| Profitability | 71/100 |
| Growth | 61/100 |
| Momentum | 87/100 |
| Quality | 87/100 |
| Earnings Quality | 71/100 |
| Balance Sheet | 58/100 |
| Value | 45/100 |
| Risk (safety) | 100/100 |
| Overall | 74.8/100 |
| Symbol | IS Score |
|---|---|
| ITT | 50 |
| IEX | 67 |
| GGG | 76 |
| XYL | 60 |
| LII | 58 |
| DOV | 58 |
| NDSN | 75 |
These two disagree — business quality 75, price structure 48 out of 100, so the business reads better than the price does. We publish the disagreement rather than resolving it: they answer different questions, and the gap between them is information, not an error.
| Trigger | Where it stands now | What it would mean |
|---|---|---|
| IS Score reaches 75 and holds two consecutive quarters | now 74.8 | would move us up one band |
| IS Score stops falling - one quarter higher than the prior | last four: 69 → 73 → 74 → 75 | the direction matters more than the level |
| Technical vote share back above 50% | now 45% | price structure no longer broken |
| Institutional holder count rises two quarters running | peak 758 → now 758 | fewer institutions willing to hold is our clearest warning |
This page is InsiderStreet's own reading, produced from the data in the rest of this document. It is not a price target and not investment advice. Analyst consensus and street price targets appear later under their own heading and are the street's numbers, not ours.
| Quarter | Holders | 13F shares | Value | Reported own% |
|---|---|---|---|---|
| 2026 Q2 | 758 | 43.2M | $12.9B | 77.5% |
| 2026 Q1 | 714 | 41.2M | $10.9B | 74.0% |
| 2025 Q4 | 692 | 42.3M | $10.1B | 75.9% |
| 2025 Q3 | 633 | 42.2M | $9.3B | 75.8% |
| 2025 Q2 | 608 | 43.8M | $8.8B | 78.6% |
| 2025 Q1 | 597 | 42.9M | $8.2B | 77.0% |
| 2024 Q4 | 604 | 42.5M | $8.5B | 76.3% |
| 2024 Q3 | 607 | 42.2M | $10.5B | 75.7% |
| 2024 Q2 | 595 | 42.2M | $9.4B | 75.8% |
| 2024 Q1 | 604 | 41.5M | $11.0B | 74.5% |
| 2023 Q4 | 585 | 41.5M | $10.7B | 74.5% |
| 2023 Q3 | 568 | 41.8M | $9.1B | 75.0% |
| Insider | Role | Date | Type | Shares | Value | Post-Txn Owned |
|---|---|---|---|---|---|---|
| Morris Milton Mayo | director | 2026-10-14 | SELL | 255 | $0.08M | 2,265 |
| Rutledge Joseph M | VP, CAO | 2026-09-15 | SELL | 684 | $0.21M | 2,134 |
| Morris Milton Mayo | director | 2026-09-02 | SELL | 156 | $0.05M | 2,515 |
| Hall Justin E | EVP | 2026-09-01 | TAX W/H | 118 | $0.04M | 1,397 |
| Mcdonough Jennifer L | EVP, GC, and Secretary | 2026-08-27 | SELL | 260 | $0.09M | 6,346 |
| Hopgood Daniel Roy | EVP, CFO | 2026-08-26 | EXERCISE | 1,329 | $0.28M | 6,087 |
| Hopgood Daniel Roy | EVP, CFO | 2026-08-26 | SELL | 1,329 | $0.44M | 4,758 |
| Hopgood Daniel Roy | EVP, CFO | 2026-08-26 | EXERCISE | 1,329 | $0.28M | 15,695 |
| 6-mo decomposition (Form 4) | Txns | Shares | Value | Signal weight |
|---|---|---|---|---|
| S — Open-market sales | 9 | 6,745 | $2.0M | Counted |
| M — Exercises (paired A/D) | 2 | 3,229 | $0.5M | None — mechanics |
| F — Tax withholding | 6 | 768 | $0.2M | None — compensation |
