Envestnet Portfolio Solutions Inc. Trims Stake in IDEX Co. (NYSE:IEX)

Envestnet Portfolio Solutions Inc. reduced its position in IDEX Co. (NYSE:IEX) by 27.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,180 shares of the industrial products company’s stock after selling 1,598 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in IDEX were worth $841,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Riverview Trust Co purchased a new position in shares of IDEX in the 1st quarter valued at about $35,000. Quarry LP purchased a new stake in IDEX in the 4th quarter worth $36,000. EdgeRock Capital LLC purchased a new position in IDEX during the fourth quarter valued at $48,000. VisionPoint Advisory Group LLC purchased a new stake in shares of IDEX during the fourth quarter worth about $50,000. Finally, Headlands Technologies LLC acquired a new position in shares of IDEX during the 4th quarter worth about $52,000. Institutional investors and hedge funds own 97.96% of the company’s stock.

IDEX Trading Up 0.7 %

NYSE IEX opened at $196.58 on Monday. IDEX Co. has a 12 month low of $183.76 and a 12 month high of $246.36. The stock has a market capitalization of $14.88 billion, a P/E ratio of 25.87, a PEG ratio of 2.08 and a beta of 0.95. The firm’s 50-day moving average is $200.13 and its two-hundred day moving average is $218.39. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.41 and a quick ratio of 2.45.

IDEX (NYSE:IEX) last posted its earnings results on Wednesday, July 31st. The industrial products company reported $2.06 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.02. IDEX had a net margin of 18.19% and a return on equity of 16.87%. The firm had revenue of $807.20 million during the quarter, compared to the consensus estimate of $828.15 million. During the same quarter last year, the firm earned $2.18 EPS. The firm’s revenue for the quarter was down 4.6% on a year-over-year basis. On average, sell-side analysts anticipate that IDEX Co. will post 7.85 earnings per share for the current year.

IDEX Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 26th. Shareholders of record on Friday, July 12th were paid a dividend of $0.69 per share. The ex-dividend date of this dividend was Friday, July 12th. This represents a $2.76 dividend on an annualized basis and a yield of 1.40%. IDEX’s dividend payout ratio (DPR) is presently 36.32%.

Analyst Ratings Changes

Several research firms have commented on IEX. TD Cowen cut their price objective on IDEX from $240.00 to $230.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. DA Davidson decreased their price target on shares of IDEX from $220.00 to $210.00 and set a “neutral” rating on the stock in a research note on Monday, August 5th. StockNews.com downgraded shares of IDEX from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. Argus lowered IDEX from a “buy” rating to a “hold” rating in a research report on Wednesday, August 14th. Finally, Royal Bank of Canada dropped their target price on IDEX from $250.00 to $236.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Four equities research 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 stock currently has an average rating of “Moderate Buy” and a consensus target price of $235.33.

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.