Municipal Employees Retirement System of Michigan lowered its stake in shares of IDEX Corporation (NYSE:IEX) by 16.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,460 shares of the industrial products company’s stock after selling 5,870 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in IDEX Corporation were worth $3,329,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Strs Ohio bought a new stake in shares of IDEX Corporation during the second quarter valued at approximately $112,000. Creative Planning increased its stake in shares of IDEX Corporation by 4.3% in the first quarter. Creative Planning now owns 1,422 shares of the industrial products company’s stock valued at $133,000 after buying an additional 59 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in shares of IDEX Corporation during the second quarter valued at approximately $181,000. Wallington Asset Management LLC bought a new stake in shares of IDEX Corporation during the second quarter valued at approximately $203,000. Finally, Diversified Trust Co bought a new stake in shares of IDEX Corporation during the first quarter valued at approximately $207,000. 98.73% of the stock is owned by institutional investors and hedge funds.
IDEX Corporation (NYSE:IEX) opened at 116.61 on Monday. The company’s 50-day moving average price is $113.30 and its 200 day moving average price is $100.95. The firm has a market capitalization of $8.91 billion, a price-to-earnings ratio of 31.25 and a beta of 1.19. IDEX Corporation has a 52-week low of $82.05 and a 52-week high of $118.08.
IDEX Corporation (NYSE:IEX) last posted its earnings results on Tuesday, July 25th. The industrial products company reported $1.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.02. The firm had revenue of $573.40 million for the quarter, compared to analyst estimates of $568.43 million. IDEX Corporation had a return on equity of 19.01% and a net margin of 13.12%. The company’s revenue for the quarter 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. Equities analysts predict that IDEX Corporation will post $4.20 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Friday, July 14th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $1.48 annualized dividend and a yield of 1.27%. IDEX Corporation’s dividend payout ratio is presently 39.68%.
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Several brokerages have recently commented on IEX. Zacks Investment Research raised IDEX Corporation from a “sell” rating to a “hold” rating in a report on Thursday, April 20th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $115.00 target price (up from $109.00) on shares of IDEX Corporation in a report on Thursday. Stifel Nicolaus reaffirmed a “hold” rating and set a $100.00 target price on shares of IDEX Corporation in a report on Friday, May 26th. BidaskClub downgraded IDEX Corporation from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $104.00 target price on shares of IDEX Corporation in a report on Friday, April 21st. Nine investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. IDEX Corporation presently has a consensus rating of “Hold” and an average target price of $103.50.
In other IDEX Corporation news, Chairman Andrew K. Silvernail sold 50,000 shares of IDEX Corporation stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $115.00, for a total transaction of $5,750,000.00. Following the transaction, the chairman now directly owns 142,114 shares in the company, valued at $16,343,110. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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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