Nordea Investment Management AB increased its holdings in shares of IDEX Co. (NYSE:IEX) by 91.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,806 shares of the industrial products company’s stock after purchasing an additional 3,249 shares during the quarter. Nordea Investment Management AB’s holdings in IDEX were worth $1,025,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. SRS Capital Advisors Inc. increased its position in shares of IDEX by 83.0% during the 2nd quarter. SRS Capital Advisors Inc. now owns 745 shares of the industrial products company’s stock worth $101,000 after purchasing an additional 338 shares during the last quarter. First Hawaiian Bank acquired a new position in IDEX in the 3rd quarter valued at about $120,000. Sterling Investment Advisors Ltd. acquired a new position in IDEX in the 3rd quarter valued at about $151,000. Point72 Hong Kong Ltd acquired a new position in IDEX in the 2nd quarter valued at about $153,000. Finally, Qube Research & Technologies Ltd acquired a new position in IDEX in the 2nd quarter valued at about $155,000. 94.39% of the stock is owned by hedge funds and other institutional investors.
Several research firms have weighed in on IEX. Zacks Investment Research raised IDEX from a “hold” rating to a “buy” rating and set a $152.00 target price for the company in a research report on Friday, November 16th. Royal Bank of Canada upgraded IDEX from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $141.00 to $146.00 in a research note on Thursday, January 3rd. Janney Montgomery Scott upgraded IDEX from a “neutral” rating to a “buy” rating and set a $149.00 price objective for the company in a research note on Thursday, October 25th. Robert W. Baird decreased their price objective on IDEX from $145.00 to $139.00 and set an “outperform” rating for the company in a research note on Thursday, October 25th. Finally, UBS Group set a $142.00 price objective on IDEX and gave the company a “hold” rating in a research note on Friday, October 26th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $145.64.
IEX opened at $134.90 on Wednesday. The company has a market cap of $9.92 billion, a price-to-earnings ratio of 31.30, a PEG ratio of 2.19 and a beta of 1.27. IDEX Co. has a 52 week low of $117.72 and a 52 week high of $157.84. The company has a current ratio of 3.21, a quick ratio of 2.41 and a debt-to-equity ratio of 0.41.
IDEX (NYSE:IEX) last released its quarterly earnings results on Tuesday, October 23rd. The industrial products company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.31 by $0.10. The company had revenue of $623.00 million for the quarter, compared to analyst estimates of $613.94 million. IDEX had a return on equity of 20.40% and a net margin of 16.54%. The firm’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 earnings per share. Equities analysts predict that IDEX Co. will post 5.36 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 30th. Stockholders of record on Tuesday, January 15th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date of this dividend is Monday, January 14th. IDEX’s payout ratio is currently 39.91%.
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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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