Primecap Management Co. CA Sells 9,280 Shares of IDEX Co. (NYSE:IEX)

Primecap Management Co. CA cut its stake in shares of IDEX Co. (NYSE:IEX) by 3.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 294,495 shares of the industrial products company’s stock after selling 9,280 shares during the period. Primecap Management Co. CA’s holdings in IDEX were worth $63,169,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of IDEX by 7.1% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 250,443 shares of the industrial products company’s stock worth $53,720,000 after buying an additional 16,504 shares during the last quarter. King Luther Capital Management Corp boosted its holdings in shares of IDEX by 16.2% during the 3rd quarter. King Luther Capital Management Corp now owns 742,724 shares of the industrial products company’s stock valued at $159,314,000 after acquiring an additional 103,432 shares in the last quarter. Grandfield & Dodd LLC bought a new stake in IDEX during the 3rd quarter worth $211,000. Ontario Teachers Pension Plan Board increased its holdings in IDEX by 92.1% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,765 shares of the industrial products company’s stock worth $593,000 after purchasing an additional 1,326 shares in the last quarter. Finally, Prospera Private Wealth LLC bought a new position in IDEX in the third quarter valued at about $1,624,000. 97.96% of the stock is currently owned by institutional investors and hedge funds.

IDEX Stock Performance

Shares of IEX opened at $227.50 on Friday. The firm’s fifty day simple moving average is $214.43 and its two-hundred day simple moving average is $207.89. IDEX Co. has a 12 month low of $189.51 and a 12 month high of $246.36. The company has a current ratio of 2.97, a quick ratio of 2.11 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $17.23 billion, a P/E ratio of 35.22, a price-to-earnings-growth ratio of 2.36 and a beta of 0.96.

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

IDEX Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be given a dividend of $0.69 per share. The ex-dividend date is Friday, January 17th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.21%. IDEX’s payout ratio is presently 42.72%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on IEX shares. Argus cut IDEX from a “buy” rating to a “hold” rating in a report on Wednesday, August 14th. TD Cowen decreased their price target on shares of IDEX from $240.00 to $230.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Royal Bank of Canada lifted their price target on shares of IDEX from $236.00 to $248.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Robert W. Baird decreased their price objective on IDEX from $245.00 to $241.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Finally, DA Davidson reduced their price target on IDEX from $220.00 to $210.00 and set a “neutral” rating on the stock in a research report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, IDEX has an average rating of “Moderate Buy” and a consensus price target of $241.14.

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.