Papp L Roy & Associates Cuts Holdings in IDEX Co. (NYSE:IEX)
Papp L Roy & Associates decreased its position in IDEX Co. (NYSE:IEX) by 4.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 16,010 shares of the industrial products company’s stock after selling 742 shares during the period. Papp L Roy & Associates’ holdings in IDEX were worth $2,185,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. HRT Financial LLC bought a new position in IDEX in the 1st quarter valued at about $215,000. Stock Yards Bank & Trust Co. acquired a new stake in shares of IDEX during the 2nd quarter worth approximately $208,000. Gateway Investment Advisers LLC acquired a new stake in shares of IDEX during the 2nd quarter worth approximately $208,000. Brinker Capital Inc. acquired a new stake in shares of IDEX during the 1st quarter worth approximately $231,000. Finally, IBM Retirement Fund acquired a new stake in shares of IDEX during the 1st quarter worth approximately $239,000. 95.11% of the stock is owned by hedge funds and other institutional investors.
Several analysts recently issued reports on IEX shares. Zacks Investment Research lowered shares of IDEX from a “buy” rating to a “hold” rating in a research report on Friday, May 25th. Royal Bank of Canada restated a “hold” rating and issued a $144.00 target price on shares of IDEX in a research report on Friday, July 13th. Robert W. Baird restated a “buy” rating and issued a $143.00 target price on shares of IDEX in a research report on Friday, July 20th. Cowen reaffirmed a “hold” rating and set a $130.00 price target on shares of IDEX in a research note on Tuesday, July 24th. Finally, Oppenheimer reaffirmed a “hold” rating on shares of IDEX in a research note on Wednesday, July 25th. Eleven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $148.10.
IDEX (NYSE:IEX) last issued its quarterly earnings data on Tuesday, July 24th. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.09. IDEX had a net margin of 15.94% and a return on equity of 19.71%. The firm had revenue of $634.40 million during the quarter, compared to analysts’ expectations of $623.10 million. During the same period last year, the company earned $1.08 earnings per share. The business’s revenue was up 10.6% on a year-over-year basis. equities research analysts anticipate that IDEX Co. will post 5.32 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 31st. Investors of record on Tuesday, October 16th will be issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 1.11%. The ex-dividend date is Monday, October 15th. IDEX’s dividend payout ratio (DPR) is presently 39.91%.
In other IDEX news, CFO William K. Grogan sold 3,406 shares of IDEX stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $152.90, for a total value of $520,777.40. Following the sale, the chief financial officer now owns 5,485 shares of the company’s stock, valued at $838,656.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael J. Yates sold 1,030 shares of IDEX stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $155.91, for a total transaction of $160,587.30. Following the completion of the sale, the vice president now directly owns 27,602 shares in the company, valued at approximately $4,303,427.82. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 139,858 shares of company stock worth $20,573,870. 1.20% of the stock is owned by corporate insiders.
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.
Further Reading: Moving Average (MA)
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