Commerce Bank Sells 5,071 Shares of IDEX Co. (NYSE:IEX)

Commerce Bank lowered its position in IDEX Co. (NYSE:IEX) by 59.5% in the third quarter, Holdings Channel.com reports. The fund owned 3,455 shares of the industrial products company’s stock after selling 5,071 shares during the period. Commerce Bank’s holdings in IDEX were worth $741,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Boston Trust Walden Corp boosted its holdings in IDEX by 3.3% during the second quarter. Boston Trust Walden Corp now owns 223,892 shares of the industrial products company’s stock valued at $45,047,000 after purchasing an additional 7,222 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its stake in IDEX by 247.0% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 198,170 shares of the industrial products company’s stock valued at $39,872,000 after buying an additional 141,064 shares in the last quarter. Qsemble Capital Management LP bought a new stake in IDEX in the second quarter valued at $3,627,000. Marshall Wace LLP raised its stake in IDEX by 162.1% during the second quarter. Marshall Wace LLP now owns 101,558 shares of the industrial products company’s stock worth $20,433,000 after acquiring an additional 62,803 shares in the last quarter. Finally, Swedbank AB bought a new position in shares of IDEX during the first quarter valued at $11,765,000. Institutional investors and hedge funds own 97.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Royal Bank of Canada increased their target price on shares of IDEX from $236.00 to $248.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Oppenheimer dropped their price objective on shares of IDEX from $245.00 to $238.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Stifel Nicolaus boosted their target price on IDEX from $232.00 to $244.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Argus cut IDEX from a “buy” rating to a “hold” rating in a report on Wednesday, August 14th. Finally, DA Davidson reduced their price objective on IDEX from $220.00 to $210.00 and set a “neutral” rating on the stock in a research note 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’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $241.14.

IDEX Price Performance

IDEX stock opened at $236.09 on Tuesday. The stock has a market cap of $17.88 billion, a price-to-earnings ratio of 36.55, a P/E/G ratio of 2.46 and a beta of 0.96. IDEX Co. has a 12-month low of $189.51 and a 12-month high of $246.36. The company has a quick ratio of 2.11, a current ratio of 2.97 and a debt-to-equity ratio of 0.54. The business’s 50-day simple moving average is $215.75 and its 200 day simple moving average is $207.86.

IDEX (NYSE:IEX) last announced its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.01. The firm had revenue of $798.20 million for the quarter, compared to analysts’ expectations of $793.05 million. IDEX had a net margin of 15.35% and a return on equity of 15.92%. The business’s revenue for the quarter was up .6% on a year-over-year basis. During the same period last year, the firm earned $2.12 earnings per share. As a group, research analysts anticipate that IDEX Co. will post 7.88 earnings per share for the current year.

IDEX Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 17th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend is Friday, January 17th. IDEX’s payout ratio is 42.72%.

About IDEX

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.