| P — Open-market purchases | 0 | 0 | $0 | Counted — none occurred |
| Filed | Filer | Shares registered | Est. proceeds |
|---|---|---|---|
| 2026-10-14 | Morris Milton Mayo | 255 | $0.1M |
| 2026-09-02 | Morris Milton Mayo | 156 | $0.0M |
| 2026-08-27 | Mcdonough Jennifer L | 260 | $0.1M |
| 2026-08-26 | Hopgood Daniel Roy | 1,329 | $0.4M |
| Trailing 12 mo | 17 filings | 102,302 | $29M |
| Filed | Form | Reporting person | % of class | Shares |
|---|---|---|---|---|
| 2026-03-27 | SCHEDULE 13G/A | The Vanguard Group | — | exit/reporting change |
| 2025-08-11 | SCHEDULE 13G | STATE STREET CORPORATION | 5.20% | 3.0M sh |
| 2025-01-02 | SCHEDULE 13G | Jennifer A. Savage | 5.17% | 2.9M sh |
| Member | Chamber | Trade | Size band | Traded | Disclosed |
|---|---|---|---|---|---|
| Rob Bresnahan | House | SELL | $1,001 - $15,000 | 2025-04-08 | 2025-05-08 |
| Robert P. Bresnahan | House | SELL | $1,001 - $15,000 | 2025-04-07 | 2025-05-08 |
| Rob Bresnahan | House | SELL | $1,001 - $15,000 | 2025-02-25 | 2025-03-28 |
| Tommy Tuberville | Senate | SELL | $1,001 - $15,000 | 2024-05-03 | 2024-06-14 |
| Tommy Tuberville | Senate | SELL | $1,001 - $15,000 | 2024-05-03 | 2024-06-13 |
| Thomas Hawley Tuberville | Senate | SELL | $1,001 - $15,000 | 2024-05-03 | 2024-06-13 |
| Manager | Shares | Value |
|---|---|---|
| Confluence Investment Management L | 255,613 | $84M |
| Copeland Capital Management, Llc | 77,566 | $25M |
| Assenagon Asset Management S.A. | 70,706 | $23M |
| Ghp Investment Advisors, Inc. | 55,897 | $18M |
| Crown Oak Advisors, Llc | 28,776 | $9M |
| Clark & Stuart, Inc | 21,131 | $7M |
| Fund | Weight | Position |
|---|---|---|
| VITSX | 0.0% | $553M |
| VTI | 0.0% | $553M |
| VTSAX | 0.0% | $553M |
| VSMPX | 0.0% | $553M |
| VFFSX | 0.0% | $456M |
| VFIAX | 0.0% | $456M |
| ATS Venue (4-wk) | Shares | Avg trade |
|---|---|---|
| Incr Intelligent Cross Llc | 0.5M | 23 sh |
| Ubsa Ubs Ats | 0.5M | 31 sh |
| Sgmt Sigma X2 | 0.4M | 22 sh |
| Mlix Instinct X | 0.3M | 38 sh |
| Ebxl Level Ats | 0.2M | 10 sh |
| Mstx Ms Trajectory Cross (Ats-1) | 0.2M | 9 sh |
| Region | Revenue | Share |
|---|---|---|
| Americas Excluding Us | $1.2B | 44% |
| Asia Pacific Excluding Japan | $785M | 29% |
| Europe | $726M | 27% |
Moat score 64/100 — Narrow; primary source Efficient Scale.
| Officer | Title |
|---|---|
| Sundaram Nagarajan | President, Chief Executive Officer & Director |
| Joseph Kelley | Executive Vice President of Industrial Precision Solutions Leader |
| Daniel R. Hopgood | Executive Vice President & Chief Financial Officer |
| Jennifer L. McDonough | Executive Vice President, General Counsel & Corporate Secretary |
| Period | EPS est. | EPS actual | EPS surprise | Rev est. ($M) | Rev actual ($M) | Rev surprise |
|---|
| YoY growth | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | +11.4% | +9.7% | +1.5% | +2.3% | +3.8% |
| Gross profit | +17.1% | +7.7% | -0.1% | +4.3% | +3.6% |
| Operating income | +76.0% | +14.2% | -4.2% | +0.2% | +7.5% |
| Net income | +82.1% | +12.9% | -5.0% | -4.1% | +3.7% |
