IDEX Co. (NYSE:IEX) Holdings Trimmed by Truist Financial Corp

Truist Financial Corp cut its holdings in IDEX Co. (NYSE:IEX) by 14.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,354 shares of the industrial products company’s stock after selling 8,644 shares during the quarter. Truist Financial Corp owned about 0.07% of IDEX worth $10,131,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Riverview Trust Co acquired a new stake in IDEX during the first quarter valued at approximately $35,000. Quarry LP acquired a new stake in shares of IDEX during the 4th quarter valued at $36,000. EdgeRock Capital LLC bought a new stake in shares of IDEX during the 2nd quarter worth $41,000. Whittier Trust Co. grew its holdings in shares of IDEX by 38.4% in the 2nd quarter. Whittier Trust Co. now owns 209 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 58 shares during the last quarter. Finally, UMB Bank n.a. lifted its holdings in shares of IDEX by 31.0% during the second quarter. UMB Bank n.a. now owns 241 shares of the industrial products company’s stock valued at $48,000 after purchasing an additional 57 shares during the last quarter. 97.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on IEX shares. StockNews.com cut IDEX from a “buy” rating to a “hold” rating in a research note on Thursday, July 11th. Oppenheimer cut their price target on shares of IDEX from $245.00 to $238.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Robert W. Baird decreased their price objective on shares of IDEX from $256.00 to $241.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Royal Bank of Canada cut their target price on shares of IDEX from $250.00 to $236.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, Argus cut IDEX from a “buy” rating to a “hold” rating in a research report on Wednesday, August 14th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $238.29.

IDEX Price Performance

IEX opened at $211.10 on Friday. The company has a current ratio of 3.41, a quick ratio of 2.52 and a debt-to-equity ratio of 0.36. IDEX Co. has a 1 year low of $183.76 and a 1 year high of $246.36. The stock has a fifty day moving average price of $202.34 and a 200 day moving average price of $211.90. The stock has a market cap of $15.98 billion, a price-to-earnings ratio of 27.78, a PEG ratio of 2.22 and a beta of 0.95.

IDEX (NYSE:IEX) last announced its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $2.06 EPS for the quarter, beating the consensus estimate of $2.04 by $0.02. The business had revenue of $807.20 million during the quarter, compared to analysts’ expectations of $828.15 million. IDEX had a return on equity of 16.87% and a net margin of 18.19%. The firm’s quarterly revenue was down 4.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.18 EPS. Analysts forecast that IDEX Co. will post 7.88 EPS for the current fiscal year.

IDEX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend is Friday, October 11th. IDEX’s payout ratio 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.