Traders Buy IDEX Corporation (IEX) on Weakness

Investors bought shares of IDEX Corporation (NYSE:IEX) on weakness during trading hours on Tuesday. $38.38 million flowed into the stock on the tick-up and $10.67 million flowed out of the stock on the tick-down, for a money net flow of $27.71 million into the stock. Of all equities tracked, IDEX Corporation had the 19th highest net in-flow for the day. IDEX Corporation traded down ($0.95) for the day and closed at $115.59

A number of equities research analysts have commented on IEX shares. Zacks Investment Research cut shares of IDEX Corporation from a “buy” rating to a “hold” rating in a report on Monday, May 22nd. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of IDEX Corporation in a research note on Wednesday, May 24th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $102.00 price objective (up from $99.00) on shares of IDEX Corporation in a research note on Friday, April 21st. BMO Capital Markets reaffirmed a “hold” rating and issued a $110.00 price objective on shares of IDEX Corporation in a research note on Friday, July 28th. Finally, Seaport Global Securities reaffirmed a “neutral” rating on shares of IDEX Corporation in a research note on Wednesday, June 21st. Ten research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $105.00.

The stock has a market cap of $8.63 billion, a P/E ratio of 30.28 and a beta of 1.20. The firm’s 50-day moving average price is $114.59 and its 200-day moving average price is $103.43.

IDEX Corporation (NYSE:IEX) last issued its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.02. IDEX Corporation had a net margin of 13.12% and a return on equity of 19.01%. The firm had revenue of $573.40 million for the quarter, compared to analysts’ expectations of $568.43 million. During the same quarter in the prior year, the business earned $0.99 EPS. The business’s quarterly revenue was up 4.3% on a year-over-year basis. On average, equities research analysts predict that IDEX Corporation will post $4.23 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 31st. Stockholders of record on Friday, July 14th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.31%. The ex-dividend date was Wednesday, July 12th. IDEX Corporation’s dividend payout ratio (DPR) is presently 39.68%.

In other news, Chairman Andrew K. Silvernail sold 50,000 shares of the stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $115.00, for a total value of $5,750,000.00. Following the transaction, the chairman now owns 142,114 shares in the company, valued at approximately $16,343,110. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is owned by corporate insiders.

Several institutional investors have recently modified their holdings of IEX. BlackRock Inc. boosted its position in shares of IDEX Corporation by 8.8% in the second quarter. BlackRock Inc. now owns 6,993,420 shares of the industrial products company’s stock valued at $790,326,000 after buying an additional 568,369 shares during the period. Vanguard Group Inc. boosted its stake in IDEX Corporation by 2.1% in the second quarter. Vanguard Group Inc. now owns 6,380,482 shares of the industrial products company’s stock worth $721,058,000 after buying an additional 134,086 shares during the last quarter. Capital World Investors boosted its stake in IDEX Corporation by 0.4% in the second quarter. Capital World Investors now owns 5,989,771 shares of the industrial products company’s stock worth $676,904,000 after buying an additional 24,401 shares during the last quarter. Wellington Management Group LLP boosted its stake in IDEX Corporation by 1.4% in the first quarter. Wellington Management Group LLP now owns 2,830,339 shares of the industrial products company’s stock worth $264,665,000 after buying an additional 39,295 shares during the last quarter. Finally, State Street Corp boosted its stake in IDEX Corporation by 20.6% in the second quarter. State Street Corp now owns 2,396,039 shares of the industrial products company’s stock worth $270,781,000 after buying an additional 409,654 shares during the last quarter. Hedge funds and other institutional investors own 98.67% of the company’s stock.

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About IDEX Corporation

IDEX Corporation (IDEX) operates an applied solutions business that sells pumps, flow meters and other fluidics systems, and components and engineered products. The Company operates through three segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST) and Fire & Safety/Diversified Products (FSDP).

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