Soltis Investment Advisors LLC Buys New Stake in IDEX Corporation $IEX

Soltis Investment Advisors LLC bought a new position in shares of IDEX Corporation (NYSE:IEX) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 7,479 shares of the industrial products company’s stock, valued at approximately $1,705,000.

Several other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in IDEX in the 2nd quarter valued at $1,301,393,000. Primecap Management Co. CA acquired a new position in IDEX in the 2nd quarter valued at $748,951,000. Bank of America Corp DE increased its position in IDEX by 215.0% during the 1st quarter. Bank of America Corp DE now owns 1,094,101 shares of the industrial products company’s stock worth $207,387,000 after buying an additional 746,732 shares during the period. Alyeska Investment Group L.P. increased its position in IDEX by 101.4% during the 2nd quarter. Alyeska Investment Group L.P. now owns 1,042,703 shares of the industrial products company’s stock worth $236,641,000 after buying an additional 525,048 shares during the period. Finally, Freestone Grove Partners LP acquired a new stake in shares of IDEX during the second quarter worth $102,523,000. 97.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

IEX has been the subject of a number of recent research reports. DA Davidson set a $245.00 target price on shares of IDEX in a research report on Thursday. KeyCorp upgraded shares of IDEX to a “hold” rating in a research note on Monday, October 12th. Argus raised their price target on shares of IDEX from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Oppenheimer lifted their price objective on shares of IDEX from $275.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, TD Cowen lifted their price objective on shares of IDEX from $260.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $263.64.

IDEX Trading Down 2.3%

Shares of NYSE:IEX opened at $233.73 on Friday. The company has a market capitalization of $17.17 billion, a P/E ratio of 32.46, a P/E/G ratio of 2.68 and a beta of 0.97. IDEX Corporation has a 1 year low of $160.60 and a 1 year high of $243.80. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.78 and a quick ratio of 2.15. The business’s 50 day simple moving average is $230.11 and its 200 day simple moving average is $215.96.

IDEX (NYSE:IEX) last posted its quarterly earnings data on Wednesday, October 28th. The industrial products company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $2.24 by $0.09. The firm had revenue of $951.70 million for the quarter, compared to analyst estimates of $934.36 million. IDEX had a return on equity of 16.18% and a net margin of 14.65%. The company’s revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the company earned $2.03 EPS. On average, research analysts anticipate that IDEX Corporation will post 8.94 EPS for the current fiscal year.

IDEX Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 16th. Stockholders of record on Friday, October 2nd were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, October 2nd. IDEX’s dividend payout ratio is 40.56%.

Insider Activity

In related news, CAO Lisa Anderson sold 385 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $238.59, for a total value of $91,857.15. Following the transaction, the chief accounting officer owned 4,327 shares in the company, valued at approximately $1,032,378.93. This trade represents a 8.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.50% of the company’s stock.

IDEX Profile

IDEX Corporation is an industrial manufacturing company headquartered in Lake Forest, Illinois. The company designs and produces engineered products and technologies used to move, control, measure and apply fluids, as well as equipment used in fire and safety applications.

IDEX operates through businesses serving fluid and metering technologies, health and science technologies, and fire and safety markets. Its products include pumps, valves, flow meters, compressors, dispensing equipment, precision fluidics components and systems, fire pumps, rescue tools and other specialized equipment.

The company serves a broad range of industries, including healthcare, life sciences, water and wastewater, chemical processing, energy, food and beverage, agriculture, industrial manufacturing and municipal fire protection.