Procyon Advisors LLC Buys 888 Shares of IDEX Co. (NYSE:IEX)

Procyon Advisors LLC raised its stake in IDEX Co. (NYSE:IEX) by 72.7% in the third quarter, Holdings Channel reports. The fund owned 2,109 shares of the industrial products company’s stock after purchasing an additional 888 shares during the quarter. Procyon Advisors LLC’s holdings in IDEX were worth $452,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its holdings in shares of IDEX by 7.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,964,956 shares of the industrial products company’s stock worth $1,943,609,000 after acquiring an additional 555,250 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in shares of IDEX by 75.6% in the second quarter. Hsbc Holdings PLC now owns 519,124 shares of the industrial products company’s stock worth $104,179,000 after acquiring an additional 223,422 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of IDEX by 20.0% in the second quarter. Dimensional Fund Advisors LP now owns 470,672 shares of the industrial products company’s stock worth $94,698,000 after acquiring an additional 78,551 shares during the last quarter. CCLA Investment Management lifted its holdings in shares of IDEX by 1.8% in the second quarter. CCLA Investment Management now owns 433,403 shares of the industrial products company’s stock worth $86,697,000 after acquiring an additional 7,615 shares during the last quarter. Finally, Ceredex Value Advisors LLC lifted its holdings in shares of IDEX by 25.8% in the second quarter. Ceredex Value Advisors LLC now owns 416,375 shares of the industrial products company’s stock worth $83,775,000 after acquiring an additional 85,434 shares during the last quarter. Institutional investors own 97.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on IEX. StockNews.com downgraded IDEX from a “buy” rating to a “hold” rating in a research note on Thursday, July 11th. Argus downgraded IDEX from a “buy” rating to a “hold” rating in a research note on Wednesday, August 14th. Oppenheimer lowered their price objective on IDEX from $245.00 to $238.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Robert W. Baird lowered their price objective on IDEX from $256.00 to $241.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, DA Davidson decreased their target price on shares of IDEX from $220.00 to $210.00 and set a “neutral” rating for the company in a research report on Monday, August 5th. Three equities research 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 stock presently has an average rating of “Moderate Buy” and a consensus price target of $238.29.

IDEX Stock Performance

NYSE:IEX opened at $211.76 on Wednesday. The company has a market capitalization of $16.03 billion, a PE ratio of 27.86, a P/E/G ratio of 2.20 and a beta of 0.95. The company has a 50 day simple moving average of $203.78 and a two-hundred day simple moving average of $209.83. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.52 and a current ratio of 3.41. IDEX Co. has a fifty-two week low of $183.76 and a fifty-two week high of $246.36.

IDEX (NYSE:IEX) last posted its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $2.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.02. The firm had revenue of $807.20 million for 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 company’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.18 EPS. Research analysts anticipate that IDEX Co. will post 7.88 earnings per share for the current year.

IDEX Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.30%. 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.