| $B · FY ends | FY21 | FY22 | FY23 | FY24 | FY25 | Trend |
|---|---|---|---|---|---|---|
| Revenue | 2.4 | 2.6 | 2.6 | 2.7 | 2.8 | |
| Cost of revenue | 1.0 | 1.2 | 1.2 | 1.2 | 1.3 | |
| Gross profit | 1.3 | 1.4 | 1.4 | 1.5 | 1.5 | |
| R&D expense | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |
| SG&A expense | 0.7 | 0.7 | 0.8 | 0.8 | 0.7 | |
| Operating income | 0.6 | 0.7 | 0.7 | 0.7 | 0.7 | |
| EBITDA | 0.7 | 0.8 | 0.8 | 0.8 | 0.9 | |
| D&A | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | |
| Pretax income | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | |
| Income tax | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |
| Net income | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | |
| Diluted EPS ($) | 7.74 | 8.81 | 8.46 | 8.11 | 8.51 | |
| Diluted shares (M) | 59 | 58 | 58 | 58 | 57 |
| $B | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | 0.2 | 0.1 | 0.1 | 0.1 | |
| ST investments | 0.0 | 0.0 | 0.0 | 0.0 | |
| Receivables (net) | 0.5 | 0.6 | 0.6 | 0.6 | |
| Total current assets | 1.1 | 1.2 | 1.3 | 1.2 | |
| PP&E (net) | 0.4 | 0.5 | 0.6 | 0.6 | |
| Goodwill + intangibles | 2.1 | 3.5 | 4.0 | 4.0 | |
| Total assets | 3.8 | 5.3 | 6.0 | 5.9 | |
| Accounts payable | 0.1 | 0.1 | 0.1 | 0.1 | |
| Short-term debt | 0.4 | 0.1 | 0.1 | 0.3 | |
| Deferred revenue | 0.1 | 0.1 | 0.0 | 0.0 | |
| Total current liabilities | 0.8 | 0.6 | 0.5 | 0.8 | |
| Long-term debt | 0.3 | 1.6 | 2.1 | 1.7 | |
| Total liabilities | 1.5 | 2.7 | 3.1 | 2.9 | |
| Shareholders' equity | 2.3 | 2.6 | 2.9 | 3.0 |
| $B | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Net income | 0.5 | 0.5 | 0.5 | 0.5 | |
| D&A | 0.1 | 0.1 | 0.1 | 0.2 | |
| Stock-based compensation | 0.0 | 0.0 | 0.0 | 0.0 | |
| Working capital change | (0.1) | (0.0) | (0.1) | 0.1 | |
| Operating cash flow | 0.5 | 0.6 | 0.6 | 0.7 | |
| Capital expenditures | (0.1) | (0.0) | (0.1) | (0.1) | |
| Investing cash flow | (0.2) | (1.4) | (0.8) | (0.0) | |
| Buybacks | (0.3) | (0.1) | (0.0) | (0.3) | |
| Dividends paid | (0.1) | (0.2) | (0.2) | (0.2) | |
| Debt issuance / (repay) | (0.0) | 1.0 | 0.5 | (0.2) | |
| Financing cash flow | (0.4) | 0.8 | 0.3 | (0.7) | |
| Free cash flow | 0.5 | 0.6 | 0.5 | 0.7 |
| Ratio | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | Trend |
|---|---|---|---|---|---|---|---|
| PROFITABILITY | |||||||
| ROE | 23.2% | 23.0% | 19.9% | 16.9% | 16.2% | 18% | |
| ROA | 12.2% | 13.5% | 10.7% | 8.3% | 8.1% | 9.3% | |
| ROIC | 17.3% | 18.6% | 12.3% | 10.5% | 11.3% | 12.1% | |
| Gross margin | 56.1% | 55.1% | 54.2% | 55.2% | 55.2% | 55.3% | |
| Operating margin | 26.0% | 27.1% | 25.6% | 25.1% | 25.9% | 26.9% | |
| Net margin | 19.2% | 19.8% | 18.5% | 17.4% | 17.4% | 18.6% | |
| EBITDA margin | 29.8% | 29.8% | 29.9% | 30.1% | 31.3% | 31.8% | |
| FCF margin | 21.5% | 17.8% | 23.1% | 18.3% | 23.7% | — | |
| VALUATION | |||||||
| P/E | 31.29 | 24.35 | 24.38 | 30.00 | 26.92 | 32.5 | |
| P/B | 6.59 | 5.45 | 4.57 | 4.78 | 4.28 | 5.5 | |
| P/S | 6.02 | 4.82 | 4.52 | 5.21 | 4.67 | 6.02 | |
