IDEX Corp. (IEX) Position Boosted by Principal Financial Group Inc.
Principal Financial Group Inc. raised its stake in shares of IDEX Corp. (NYSE:IEX) by 7.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 432,103 shares of the company’s stock after buying an additional 29,399 shares during the period. Principal Financial Group Inc. owned about 0.57% of IDEX Corp. worth $35,475,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the stock. Washington Trust Bank raised its position in shares of IDEX Corp. by 3.2% in the second quarter. Washington Trust Bank now owns 1,271 shares of the company’s stock valued at $104,000 after buying an additional 39 shares during the period. Quantbot Technologies LP acquired a new position in shares of IDEX Corp. during the second quarter valued at about $181,000. Synovus Financial Corp raised its position in shares of IDEX Corp. by 0.6% in the second quarter. Synovus Financial Corp now owns 2,358 shares of the company’s stock valued at $192,000 after buying an additional 13 shares during the period. GSA Capital Partners LLP acquired a new position in shares of IDEX Corp. during the second quarter valued at about $205,000. Finally, BlackRock Japan Co. Ltd acquired a new position in shares of IDEX Corp. during the first quarter valued at about $217,000. 97.53% of the stock is currently owned by hedge funds and other institutional investors.
Shares of IDEX Corp. (NYSE:IEX) traded up 0.68% on Wednesday, reaching $91.59. The company’s stock had a trading volume of 29,018 shares. IDEX Corp. has a 52-week low of $67.20 and a 52-week high of $95.33. The stock has a 50-day moving average of $92.40 and a 200 day moving average of $85.57. The company has a market cap of $6.97 billion, a price-to-earnings ratio of 24.28 and a beta of 1.26.
IDEX Corp. (NYSE:IEX) last issued its quarterly earnings data on Monday, July 18th. The company reported $0.99 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.06. The firm had revenue of $549.70 million for the quarter. IDEX Corp. had a return on equity of 19.49% and a net margin of 14.16%. During the same quarter in the prior year, the business posted $0.89 earnings per share. On average, equities research analysts forecast that IDEX Corp. will post $3.74 earnings per share for the current year.
A number of brokerages have recently weighed in on IEX. Janney Montgomery Scott raised IDEX Corp. from a “neutral” rating to a “buy” rating and upped their target price for the stock from $87.00 to $96.00 in a research report on Tuesday, July 19th. Zacks Investment Research raised IDEX Corp. from a “hold” rating to a “buy” rating and set a $95.00 target price on the stock in a research report on Thursday, July 14th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of IDEX Corp. in a research report on Tuesday, July 12th. Jefferies Group reaffirmed a “hold” rating on shares of IDEX Corp. in a research report on Tuesday, July 19th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating on shares of IDEX Corp. in a research report on Monday, June 27th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. IDEX Corp. currently has a consensus rating of “Hold” and a consensus price target of $85.86.
In related news, Director Gregory F. Milzcik sold 4,830 shares of IDEX Corp. stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $90.00, for a total transaction of $434,700.00. Following the sale, the director now directly owns 5,375 shares in the company, valued at $483,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Andrew K. Silvernail sold 6,575 shares of IDEX Corp. stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $91.34, for a total value of $600,560.50. Following the sale, the chairman now owns 88,418 shares in the company, valued at $8,076,100.12. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.
About IDEX Corp.
IDEX Corporation (IDEX) operates an applied solutions business that sells pumps, flow meters and other fluidics systems, and components and engineered products. The Company operates through three segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST), and Fire & Safety/Diversified Products (FSDP).
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