Canada Pension Plan Investment Board Raises Stake in IDEX Co. (NYSE:IEX)

Canada Pension Plan Investment Board increased its stake in IDEX Co. (NYSE:IEX) by 34.2% during the second quarter, according to its most recent filing with the SEC. The fund owned 39,981 shares of the industrial products company’s stock after buying an additional 10,185 shares during the quarter. Canada Pension Plan Investment Board owned 0.05% of IDEX worth $8,044,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Riverview Trust Co purchased a new position in shares of IDEX in the 1st quarter worth about $35,000. Quarry LP purchased a new position in shares of IDEX in the 4th quarter worth about $36,000. EdgeRock Capital LLC bought a new stake in IDEX in the 2nd quarter valued at about $41,000. Whittier Trust Co. raised its stake in IDEX by 38.4% in the 2nd quarter. Whittier Trust Co. now owns 209 shares of the industrial products company’s stock valued at $42,000 after acquiring an additional 58 shares during the period. Finally, UMB Bank n.a. raised its stake in IDEX by 31.0% in the 2nd quarter. UMB Bank n.a. now owns 241 shares of the industrial products company’s stock valued at $48,000 after acquiring an additional 57 shares during the period. 97.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

IDEX Stock Up 1.2 %

IEX stock opened at $212.48 on Wednesday. The company has a current ratio of 3.41, a quick ratio of 2.52 and a debt-to-equity ratio of 0.36. The company’s 50 day moving average is $201.13 and its 200 day moving average is $213.09. The stock has a market cap of $16.08 billion, a price-to-earnings ratio of 27.96, a price-to-earnings-growth ratio of 2.09 and a beta of 0.95. IDEX Co. has a 1-year low of $183.76 and a 1-year high of $246.36.

IDEX (NYSE:IEX) last posted its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $2.06 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.02. The company had revenue of $807.20 million for the quarter, compared to analysts’ expectations of $828.15 million. IDEX had a net margin of 18.19% and a return on equity of 16.87%. IDEX’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.18 earnings per share. Sell-side analysts predict that IDEX Co. will post 7.88 EPS for the current fiscal year.

IDEX Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 1.30%. The ex-dividend date of this dividend is Friday, October 11th. IDEX’s dividend payout ratio (DPR) is 36.32%.

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.