Toronto Dominion Bank Grows Stake in IDEX Co. (NYSE:IEX)

Toronto Dominion Bank raised its stake in shares of IDEX Co. (NYSE:IEX) by 2.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,356 shares of the industrial products company’s stock after acquiring an additional 900 shares during the quarter. Toronto Dominion Bank owned approximately 0.06% of IDEX worth $10,824,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of IEX. Planned Solutions Inc. acquired a new stake in shares of IDEX in the 4th quarter worth $33,000. Riverview Trust Co acquired a new position in shares of IDEX during the 1st quarter worth approximately $35,000. Quarry LP acquired a new position in shares of IDEX during the 4th quarter worth approximately $36,000. EdgeRock Capital LLC acquired a new position in IDEX in the fourth quarter valued at approximately $48,000. Finally, VisionPoint Advisory Group LLC acquired a new position in IDEX in the fourth quarter valued at approximately $50,000. Institutional investors own 97.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Citigroup upped their price objective on IDEX from $254.00 to $277.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Oppenheimer increased their target price on shares of IDEX from $245.00 to $252.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Stifel Nicolaus cut their price target on shares of IDEX from $265.00 to $236.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Robert W. Baird cut their price target on shares of IDEX from $260.00 to $256.00 and set an “outperform” rating for the company in a report on Thursday, April 25th. Finally, StockNews.com cut shares of IDEX from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, IDEX has an average rating of “Moderate Buy” and an average price target of $246.57.

IDEX Price Performance

Shares of IEX stock traded up $3.38 during mid-day trading on Friday, hitting $206.46. 278,603 shares of the stock traded hands, compared to its average volume of 426,342. IDEX Co. has a twelve month low of $183.76 and a twelve month high of $246.36. The firm has a market cap of $15.63 billion, a price-to-earnings ratio of 27.17, a price-to-earnings-growth ratio of 2.00 and a beta of 0.95. The company’s 50-day simple moving average is $204.33 and its 200-day simple moving average is $219.48. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.45 and a current ratio of 3.37.

IDEX (NYSE:IEX) last issued its earnings results on Tuesday, April 23rd. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.12. IDEX had a return on equity of 17.60% and a net margin of 17.89%. The business had revenue of $801.00 million for the quarter, compared to analysts’ expectations of $807.52 million. During the same period in the previous year, the firm posted $2.09 EPS. The company’s quarterly revenue was down 5.3% on a year-over-year basis. As a group, equities research analysts expect that IDEX Co. will post 8.27 earnings per share for the current year.

IDEX Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 12th will be given a dividend of $0.69 per share. The ex-dividend date is Friday, July 12th. This represents a $2.76 dividend on an annualized basis and a yield of 1.34%. IDEX’s payout ratio is 36.32%.

IDEX Company Profile

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.