Pictet Asset Management Holding SA Sells 116,028 Shares of IDEX Corporation $IEX

Key Points

• Pictet Asset Management cut its IDEX stake by 9.2% in the third quarter, selling 116,028 shares; it still held 1.14 million shares worth about $260.5 million. Institutional investors collectively owned 97.96% of the company’s stock.
• IDEX beat quarterly earnings and revenue expectations, reporting EPS of $2.33 versus a $2.24 consensus and revenue of $951.7 million, up 8.3% year over year.
• Analyst sentiment was broadly positive: the stock had a “Moderate Buy” consensus rating and an average price target of $263.64. IDEX also paid a quarterly dividend of $0.73 per share, equivalent to a 1.3% yield.

Pictet Asset Management Holding SA decreased its holdings in shares of IDEX Corporation (NYSE:IEX - Free Report) by 9.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,142,448 shares of the industrial products company's stock after selling 116,028 shares during the quarter. Pictet Asset Management Holding SA owned 1.55% of IDEX worth $260,466,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of IEX. Parallel Advisors LLC lifted its stake in shares of IDEX by 17.8% during the 3rd quarter. Parallel Advisors LLC now owns 1,008 shares of the industrial products company's stock worth $230,000 after acquiring an additional 152 shares during the last quarter. Kestra Advisory Services LLC bought a new position in IDEX in the 3rd quarter valued at $1,351,000. Chicago Partners Investment Group LLC grew its position in IDEX by 17.2% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 3,819 shares of the industrial products company's stock valued at $875,000 after acquiring an additional 560 shares during the last quarter. Rakuten Investment Management Inc. grew its position in IDEX by 9.4% in the 3rd quarter. Rakuten Investment Management Inc. now owns 13,251 shares of the industrial products company's stock valued at $3,053,000 after acquiring an additional 1,134 shares during the last quarter. Finally, Next Level Wealth Planning LLC purchased a new stake in IDEX in the third quarter worth $88,000. 97.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at IDEX

In related news, CAO Lisa Anderson sold 385 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $238.59, for a total value of $91,857.15. Following the completion of the sale, the chief accounting officer directly owned 4,327 shares of the company's stock, valued at $1,032,378.93. This represents a 8.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is owned by insiders.

IDEX Trading Up 2.0%

IEX opened at $227.06 on Friday. The company has a quick ratio of 1.95, a current ratio of 2.78 and a debt-to-equity ratio of 0.44. The stock's fifty day moving average is $229.90 and its two-hundred day moving average is $216.92. The company has a market capitalization of $16.68 billion, a P/E ratio of 31.54, a PEG ratio of 2.54 and a beta of 0.95. IDEX Corporation has a 52 week low of $160.60 and a 52 week high of $243.80.

IDEX (NYSE:IEX - Get Free Report) last issued its earnings results on Wednesday, October 28th. The industrial products company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.24 by $0.09. IDEX had a return on equity of 16.18% and a net margin of 14.65%. The business had revenue of $951.70 million during the quarter, compared to analysts' expectations of $934.36 million. During the same period in the prior year, the business earned $2.03 EPS. The business's revenue for the quarter was up 8.3% compared to the same quarter last year. Analysts forecast that IDEX Corporation will post 8.95 earnings per share for the current year.

IDEX Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Friday, October 2nd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Friday, October 2nd. IDEX's payout ratio is presently 40.56%.

Wall Street Analyst Weigh In

IEX has been the subject of several research analyst reports. DA Davidson set a $245.00 target price on IDEX in a research report on Thursday, October 29th. KeyCorp upgraded shares of IDEX to a "hold" rating in a report on Monday, October 12th. Robert W. Baird set a $268.00 price target on shares of IDEX in a research note on Thursday, October 29th. Vertical Research began coverage on shares of IDEX in a report on Tuesday, September 8th. They set a "buy" rating and a $250.00 price objective for the company. Finally, Mizuho raised shares of IDEX from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $210.00 to $280.00 in a research report on Tuesday, August 11th. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, IDEX currently has an average rating of "Moderate Buy" and an average price target of $263.64.

About IDEX

IDEX Corporation is a diversified manufacturer of engineered products and technologies used in industrial, life sciences, fire and safety, and other specialized markets. Its offerings include pumps, valves, flow meters and dispensing equipment, as well as components and instruments used in fluidics, medical technology and scientific applications.

The company also supplies fire and rescue equipment, including tools and water-handling products. IDEX serves customers around the world through its operating businesses, which sell products for applications ranging from manufacturing and energy to healthcare and emergency response.

Founded in 1988, IDEX is headquartered in Northbrook, Illinois.

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