TRU Independence Asset Management 2 LLC acquired a new stake in IDEX Co. (NYSE:IEX) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 155 shares of the industrial products company’s stock, valued at approximately $31,000.
Several other institutional investors have also added to or reduced their stakes in IEX. Perigon Wealth Management LLC bought a new position in shares of IDEX in the fourth quarter valued at $26,000. Laurel Wealth Advisors LLC bought a new position in shares of IDEX in the fourth quarter valued at $30,000. ShoreHaven Wealth Partners LLC bought a new position in shares of IDEX in the fourth quarter valued at $30,000. Penserra Capital Management LLC lifted its stake in shares of IDEX by 54.9% in the fourth quarter. Penserra Capital Management LLC now owns 158 shares of the industrial products company’s stock valued at $31,000 after buying an additional 56 shares in the last quarter. Finally, Encompass Wealth Advisors LLC purchased a new stake in shares of IDEX in the fourth quarter valued at about $31,000. 96.59% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have recently commented on IEX. Zacks Investment Research upgraded shares of IDEX from a “hold” rating to a “buy” rating and set a $199.00 target price for the company in a report on Friday, February 5th. Morgan Stanley began coverage on shares of IDEX in a report on Wednesday, March 31st. They issued an “overweight” rating and a $230.00 target price for the company. Cowen downgraded shares of IDEX from an “outperform” rating to a “market perform” rating and increased their target price for the company from $200.00 to $220.00 in a report on Thursday, January 14th. Wells Fargo & Company reiterated a “buy” rating and issued a $178.00 target price on shares of IDEX in a report on Tuesday, February 9th. Finally, Rosenblatt Securities increased their target price on shares of IDEX from $220.00 to $225.00 and gave the company a “buy” rating in a report on Friday, February 5th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $187.40.
IDEX (NYSE:IEX) last released its quarterly earnings data on Tuesday, February 2nd. The industrial products company reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.06. The company had revenue of $614.80 million during the quarter, compared to analyst estimates of $601.26 million. IDEX had a net margin of 15.94% and a return on equity of 17.21%. IDEX’s revenue was up 1.5% compared to the same quarter last year. During the same period last year, the business earned $1.33 earnings per share. Sell-side analysts predict that IDEX Co. will post 5.15 EPS for the current year.
In related news, SVP Denise R. Cade sold 3,750 shares of the stock in a transaction dated Tuesday, February 16th. The shares were sold at an average price of $200.11, for a total value of $750,412.50. 1.10% of the stock is owned by company insiders.
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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