Massachusetts Financial Services Co. MA Reduces Stock Holdings in IDEX Co. (NYSE:IEX)

Massachusetts Financial Services Co. MA lessened its stake in shares of IDEX Co. (NYSE:IEX) by 70.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,590 shares of the industrial products company’s stock after selling 17,704 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in IDEX were worth $1,628,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of IEX. Boston Trust Walden Corp lifted its position in IDEX by 3.3% in 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 acquiring an additional 7,222 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its holdings in shares of 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 purchasing an additional 141,064 shares during the last quarter. Qsemble Capital Management LP acquired a new stake in shares of IDEX in the 2nd quarter valued at about $3,627,000. Marshall Wace LLP grew its stake in IDEX by 162.1% during the 2nd quarter. Marshall Wace LLP now owns 101,558 shares of the industrial products company’s stock worth $20,433,000 after buying an additional 62,803 shares during the last quarter. Finally, Swedbank AB acquired a new position in IDEX during the first quarter worth approximately $11,765,000. Institutional investors and hedge funds own 97.96% of the company’s stock.

Wall Street Analysts Forecast Growth

IEX has been the subject of several research analyst reports. Oppenheimer lowered their target price on shares of IDEX from $245.00 to $238.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Stifel Nicolaus raised their price objective on shares of IDEX from $232.00 to $244.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Royal Bank of Canada lifted their price objective on shares of IDEX from $236.00 to $248.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. TD Cowen dropped their price target on IDEX from $240.00 to $230.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, Robert W. Baird lowered their target price on IDEX from $245.00 to $241.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $241.14.

IDEX Stock Down 0.4 %

IEX opened at $231.10 on Thursday. The business has a 50 day simple moving average of $216.30 and a 200-day simple moving average of $207.90. IDEX Co. has a 12 month low of $189.51 and a 12 month high of $246.36. The stock has a market capitalization of $17.50 billion, a P/E ratio of 35.77, a P/E/G ratio of 2.50 and a beta of 0.96. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.97 and a quick ratio of 2.11.

IDEX (NYSE:IEX) last posted its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.01. The business 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 in the prior year, the company posted $2.12 EPS. On average, equities analysts anticipate that IDEX Co. will post 7.88 earnings per share for the current fiscal year.

IDEX Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend is Friday, January 17th. IDEX’s dividend payout ratio (DPR) 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.