| P/FCF | 28.01 | 27.06 | 19.59 | 28.51 | 19.73 | 24.6 | |
| EV/EBITDA | 21.14 | 17.10 | 17.33 | 20.02 | 17.41 | 20.7 | |
| EV/Revenue | 6.30 | 5.09 | 5.19 | 6.03 | 5.41 | 6.6 | |
| Earnings yield | 3.2% | 4.1% | 4.1% | 3.3% | 3.7% | 3.09% | |
| FCF yield | 3.6% | 3.7% | 5.1% | 3.5% | 5.1% | 4.06% | |
| Ratio | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | Trend |
|---|---|---|---|---|---|---|---|
| LEVERAGE & SOLVENCY | |||||||
| Current ratio | 2.62 | 1.36 | 2.11 | 2.41 | 1.64 | 1.82 | |
| Quick ratio | 1.88 | 0.90 | 1.33 | 1.51 | 1.05 | 1.18 | |
| Debt / equity | 0.44 | 0.38 | 0.72 | 0.79 | 0.71 | 0.55 | |
| Debt / assets | 25.1% | 22.5% | 35.5% | 38.7% | 36.4% | 30.5% | |
| Net debt / EBITDA | 0.93 | 0.90 | 2.22 | 2.72 | 2.36 | 1.80 | |
| Interest coverage | 23.52 | 29.97 | 11.34 | 7.58 | 6.02 | — | |
| Ratio | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | Trend |
|---|---|---|---|---|---|---|---|
| EFFICIENCY | |||||||
| Asset turnover | 0.63 | 0.68 | 0.58 | 0.48 | 0.47 | 0.50 | |
| Receivables turnover | 5.20 | 5.32 | 5.00 | 4.84 | 5.01 | 4.6 | |
| DSO (days) | 70 | 69 | 73 | 75 | 73 | 79 | |
| DPO (days) | 29 | 30 | 31 | 31 | 32 | 42 | |
| Cash conversion cycle | 148 | 150 | 169 | 186 | 175 | 166 | |
| GROWTH (YoY) | |||||||
| Revenue growth | 11.4% | 9.7% | 1.5% | 2.3% | 3.8% | — | |
| Net income growth | 82.1% | 12.9% | -5.0% | -4.1% | 3.7% | — | |
| EPS growth | 81.7% | 14.8% | -4.5% | -4.2% | 5.9% | — | |
| FCF growth | 12.3% | -9.0% | 31.4% | -18.9% | 34.4% | — | |
| PER SHARE ($) | |||||||
| EPS (diluted, TTM) | 7.73 | 8.87 | 8.47 | 8.11 | 8.59 | 9.96 | |
| Book value / share | 36.72 | 39.68 | 45.14 | 50.90 | 53.95 | 58.68 | |
| Revenue / share | 40.18 | 44.80 | 45.67 | 46.70 | 49.48 | 53.48 | |
| FCF / share | 8.63 | 7.98 | 10.54 | 8.54 | 11.72 | 13.08 | |
| Cash / share | 5.10 | 2.83 | 2.01 | 2.01 | 1.92 | 2.04 | |
| SHAREHOLDER RETURN & SCORES | |||||||
| Buyback yield | 0.4% | 2.1% | 0.8% | 0.2% | 2.3% | 2.03% | |
| Altman Z-Score | 7.81 | 7.60 | 4.82 | 4.71 | 4.78 | 6.2 | |
| Piotroski F-Score | 7 | 7 | 6 | 5 | 8 | 9/9 | |
| Beneish M-Score | -2.58 | -2.34 | -2.41 | -2.52 | -2.68 | -2.58 | |
| Model | Score | Zone | Note |
|---|---|---|---|
| Piotroski F-Score | 9 / 9 | Strong | |
| Altman Z-Score | 6.2 | Safe (>2.99) | Safe |
| Income quality | 1.40 | Cash-backed | OCF ÷ net income |
| Beneish M-Score | -2.58 | Non-manipulator | vs −2.22 threshold |
| DuPont Decomposition (TTM) | Value |
|---|---|
| Tax burden | 0.82 |
| Interest burden | 0.84 |
| Operating margin | 26.8% |
| Asset turnover | 0.50× |
| Financial leverage | 1.91× |
| = ROE | 18% |
| Growth Quality (live) | Value |
|---|---|
| Revenue stability | 0.98 |
| Earnings stability | 0.52 |
| Earnings persistence | 0.91 |
| Revenue CAGR 3y | 4.7% |
| EPS CAGR 3y | 4.4% |
| FCF CAGR 3y | 5.8% |
| Company | Mkt cap | P/E | ROE | Net margin | Rev growth | Piotroski | 1-yr ret |
|---|---|---|---|---|---|---|---|
| ITT | $17.7B | 38.8 | 11% | 5.8% | +28.1% | 3/9 | +16.3% |
