Duff & Phelps Investment Management Co. Reduces Stake in IDEX Co. (NYSE:IEX)

Duff & Phelps Investment Management Co. lessened its position in shares of IDEX Co. (NYSE:IEX) by 13.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 86,620 shares of the industrial products company’s stock after selling 13,296 shares during the period. Duff & Phelps Investment Management Co. owned approximately 0.11% of IDEX worth $17,428,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. UBS Group AG raised its position 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 worth $12,431,000 after buying an additional 36,606 shares in the last quarter. TD Asset Management Inc increased its stake in IDEX by 3.9% in the 4th quarter. TD Asset Management Inc now owns 144,916 shares of the industrial products company’s stock worth $31,463,000 after acquiring an additional 5,476 shares during the last quarter. Treasurer of the State of North Carolina raised its holdings in shares of IDEX by 0.9% in the 4th quarter. Treasurer of the State of North Carolina now owns 35,567 shares of the industrial products company’s stock valued at $7,722,000 after acquiring an additional 325 shares in the last quarter. TFO Wealth Partners LLC boosted its position in shares of IDEX by 76,500.0% during the 4th quarter. TFO Wealth Partners LLC now owns 766 shares of the industrial products company’s stock valued at $166,000 after acquiring an additional 765 shares during the last quarter. Finally, Evoke Wealth LLC purchased a new position in shares of IDEX during the fourth quarter worth about $609,000. 97.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on IEX shares. Argus downgraded shares of IDEX from a “buy” rating to a “hold” rating in a research note on Wednesday, August 14th. Royal Bank of Canada reduced their target price on IDEX from $250.00 to $236.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Oppenheimer dropped their price target on IDEX from $245.00 to $238.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Stifel Nicolaus reduced their price objective on IDEX from $265.00 to $236.00 and set a “buy” rating on the stock in a research report on Thursday, July 18th. Finally, DA Davidson cut their target price on IDEX from $220.00 to $210.00 and set a “neutral” rating for the company in a research note on Monday, August 5th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $233.50.

IDEX Price Performance

IEX opened at $214.98 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.41 and a quick ratio of 2.52. The stock’s 50 day simple moving average is $201.48 and its 200 day simple moving average is $212.70. The firm has a market cap of $16.27 billion, a price-to-earnings ratio of 28.29, a PEG ratio of 2.22 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 issued its earnings results on Wednesday, July 31st. The industrial products company reported $2.06 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $828.15 million. During the same quarter last year, the business earned $2.18 earnings per share. The business’s revenue was down 4.6% on a year-over-year basis. As a group, analysts predict that IDEX Co. will post 7.88 earnings per share for the current year.

IDEX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be issued a dividend of $0.69 per share. The ex-dividend date is Friday, October 11th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.28%. IDEX’s dividend payout ratio is currently 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.