Bank of Montreal Can Buys 16,868 Shares of IDEX Co. (NYSE:IEX)

Bank of Montreal Can increased its stake in IDEX Co. (NYSE:IEX) by 23.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,276 shares of the industrial products company’s stock after buying an additional 16,868 shares during the period. Bank of Montreal Can’s holdings in IDEX were worth $18,053,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Riverview Trust Co purchased a new position in shares of IDEX during the 1st quarter worth approximately $35,000. Quarry LP bought a new stake in shares of IDEX during the fourth quarter valued at approximately $36,000. EdgeRock Capital LLC purchased a new stake in IDEX in the second quarter worth $41,000. Whittier Trust Co. raised its holdings in IDEX by 38.4% in the second quarter. Whittier Trust Co. now owns 209 shares of the industrial products company’s stock worth $42,000 after purchasing an additional 58 shares in the last quarter. Finally, UMB Bank n.a. lifted its position in IDEX by 31.0% during the second quarter. UMB Bank n.a. now owns 241 shares of the industrial products company’s stock valued at $48,000 after buying an additional 57 shares during the period. 97.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

IDEX Stock Performance

IEX stock opened at $214.98 on Friday. The stock’s 50 day simple moving average is $201.48 and its 200 day simple moving average is $212.70. The company has a current ratio of 3.41, a quick ratio of 2.52 and a debt-to-equity ratio of 0.36. IDEX Co. has a 12-month low of $183.76 and a 12-month high of $246.36. The stock has a market capitalization of $16.27 billion, a PE ratio of 28.29, a price-to-earnings-growth ratio of 2.22 and a beta of 0.95.

IDEX (NYSE:IEX) last released its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $2.06 EPS for the quarter, beating the consensus estimate of $2.04 by $0.02. IDEX had a return on equity of 16.87% and a net margin of 18.19%. The company had revenue of $807.20 million for the quarter, compared to analysts’ expectations of $828.15 million. During the same period last year, the firm posted $2.18 earnings per share. IDEX’s revenue was down 4.6% compared to the same quarter last year. As a group, research analysts forecast that IDEX Co. will post 7.88 earnings per share for the current fiscal year.

IDEX Dividend Announcement

The business also recently disclosed 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 of this dividend is Friday, October 11th. This represents a $2.76 annualized dividend and a dividend yield of 1.28%. 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.