Wells Fargo & Company MN cut its stake in IDEX Co. (NYSE:IEX) by 1.5% in the first quarter, HoldingsChannel reports. The firm owned 243,534 shares of the industrial products company’s stock after selling 3,763 shares during the quarter. Wells Fargo & Company MN’s holdings in IDEX were worth $36,953,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. Quantamental Technologies LLC acquired a new position in IDEX in the fourth quarter valued at approximately $25,000. Cornerstone Advisors Inc. lifted its holdings in IDEX by 64.9% in the first quarter. Cornerstone Advisors Inc. now owns 183 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 72 shares during the last quarter. Parallel Advisors LLC lifted its holdings in IDEX by 55.7% in the first quarter. Parallel Advisors LLC now owns 204 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 73 shares during the last quarter. Lindbrook Capital LLC acquired a new position in IDEX in the fourth quarter valued at approximately $32,000. Finally, Essex Investment Management Co. LLC acquired a new position in IDEX in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 94.66% of the company’s stock.
In other IDEX news, VP Michael J. Yates sold 15,178 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $156.97, for a total transaction of $2,382,490.66. Following the transaction, the vice president now directly owns 38,590 shares in the company, valued at $6,057,472.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Daniel J. Salliotte sold 7,125 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $153.06, for a total value of $1,090,552.50. Following the transaction, the senior vice president now owns 44,545 shares in the company, valued at $6,818,057.70. The disclosure for this sale can be found here. Insiders have sold 103,423 shares of company stock worth $16,055,566 over the last 90 days. 1.20% of the stock is owned by insiders.
NYSE:IEX traded down $0.69 during trading hours on Friday, reaching $159.58. 119,555 shares of the stock were exchanged, compared to its average volume of 292,526. The company has a quick ratio of 2.45, a current ratio of 3.33 and a debt-to-equity ratio of 0.41. IDEX Co. has a twelve month low of $117.72 and a twelve month high of $165.72. The stock has a market capitalization of $12.14 billion, a price-to-earnings ratio of 29.50, a price-to-earnings-growth ratio of 2.76 and a beta of 1.22.
IDEX (NYSE:IEX) last released its quarterly earnings results on Thursday, April 25th. The industrial products company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.07. IDEX had a return on equity of 21.22% and a net margin of 16.92%. The company had revenue of $622.20 million for the quarter, compared to analysts’ expectations of $634.38 million. During the same period in the prior year, the firm earned $1.27 earnings per share. The firm’s revenue was up 1.6% compared to the same quarter last year. On average, sell-side analysts expect that IDEX Co. will post 5.82 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.25%. This is a boost from IDEX’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend was Thursday, May 16th. IDEX’s dividend payout ratio is 36.97%.
A number of research analysts recently commented on IEX shares. Zacks Investment Research cut IDEX from a “buy” rating to a “hold” rating in a report on Monday, May 13th. Stifel Nicolaus upped their price objective on IDEX from $129.00 to $153.00 and gave the company a “hold” rating in a report on Tuesday, April 16th. DA Davidson reiterated a “neutral” rating on shares of IDEX in a report on Friday, April 26th. Finally, Berenberg Bank started coverage on IDEX in a report on Wednesday, May 15th. They issued a “buy” rating and a $180.00 price objective on the stock. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $153.00.
IDEX Company Profile
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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