Bank of New York Mellon Corp Reduces Position in IDEX Co. (NYSE:IEX)

Bank of New York Mellon Corp lessened its position in shares of IDEX Co. (NYSE:IEX – Get Rating) by 2.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 631,642 shares of the industrial products company’s stock after selling 15,654 shares during the quarter. Bank of New York Mellon Corp’s holdings in IDEX were worth $126,233,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. CCLA Investment Management acquired a new stake in IDEX during the 3rd quarter worth approximately $70,397,000. Vanguard Group Inc. lifted its position in IDEX by 2.8% during the 3rd quarter. Vanguard Group Inc. now owns 9,188,089 shares of the industrial products company’s stock worth $1,836,240,000 after acquiring an additional 252,058 shares during the period. FMR LLC lifted its position in IDEX by 22.3% during the 2nd quarter. FMR LLC now owns 1,245,130 shares of the industrial products company’s stock worth $226,153,000 after acquiring an additional 226,831 shares during the period. Millennium Management LLC lifted its position in IDEX by 68.9% during the 2nd quarter. Millennium Management LLC now owns 550,154 shares of the industrial products company’s stock worth $99,924,000 after acquiring an additional 224,333 shares during the period. Finally, Pictet Asset Management SA lifted its position in IDEX by 13.7% during the 3rd quarter. Pictet Asset Management SA now owns 1,602,662 shares of the industrial products company’s stock worth $320,292,000 after acquiring an additional 192,917 shares during the period. Hedge funds and other institutional investors own 96.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Robert W. Baird increased their price objective on IDEX from $227.00 to $255.00 and gave the stock an “outperform” rating in a research report on Thursday, February 2nd. Mizuho raised their price target on IDEX from $225.00 to $227.00 and gave the company a “neutral” rating in a report on Thursday, February 2nd. Oppenheimer raised their price target on IDEX from $245.00 to $247.00 and gave the company an “outperform” rating in a report on Thursday, February 2nd. StockNews.com assumed coverage on IDEX in a report on Thursday. They issued a “hold” rating for the company. Finally, Stifel Nicolaus raised their price target on IDEX from $241.00 to $242.00 and gave the company a “hold” rating in a report on Friday, January 20th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $239.91.

IDEX Stock Performance

NYSE IEX opened at $215.74 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.57 and a quick ratio of 1.71. The business has a 50 day moving average price of $228.00 and a 200 day moving average price of $222.24. The company has a market capitalization of $16.29 billion, a P/E ratio of 27.98, a PEG ratio of 2.09 and a beta of 0.99. IDEX Co. has a 1-year low of $172.18 and a 1-year high of $246.23.

IDEX (NYSE:IEX – Get Rating) last released its quarterly earnings results on Wednesday, February 1st. The industrial products company reported $2.01 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.03. The company had revenue of $810.70 million during the quarter, compared to the consensus estimate of $772.75 million. IDEX had a return on equity of 21.44% and a net margin of 18.44%. IDEX’s revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.55 earnings per share. Sell-side analysts expect that IDEX Co. will post 8.61 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO William K. Grogan sold 3,181 shares of IDEX stock in a transaction on Thursday, February 9th. The stock was sold at an average price of $226.36, for a total value of $720,051.16. Following the completion of the sale, the chief financial officer now owns 13,864 shares of the company’s stock, valued at $3,138,255.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.50% of the stock is currently owned by company insiders.

IDEX Profile

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IDEX Corp. engages in the provision of engineering solutions. It operates through the following segments: Fluid and Metering Technologies, Health and Science Technologies, and Fire and Safety or Diversified Products. The Fluid and Metering Technologies segment is involved in the design, production, and distribution of displacement pumps, valves, flow meters, injectors, and fluid-handling pump modules and systems.