Hsbc Holdings PLC Buys 223,422 Shares of IDEX Co. (NYSE:IEX)

Hsbc Holdings PLC raised its stake in IDEX Co. (NYSE:IEX) by 75.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 519,124 shares of the industrial products company’s stock after purchasing an additional 223,422 shares during the quarter. Hsbc Holdings PLC’s holdings in IDEX were worth $104,179,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of IEX. CCLA Investment Management raised its position in IDEX by 1.8% in the 2nd quarter. CCLA Investment Management now owns 433,403 shares of the industrial products company’s stock valued at $86,697,000 after buying an additional 7,615 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in shares of IDEX by 4.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 6,197 shares of the industrial products company’s stock worth $1,241,000 after acquiring an additional 260 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in shares of IDEX by 9.2% in the second quarter. Mercer Global Advisors Inc. ADV now owns 5,581 shares of the industrial products company’s stock valued at $1,124,000 after purchasing an additional 472 shares during the last quarter. Argent Trust Co bought a new position in shares of IDEX during the second quarter valued at about $294,000. Finally, Renaissance Technologies LLC purchased a new position in IDEX during the second quarter worth about $11,272,000. Institutional investors own 97.96% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Argus lowered shares of IDEX from a “buy” rating to a “hold” rating in a research note on Wednesday, August 14th. DA Davidson decreased their price target on IDEX from $220.00 to $210.00 and set a “neutral” rating for the company in a research report on Monday, August 5th. Robert W. Baird dropped their price target on IDEX from $256.00 to $241.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. StockNews.com downgraded IDEX from a “buy” rating to a “hold” rating in a research note on Thursday, July 11th. Finally, Oppenheimer lowered their target price on IDEX from $245.00 to $238.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $233.50.

IDEX Stock Performance

Shares of IEX opened at $205.60 on Thursday. 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 firm has a market cap of $15.56 billion, a PE ratio of 27.05, a PEG ratio of 2.09 and a beta of 0.95. IDEX Co. has a 1 year low of $183.76 and a 1 year high of $246.36. The stock’s fifty day moving average price is $200.65 and its two-hundred day moving average price is $214.08.

IDEX (NYSE:IEX) last announced its quarterly earnings data 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. The business 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 firm’s quarterly revenue was down 4.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.18 EPS. On average, equities research analysts forecast that IDEX Co. will post 7.88 EPS for the current year.

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.