Retirement Systems of Alabama Lowers Stake in IDEX Corporation (NYSE:IEX)
Retirement Systems of Alabama reduced its stake in IDEX Corporation (NYSE:IEX) by 3.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 152,696 shares of the industrial products company’s stock after selling 6,158 shares during the period. Retirement Systems of Alabama’s holdings in IDEX Corporation were worth $17,256,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of IEX. Texas Permanent School Fund raised its position in shares of IDEX Corporation by 0.9% in the second quarter. Texas Permanent School Fund now owns 55,713 shares of the industrial products company’s stock valued at $6,296,000 after buying an additional 508 shares during the last quarter. World Asset Management Inc raised its position in shares of IDEX Corporation by 2.5% in the second quarter. World Asset Management Inc now owns 5,751 shares of the industrial products company’s stock valued at $650,000 after buying an additional 140 shares during the last quarter. Daiwa Securities Group Inc. acquired a new position in shares of IDEX Corporation during the second quarter valued at about $254,000. Speece Thorson Capital Group Inc. raised its position in shares of IDEX Corporation by 1.0% in the second quarter. Speece Thorson Capital Group Inc. now owns 64,231 shares of the industrial products company’s stock valued at $7,259,000 after buying an additional 655 shares during the last quarter. Finally, Bessemer Group Inc. raised its position in shares of IDEX Corporation by 14.1% in the second quarter. Bessemer Group Inc. now owns 835,342 shares of the industrial products company’s stock valued at $94,403,000 after buying an additional 103,201 shares during the last quarter. Institutional investors own 98.68% of the company’s stock.
Shares of IDEX Corporation (NYSE IEX) opened at 117.08 on Tuesday. The company has a market capitalization of $8.95 billion, a price-to-earnings ratio of 31.38 and a beta of 1.20. IDEX Corporation has a 1-year low of $82.05 and a 1-year high of $118.08. The firm’s 50-day moving average is $113.58 and its 200-day moving average is $101.46.
IDEX Corporation (NYSE:IEX) last announced its earnings results on Tuesday, July 25th. The industrial products company reported $1.08 EPS for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.02. The business had revenue of $573.40 million during the quarter, compared to the consensus estimate of $568.43 million. IDEX Corporation had a net margin of 13.12% and a return on equity of 19.01%. The firm’s revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.99 earnings per share. Analysts forecast that IDEX Corporation will post $4.22 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, July 31st. Shareholders of record on Friday, July 14th were issued a $0.37 dividend. The ex-dividend date of this dividend was Wednesday, July 12th. This represents a $1.48 dividend on an annualized basis and a yield of 1.26%. IDEX Corporation’s dividend payout ratio is presently 39.68%.
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Several brokerages recently issued reports on IEX. Jefferies Group LLC reiterated a “hold” rating and issued a $91.00 price target on shares of IDEX Corporation in a research note on Friday. BMO Capital Markets reiterated a “hold” rating and issued a $110.00 price target on shares of IDEX Corporation in a research note on Friday, July 28th. Zacks Investment Research upgraded shares of IDEX Corporation from a “hold” rating to a “buy” rating and set a $129.00 price target for the company in a research note on Friday, July 28th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $115.00 price target (up from $109.00) on shares of IDEX Corporation in a research note on Thursday, July 27th. Finally, BidaskClub lowered shares of IDEX Corporation from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Nine research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. IDEX Corporation currently has a consensus rating of “Hold” and an average target price of $105.00.
In other IDEX Corporation news, Chairman Andrew K. Silvernail sold 50,000 shares of the business’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $115.00, for a total value of $5,750,000.00. Following the completion of the transaction, the chairman now directly owns 142,114 shares in the company, valued at $16,343,110. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.00% of the company’s stock.
IDEX Corporation Company Profile
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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