’s stock valued at $3,429,000 after acquiring an additional 2,716 shares in the last quarter. Institutional investors and hedge funds own 97.96% of the company’s stock.

Wall Street Analyst Weigh In

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

IDEX Stock Performance

IEX opened at $168.03 on Monday. The company has a current ratio of 2.93, a quick ratio of 2.13 and a debt-to-equity ratio of 0.47. The business’s 50 day moving average is $164.65 and its 200-day moving average is $172.41. The stock has a market cap of $12.58 billion, a PE ratio of 26.59, a price-to-earnings-growth ratio of 1.83 and a beta of 1.04. IDEX Corporation has a twelve month low of $153.36 and a twelve month high of $237.38.

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

IDEX Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 24th. Investors of record on Friday, October 10th were issued 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 dividend payout ratio is presently 44.94%.

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

IDEX 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.