Keybank National Association OH Increases Position in IDEX Co. (NYSE:IEX)
Keybank National Association OH increased its stake in IDEX Co. (NYSE:IEX) by 13.3% in the second quarter, HoldingsChannel.com reports. The firm owned 3,067 shares of the industrial products company’s stock after acquiring an additional 360 shares during the quarter. Keybank National Association OH’s holdings in IDEX were worth $528,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in IEX. Pendal Group Ltd acquired a new stake in shares of IDEX during the 2nd quarter worth about $47,000. Kornitzer Capital Management Inc. KS boosted its stake in shares of IDEX by 60.6% during the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 142,022 shares of the industrial products company’s stock worth $24,448,000 after purchasing an additional 53,602 shares during the last quarter. Advisor Group Inc. lifted its holdings in shares of IDEX by 12.2% during the 2nd quarter. Advisor Group Inc. now owns 3,810 shares of the industrial products company’s stock worth $655,000 after acquiring an additional 414 shares during the period. Municipal Employees Retirement System of Michigan lifted its holdings in shares of IDEX by 1.1% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 14,010 shares of the industrial products company’s stock worth $2,412,000 after acquiring an additional 150 shares during the period. Finally, Aperio Group LLC lifted its holdings in shares of IDEX by 8.7% during the 2nd quarter. Aperio Group LLC now owns 44,742 shares of the industrial products company’s stock worth $7,702,000 after acquiring an additional 3,590 shares during the period. Institutional investors and hedge funds own 95.89% of the company’s stock.
In related news, SVP Daniel J. Salliotte sold 16,672 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $162.22, for a total value of $2,704,531.84. Following the transaction, the senior vice president now owns 39,665 shares in the company, valued at $6,434,456.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director William M. Cook sold 4,080 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $161.93, for a total transaction of $660,674.40. Following the completion of the transaction, the director now owns 22,308 shares in the company, valued at approximately $3,612,334.44. The disclosure for this sale can be found here. Insiders sold 152,307 shares of company stock worth $25,491,583 in the last 90 days. 1.20% of the stock is currently owned by insiders.
IDEX (NYSE:IEX) last announced its quarterly earnings data on Thursday, July 25th. The industrial products company reported $1.50 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.49 by $0.01. IDEX had a net margin of 17.11% and a return on equity of 21.20%. The business had revenue of $642.10 million for the quarter, compared to analyst estimates of $655.87 million. During the same period in the prior year, the firm posted $1.40 EPS. The company’s revenue was up 1.2% on a year-over-year basis. Analysts expect that IDEX Co. will post 5.83 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Tuesday, July 16th were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $2.00 annualized dividend and a yield of 1.20%. IDEX’s payout ratio is 36.97%.
Several brokerages have recently weighed in on IEX. Berenberg Bank began coverage on shares of IDEX in a report on Wednesday, May 15th. They set a “buy” rating and a $180.00 price objective on the stock. Wells Fargo & Co increased their price objective on shares of IDEX from $180.00 to $200.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Stifel Nicolaus increased their price objective on shares of IDEX from $157.00 to $162.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Oppenheimer reiterated a “hold” rating on shares of IDEX in a report on Wednesday, May 8th. Finally, Zacks Investment Research lowered shares of IDEX from a “buy” rating to a “hold” rating and set a $181.00 price objective on the stock. in a report on Monday, July 1st. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $162.38.
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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