United Services Automobile Association Sells 23,349 Shares of IDEX Co. (IEX)
United Services Automobile Association reduced its stake in IDEX Co. (NYSE:IEX) by 63.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,552 shares of the industrial products company’s stock after selling 23,349 shares during the period. United Services Automobile Association’s holdings in IDEX were worth $1,850,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of IEX. Fenimore Asset Management Inc. bought a new stake in shares of IDEX in the second quarter valued at approximately $96,508,000. BlackRock Inc. boosted its stake in shares of IDEX by 4.5% in the second quarter. BlackRock Inc. now owns 7,916,684 shares of the industrial products company’s stock valued at $1,080,468,000 after buying an additional 339,328 shares during the period. Teacher Retirement System of Texas boosted its stake in shares of IDEX by 189.4% in the second quarter. Teacher Retirement System of Texas now owns 132,292 shares of the industrial products company’s stock valued at $18,055,000 after buying an additional 86,584 shares during the period. BTIM Corp. bought a new stake in shares of IDEX in the second quarter valued at approximately $9,759,000. Finally, Bank of Montreal Can bought a new stake in shares of IDEX in the second quarter valued at approximately $8,802,000. Institutional investors and hedge funds own 95.07% of the company’s stock.
IEX has been the subject of several recent research reports. Robert W. Baird reiterated a “buy” rating and issued a $143.00 price target on shares of IDEX in a research note on Friday, July 20th. Wells Fargo & Co reiterated a “buy” rating and issued a $170.00 price target (up from $165.00) on shares of IDEX in a research note on Wednesday, July 25th. Zacks Investment Research upgraded IDEX from a “hold” rating to a “buy” rating and set a $168.00 price target for the company in a research note on Monday, July 30th. Stifel Nicolaus boosted their price target on IDEX from $149.00 to $150.00 and gave the company a “hold” rating in a research note on Monday, October 8th. Finally, BMO Capital Markets restated a “hold” rating and set a $150.00 price objective on shares of IDEX in a research report on Thursday, July 26th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $148.20.
IDEX (NYSE:IEX) last announced its quarterly earnings data on Tuesday, July 24th. The industrial products company reported $1.40 EPS for the quarter, beating the 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 business had revenue of $634.40 million during the quarter, compared to the consensus estimate of $623.10 million. During the same period in the previous year, the business earned $1.08 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts anticipate that IDEX Co. will post 5.32 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 31st. Shareholders of record on Tuesday, October 16th will be given a dividend of $0.43 per share. The ex-dividend date of this dividend is Monday, October 15th. This represents a $1.72 annualized dividend and a yield of 1.29%. IDEX’s dividend payout ratio is currently 39.91%.
In other news, CFO William K. Grogan sold 3,406 shares of the company’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $152.90, for a total transaction of $520,777.40. Following the completion of the transaction, the chief financial officer now directly owns 5,485 shares in the company, valued at $838,656.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Andrew K. Silvernail sold 94,045 shares of the company’s stock in a transaction on Wednesday, July 25th. The stock was sold at an average price of $145.00, for a total transaction of $13,636,525.00. Following the transaction, the chairman now owns 149,451 shares of the company’s stock, valued at $21,670,395. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 139,858 shares of company stock valued at $20,573,870. Company insiders own 1.20% of the company’s stock.
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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