Zurcher Kantonalbank Zurich Cantonalbank Grows Position in IDEX Corporation (NYSE:IEX)

Key Points

• Zurcher Kantonalbank increased its stake in IDEX Corporation by 174.0%, owning approximately 131,845 shares valued at $23.86 million as of the latest SEC filing.
• IDEX recently reported a quarterly earnings per share (EPS) of $1.75, surpassing analyst expectations and demonstrating a 1.7% revenue increase year-over-year.
• The company announced a quarterly dividend of $0.71 per share, translating to an annualized yield of 1.53%, with a payout ratio of 45.01%.

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in IDEX Corporation (NYSE:IEX - Free Report) by 174.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 131,845 shares of the industrial products company's stock after purchasing an additional 83,718 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.17% of IDEX worth $23,860,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Alps Advisors Inc. grew its stake in shares of IDEX by 1.0% in the first quarter. Alps Advisors Inc. now owns 5,990 shares of the industrial products company's stock worth $1,084,000 after acquiring an additional 60 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of IDEX by 1.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,925 shares of the industrial products company's stock worth $1,031,000 after acquiring an additional 61 shares during the last quarter. Oppenheimer Asset Management Inc. grew its stake in shares of IDEX by 0.7% in the first quarter. Oppenheimer Asset Management Inc. now owns 8,332 shares of the industrial products company's stock worth $1,508,000 after acquiring an additional 61 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in shares of IDEX by 81.0% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 143 shares of the industrial products company's stock valued at $26,000 after buying an additional 64 shares during the last quarter. Finally, Laird Norton Wetherby Wealth Management LLC boosted its position in shares of IDEX by 3.2% during the fourth quarter. Laird Norton Wetherby Wealth Management LLC now owns 2,127 shares of the industrial products company's stock valued at $445,000 after buying an additional 66 shares during the last quarter. Institutional investors own 97.96% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Mizuho set a $185.00 price objective on IDEX in a research report on Friday, May 16th. Oppenheimer dropped their price objective on IDEX from $224.00 to $212.00 and set an "outperform" rating on the stock in a research report on Thursday. Stifel Nicolaus lowered their target price on IDEX from $238.00 to $204.00 and set a "buy" rating on the stock in a report on Thursday. Royal Bank Of Canada lowered their target price on IDEX from $207.00 to $200.00 and set an "outperform" rating on the stock in a report on Thursday. Finally, Citigroup increased their target price on IDEX from $208.00 to $216.00 and gave the company a "buy" rating in a report on Monday, July 14th. Two 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, IDEX currently has a consensus rating of "Moderate Buy" and a consensus price target of $209.63.

IDEX Stock Performance

Shares of NYSE IEX traded down $4.85 during trading on Friday, hitting $158.66. The company had a trading volume of 573,833 shares, compared to its average volume of 661,518. The stock has a 50 day simple moving average of $179.90 and a 200 day simple moving average of $185.58. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.99 and a current ratio of 3.05. IDEX Corporation has a 12 month low of $153.36 and a 12 month high of $238.22. The firm has a market capitalization of $11.99 billion, a P/E ratio of 25.69, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04.

IDEX (NYSE:IEX - Get Free Report) last issued its earnings results on Wednesday, July 30th. The industrial products company reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.07. The company had revenue of $865.40 million for the quarter, compared to the consensus estimate of $858.59 million. IDEX had a return on equity of 15.16% and a net margin of 14.05%. The firm's quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the company earned $2.06 EPS. As a group, analysts anticipate that IDEX Corporation will post 8.26 earnings per share for the current year.

IDEX Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 11th were paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, July 11th. IDEX's dividend payout ratio (DPR) is 45.88%.

Insider Transactions at IDEX

In related news, CFO Akhil Mahendra sold 250 shares of IDEX stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $180.89, for a total transaction of $45,222.50. Following the sale, the chief financial officer owned 5,035 shares of the company's stock, valued at approximately $910,781.15. This trade represents a 4.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.50% of the company's stock.

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.