PNC Financial Services Group Inc. Lowers Position in IDEX Co. (NYSE:IEX)

PNC Financial Services Group Inc. lessened its holdings in IDEX Co. (NYSE:IEX) by 1.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,677 shares of the industrial products company’s stock after selling 244 shares during the period. PNC Financial Services Group Inc.’s holdings in IDEX were worth $4,650,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Catalyst Capital Advisors LLC lifted its stake in shares of IDEX by 73.8% in the third quarter. Catalyst Capital Advisors LLC now owns 139 shares of the industrial products company’s stock worth $30,000 after buying an additional 59 shares in the last quarter. Assetmark Inc. acquired a new stake in IDEX during the third quarter worth $39,000. EdgeRock Capital LLC purchased a new stake in IDEX in the 2nd quarter valued at about $41,000. Whittier Trust Co. lifted its holdings in shares of IDEX by 38.4% in the 2nd quarter. Whittier Trust Co. now owns 209 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 58 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt boosted its position in shares of IDEX by 100.0% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 200 shares of the industrial products company’s stock worth $43,000 after buying an additional 100 shares during the period. 97.96% of the stock is owned by institutional investors and hedge funds.

IDEX Stock Up 2.2 %

IEX stock opened at $232.50 on Monday. The firm has a market capitalization of $17.61 billion, a PE ratio of 35.99, a P/E/G ratio of 2.40 and a beta of 0.96. The company’s 50 day simple moving average is $215.08 and its 200-day simple moving average is $207.77. IDEX Co. has a 12 month low of $189.51 and a 12 month high of $246.36. 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 announced its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.01. IDEX had a net margin of 15.35% and a return on equity of 15.92%. The business had revenue of $798.20 million for the quarter, compared to the consensus estimate of $793.05 million. During the same quarter in the prior year, the firm posted $2.12 earnings per share. The company’s quarterly revenue was up .6% compared to the same quarter last year. Equities analysts expect that IDEX Co. will post 7.88 earnings per share for the current fiscal year.

IDEX Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 17th will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date is Friday, January 17th. IDEX’s payout ratio is 42.72%.

Analyst Ratings Changes

IEX has been the subject of a number of research reports. Argus cut shares of IDEX from a “buy” rating to a “hold” rating in a report on Wednesday, August 14th. Robert W. Baird reduced their target price on IDEX from $245.00 to $241.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. 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 note on Wednesday, August 7th. Oppenheimer dropped their target price on IDEX from $245.00 to $238.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Finally, DA Davidson cut their price target on shares of IDEX from $220.00 to $210.00 and set a “neutral” rating for the company in a 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 data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.