Stock Yards Bank & Trust Co. Cuts Stake in IDEX Co. (NYSE:IEX)

Stock Yards Bank & Trust Co. reduced its stake in shares of IDEX Co. (NYSE:IEX) by 27.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,632 shares of the industrial products company’s stock after selling 988 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in IDEX were worth $530,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Boston Trust Walden Corp grew its holdings in IDEX by 3.3% during the 2nd 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 in the last quarter. UBS Group AG grew its holdings in shares of IDEX by 177.3% in the fourth 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 in the last quarter. Qsemble Capital Management LP purchased a new position in shares of IDEX in the second quarter valued at $3,627,000. SG Americas Securities LLC grew its holdings in shares of IDEX by 241.3% in the first quarter. SG Americas Securities LLC now owns 37,561 shares of the industrial products company’s stock valued at $9,166,000 after purchasing an additional 26,557 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of IDEX by 90.1% in the first 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 in the last quarter. 97.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on IEX shares. TD Cowen cut their target price on shares of IDEX from $240.00 to $230.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Royal Bank of Canada cut their target price on shares of IDEX from $250.00 to $236.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. StockNews.com downgraded IDEX from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. Oppenheimer lowered their price target on IDEX from $245.00 to $238.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Finally, Stifel Nicolaus lowered their price target on IDEX from $265.00 to $236.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $233.50.

IDEX Stock Up 1.0 %

Shares of IEX opened at $204.69 on Wednesday. The firm has a market capitalization of $15.49 billion, a P/E ratio of 26.93, a P/E/G ratio of 2.09 and a beta of 0.95. IDEX Co. has a 12-month low of $183.76 and a 12-month high of $246.36. 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 firm has a fifty day moving average price of $200.46 and a 200-day moving average price of $214.32.

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

IDEX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 26th. Investors of record on Friday, July 12th were paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date was Friday, July 12th. IDEX’s dividend payout ratio (DPR) is presently 36.32%.

IDEX 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.