Hsbc Holdings PLC Acquires 223,422 Shares of IDEX Co. (NYSE:IEX)

Hsbc Holdings PLC boosted its stake in IDEX Co. (NYSE:IEX) by 75.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 519,124 shares of the industrial products company’s stock after purchasing an additional 223,422 shares during the period. Hsbc Holdings PLC owned about 0.69% of IDEX worth $104,179,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. Boston Trust Walden Corp increased its stake in shares of IDEX by 3.3% in the second quarter. Boston Trust Walden Corp now owns 223,892 shares of the industrial products company’s stock valued at $45,047,000 after buying an additional 7,222 shares during the period. UBS Group AG increased its position in IDEX by 177.3% during the 4th quarter. UBS Group AG now owns 57,255 shares of the industrial products company’s stock valued at $12,431,000 after purchasing an additional 36,606 shares during the period. Qsemble Capital Management LP bought a new position in IDEX during the 2nd quarter worth approximately $3,627,000. SG Americas Securities LLC lifted its position in shares of IDEX by 241.3% in the 1st quarter. SG Americas Securities LLC now owns 37,561 shares of the industrial products company’s stock worth $9,166,000 after purchasing an additional 26,557 shares during the period. Finally, BNP Paribas Financial Markets boosted its stake in shares of IDEX by 90.1% in the 1st quarter. BNP Paribas Financial Markets now owns 69,984 shares of the industrial products company’s stock valued at $17,077,000 after purchasing an additional 33,162 shares during the last quarter. 97.96% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on IEX. DA Davidson lowered their target price on shares of IDEX from $220.00 to $210.00 and set a “neutral” rating for the company in a research note on Monday, August 5th. Royal Bank of Canada lowered their price objective on IDEX from $250.00 to $236.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Stifel Nicolaus dropped their price objective on IDEX from $265.00 to $236.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. Oppenheimer decreased their target price on IDEX from $245.00 to $238.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Finally, Robert W. Baird dropped their price target on IDEX from $256.00 to $241.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, IDEX currently has a consensus rating of “Moderate Buy” and an average target price of $233.50.

IDEX Stock Performance

Shares of IDEX stock opened at $205.60 on Thursday. The business has a 50-day simple moving average of $200.65 and a 200 day simple moving average of $214.08. The firm has a market capitalization of $15.56 billion, a price-to-earnings ratio of 27.05, a PEG ratio of 2.09 and a beta of 0.95. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.41 and a quick ratio of 2.52. IDEX Co. has a one year low of $183.76 and a one year high of $246.36.

IDEX (NYSE:IEX) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $2.06 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.02. IDEX had a return on equity of 16.87% and a net margin of 18.19%. The company had revenue of $807.20 million for the quarter, compared to analyst estimates of $828.15 million. During the same period in the prior year, the firm earned $2.18 earnings per share. IDEX’s revenue for the quarter was down 4.6% on a year-over-year basis. On average, research analysts anticipate that IDEX Co. will post 7.88 earnings per share for the current fiscal year.

IDEX Company Profile

IDEX Corporation, together with its subsidiaries, provides applied solutions 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, valves, small volume provers, flow meters, injectors, and other fluid-handling pump modules and systems, as well as flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries.