Toronto Dominion Bank trimmed its stake in IDEX Co. (NYSE:IEX) by 15.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,552 shares of the industrial products company’s stock after selling 7,647 shares during the period. Toronto Dominion Bank’s holdings in IDEX were worth $8,907,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Pinnacle Bancorp Inc. bought a new stake in IDEX during the first quarter valued at approximately $26,000. CWM LLC lifted its holdings in shares of IDEX by 112.7% during the 1st quarter. CWM LLC now owns 134 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 71 shares during the last quarter. SOA Wealth Advisors LLC. purchased a new position in IDEX in the fourth quarter worth $29,000. Laurel Wealth Advisors LLC bought a new position in IDEX in the fourth quarter valued at $30,000. Finally, ShoreHaven Wealth Partners LLC bought a new stake in IDEX during the fourth quarter worth about $30,000. 96.93% of the stock is currently owned by institutional investors and hedge funds.
In other news, SVP Denise R. Cade sold 2,165 shares of the business’s stock in a transaction on Wednesday, May 5th. The stock was sold at an average price of $228.00, for a total value of $493,620.00. Following the completion of the transaction, the senior vice president now owns 9,824 shares in the company, valued at $2,239,872. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Denise R. Cade sold 10,835 shares of the company’s stock in a transaction on Monday, May 10th. The shares were sold at an average price of $228.00, for a total value of $2,470,380.00. Following the transaction, the senior vice president now directly owns 10,893 shares in the company, valued at $2,483,604. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by company insiders.
IDEX (NYSE:IEX) last announced its quarterly earnings data on Monday, April 26th. The industrial products company reported $1.51 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.41 by $0.10. IDEX had a return on equity of 16.70% and a net margin of 16.13%. The business had revenue of $652.04 million during the quarter, compared to analysts’ expectations of $634.96 million. During the same quarter in the previous year, the business earned $1.33 earnings per share. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year. As a group, sell-side analysts forecast that IDEX Co. will post 6.16 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, May 28th. Investors of record on Monday, May 24th were paid a $0.54 dividend. This is a boost from IDEX’s previous quarterly dividend of $0.50. The ex-dividend date was Friday, May 21st. This represents a $2.16 dividend on an annualized basis and a yield of 0.98%. IDEX’s payout ratio is presently 41.62%.
Several research analysts have commented on the stock. Royal Bank of Canada lifted their price target on shares of IDEX from $232.00 to $247.00 and gave the stock an “outperform” rating in a research note on Thursday, April 29th. Wells Fargo & Company lifted their price target on IDEX from $240.00 to $260.00 and gave the stock an “overweight” rating in a research note on Monday, May 3rd. DA Davidson upped their price target on shares of IDEX from $190.00 to $205.00 and gave the company a “neutral” rating in a report on Thursday, April 29th. They noted that the move was a valuation call. Rosenblatt Securities raised their target price on IDEX from $225.00 to $255.00 and gave the stock a “buy” rating in a research note on Monday, May 3rd. Finally, Morgan Stanley upped their target price on IDEX from $230.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday, April 29th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. IDEX presently has an average rating of “Buy” and a consensus target price of $223.44.
IDEX Company Profile
IDEX Corporation, together with its subsidiaries, operates as an applied solutions company 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, small volume provers, flow meters, injectors, and other fluid-handling pump modules and systems, as well as offers flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries.
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