M&T Bank Corp increased its stake in shares of IDEX Co. (NYSE:IEX) by 1.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,879 shares of the industrial products company’s stock after buying an additional 395 shares during the quarter. M&T Bank Corp’s holdings in IDEX were worth $3,118,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. Steinberg Global Asset Management grew its position in IDEX by 4.3% during the fourth quarter. Steinberg Global Asset Management now owns 8,874 shares of the industrial products company’s stock worth $1,171,000 after buying an additional 368 shares in the last quarter. Public Employees Retirement Association of Colorado grew its position in IDEX by 3.6% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 13,873 shares of the industrial products company’s stock worth $1,831,000 after buying an additional 486 shares in the last quarter. Creative Planning grew its position in IDEX by 16.9% during the fourth quarter. Creative Planning now owns 3,496 shares of the industrial products company’s stock worth $461,000 after buying an additional 505 shares in the last quarter. Oakbrook Investments LLC grew its position in IDEX by 10.1% during the fourth quarter. Oakbrook Investments LLC now owns 6,305 shares of the industrial products company’s stock worth $832,000 after buying an additional 580 shares in the last quarter. Finally, Dorsey Wright & Associates grew its position in IDEX by 6.1% during the first quarter. Dorsey Wright & Associates now owns 13,538 shares of the industrial products company’s stock worth $1,929,000 after buying an additional 775 shares in the last quarter. 96.23% of the stock is currently owned by institutional investors and hedge funds.
Shares of IEX stock opened at $137.72 on Tuesday. The firm has a market capitalization of $10.65 billion, a price-to-earnings ratio of 30.37, a price-to-earnings-growth ratio of 2.44 and a beta of 1.22. IDEX Co. has a fifty-two week low of $137.38 and a fifty-two week high of $139.24. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.48 and a current ratio of 3.38.
IDEX (NYSE:IEX) last issued its earnings results on Monday, April 30th. The industrial products company reported $1.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.05. The firm had revenue of $612.30 million for the quarter, compared to the consensus estimate of $601.11 million. IDEX had a return on equity of 19.07% and a net margin of 15.36%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.04 EPS. analysts forecast that IDEX Co. will post 5.18 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 31st. Shareholders of record on Tuesday, May 15th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date is Monday, May 14th. This is an increase from IDEX’s previous quarterly dividend of $0.37. IDEX’s dividend payout ratio (DPR) is currently 34.34%.
In related news, SVP Denise R. Cade sold 7,416 shares of the firm’s stock in a transaction on Monday, May 14th. The stock was sold at an average price of $138.57, for a total transaction of $1,027,635.12. Following the sale, the senior vice president now owns 6,302 shares of the company’s stock, valued at approximately $873,268.14. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Eric D. Ashleman sold 24,495 shares of the firm’s stock in a transaction on Friday, May 11th. The shares were sold at an average price of $138.34, for a total value of $3,388,638.30. Following the sale, the chief operating officer now directly owns 38,589 shares in the company, valued at approximately $5,338,402.26. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.
A number of equities research analysts recently issued reports on IEX shares. DA Davidson started coverage on IDEX in a research report on Thursday, April 12th. They set a “neutral” rating and a $140.00 price target on the stock. BMO Capital Markets increased their price target on IDEX to $143.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 31st. They noted that the move was a valuation call. SunTrust Banks increased their price target on IDEX to $145.00 in a research report on Thursday, February 1st. They noted that the move was a valuation call. Stifel Nicolaus reissued a “hold” rating and set a $145.00 price target (up previously from $132.00) on shares of IDEX in a research report on Tuesday, January 16th. Finally, Zacks Investment Research downgraded IDEX from a “buy” rating to a “hold” rating in a research report on Monday, March 19th. Twelve investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $137.27.
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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