Bank of Nova Scotia Decreases Stock Holdings in IDEX Co. (NYSE:IEX)

Bank of Nova Scotia trimmed its position in shares of IDEX Co. (NYSE:IEXGet Rating) by 62.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,301 shares of the industrial products company’s stock after selling 10,382 shares during the quarter. Bank of Nova Scotia’s holdings in IDEX were worth $1,145,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of IEX. Kestra Advisory Services LLC lifted its position in shares of IDEX by 6.1% during the first quarter. Kestra Advisory Services LLC now owns 1,271 shares of the industrial products company’s stock valued at $244,000 after buying an additional 73 shares during the last quarter. CCLA Investment Management Ltd lifted its position in shares of IDEX by 3.6% during the first quarter. CCLA Investment Management Ltd now owns 365,212 shares of the industrial products company’s stock valued at $68,306,000 after buying an additional 12,548 shares during the last quarter. Park Avenue Securities LLC lifted its position in shares of IDEX by 16.7% during the first quarter. Park Avenue Securities LLC now owns 1,611 shares of the industrial products company’s stock valued at $309,000 after buying an additional 230 shares during the last quarter. Mutual of America Capital Management LLC raised its position in shares of IDEX by 1.2% in the 1st quarter. Mutual of America Capital Management LLC now owns 10,194 shares of the industrial products company’s stock valued at $1,954,000 after purchasing an additional 116 shares during the last quarter. Finally, FDx Advisors Inc. raised its position in shares of IDEX by 26.7% in the 1st quarter. FDx Advisors Inc. now owns 3,484 shares of the industrial products company’s stock valued at $668,000 after purchasing an additional 734 shares during the last quarter. 96.52% of the stock is owned by hedge funds and other institutional investors.

IDEX Price Performance

Shares of NYSE IEX opened at $233.55 on Friday. The stock has a market capitalization of $17.61 billion, a price-to-earnings ratio of 30.93, a PEG ratio of 2.40 and a beta of 1.01. IDEX Co. has a 12 month low of $172.18 and a 12 month high of $240.33. The firm’s 50 day simple moving average is $212.04 and its 200-day simple moving average is $200.38. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.23 and a quick ratio of 2.33.

IDEX (NYSE:IEXGet Rating) last issued its quarterly earnings data on Tuesday, October 25th. The industrial products company reported $2.14 EPS for the quarter, topping analysts’ consensus estimates of $2.00 by $0.14. The business had revenue of $824.00 million for the quarter, compared to analysts’ expectations of $779.81 million. IDEX had a net margin of 18.66% and a return on equity of 20.68%. The business’s revenue was up 15.7% on a year-over-year basis. During the same quarter last year, the company earned $1.63 EPS. Analysts expect that IDEX Co. will post 8.08 EPS for the current year.

IDEX Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 27th. Stockholders of record on Friday, January 13th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, January 12th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.03%. IDEX’s payout ratio is 31.79%.

Analyst Upgrades and Downgrades

IEX has been the subject of several research analyst reports. Cowen increased their price objective on shares of IDEX to $240.00 in a research report on Tuesday, November 1st. Wells Fargo & Company increased their price objective on shares of IDEX from $260.00 to $265.00 and gave the company an “overweight” rating in a research report on Thursday, October 27th. Stifel Nicolaus decreased their price objective on shares of IDEX from $213.00 to $211.00 and set a “hold” rating for the company in a research report on Tuesday, October 11th. StockNews.com initiated coverage on shares of IDEX in a research report on Wednesday, October 12th. They issued a “buy” rating for the company. Finally, Morgan Stanley increased their price target on shares of IDEX from $225.00 to $235.00 and gave the stock an “overweight” rating in a report on Thursday, October 27th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, IDEX has a consensus rating of “Moderate Buy” and an average target price of $224.58.

Insider Activity at IDEX

In related news, CFO William K. Grogan sold 843 shares of IDEX stock in a transaction on Friday, October 28th. The shares were sold at an average price of $50.45, for a total value of $42,529.35. Following the sale, the chief financial officer now owns 127,689 shares of the company’s stock, valued at approximately $6,441,910.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Livingston Satterthwaite sold 3,075 shares of IDEX stock in a transaction on Wednesday, November 2nd. The shares were sold at an average price of $222.69, for a total value of $684,771.75. Following the sale, the director now owns 13,232 shares of the company’s stock, valued at approximately $2,946,634.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William K. Grogan sold 843 shares of the firm’s stock in a transaction on Friday, October 28th. The shares were sold at an average price of $50.45, for a total value of $42,529.35. Following the completion of the transaction, the chief financial officer now owns 127,689 shares in the company, valued at approximately $6,441,910.05. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,766 shares of company stock valued at $2,097,044. 0.50% of the stock is owned by company insiders.

IDEX Profile

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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, small volume provers, flow meters, injectors, and other fluid-handling pump modules and systems, as well as offers flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries.

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Institutional Ownership by Quarter for IDEX (NYSE:IEX)

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