| IEX | $17.4B | 33.8 | 13% | 15.6% | +7.3% | 8/9 | +44.7% |
| GGG | $13.3B | 25.4 | 21% | 24.5% | +4.6% | 8/9 | +1.9% |
| XYL | $24.3B | 24.8 | 9% | 11.3% | +4.5% | 7/9 | -27.9% |
| LII | $12.4B | 16.1 | 70% | 17.4% | -2.1% | 6/9 | — |
| DOV | $26.4B | 23.4 | 15% | 14.3% | +7.6% | 7/9 | — |
| WTS | $11.9B | 31.1 | 19% | 15.5% | +17.1% | 8/9 | — |
| CR | $11.9B | 35.5 | 17% | 13.2% | +13.8% | 3/9 | — |
| Consensus estimates | Revenue mean | High / Low | EPS mean | High / Low | # EPS est. |
|---|---|---|---|---|---|
| FY2026 | $3.06B | $3.08B / $3.00B | $11.94 | $12.08 / $11.58 | 5 |
| FY2027 | $3.21B | $3.24B / $3.15B | $12.97 | $13.22 / $12.42 | 5 |
| FY2028 | $3.36B | $3.46B / $3.31B | $14.07 | $14.49 / $13.79 | 3 |
| Window | Avg Target | vs. Price | # Targets |
|---|---|---|---|
| Last Quarter | $364.00 | +12.9% | 4 |
| Last Year | $321.88 | -0.1% | 16 |
| All Time | $297.66 | -7.6% | 29 |
| Moving Average | Value | Distance | % Distance | Signal |
|---|---|---|---|---|
| SMA 20 | $327.40 | -5.09 | -1.55% | Below |
| SMA 50 | $320.78 | +1.53 | +0.48% | Above |
| SMA 200 | $291.43 | +30.88 | +10.60% | Above |
| EMA 9 | $327.72 | -5.41 | -1.65% | Below |
| EMA 21 | $325.98 | -3.67 | -1.13% | Below |
| EMA 50 | $319.31 | +3.00 | +0.94% | Above |
| EMA 200 | $291.31 | +31.00 | +10.64% | Above |
| Level | Value | Level | Value |
|---|---|---|---|
| Pivot / R1 / R2 | $328.48 / $331.50 / $334.21 | S1 / S2 | $325.77 / $322.75 |
| Bollinger (20,2) | $317.48 – $337.32 | Squeeze | Off |
| 52-wk range | $222.51 – $339.12 | Off 52-wk high | -5.0% |
| ATR (14) | $6.47 (2.0%) | Historical vol | 15.7% |
| Computed from live weekly prices | NDSN | S&P 500 |
|---|---|---|
| Weekly volatility (σ, 1y) | 2.95% | 1.83% |
| Best / worst week (1y) | +8.0% / -5.9% | — |
| Max drawdown (5y, monthly) | -37.5% | — |
| 1-week VaR (95%) | -5.1% | — |
| Beta (5y) | 0.97 | 1.00 |
| Reading | NDSN | Industrial - Machinery n=1,754 | Industrials n=9,922 | All US symbols n=70,435 |
|---|---|---|---|---|
| Overall | +6.5 | -26.7 | -24.1 | -20.5 |
| Trend | +42.3 | -31.6 | -26.2 | -21.3 |
| Momentum | -22.9 | -31.2 | -24.5 | -15.8 |
| Volume | +58.6 | -17.4 | -22.6 | -3.8 |
| Executive | Total comp | Structure |
|---|---|---|
| Sundaram Nagarajan President and Chief Execu | $8.2M | 59% equity+incentive |
| Joseph Kelley Executive Vice President | $2.7M | 52% equity+incentive |
| Stephen Lovass Former Executive Vice Preside | $2.2M | 32% equity+incentive |
| Daniel Hopgood Executive Vice President and | $2.2M | 57% equity+incentive |
| Srinivas Subramanian Executive Vice Presiden | $2.0M | 52% equity+incentive |
| Pillar (live disclosure scores) | Score |
|---|---|
| Environmental | 57 |
| Social | 59 |
| Governance | 69 |
| Composite ESG | 61 |
| Filed | 8-K contents | Items |
|---|---|---|
| 2026-08-19 | Earnings Release; Regulation FD; Exhibits | 2.02,7.01,9.01 |
| 2026-06-03 | Financial Obligation | 2.03 |
| 2026-05-20 | Earnings Release; Regulation FD; Exhibits | 2.02,7.01,9.01 |
| 2026-03-04 | Submission of Matters to a Vote of Security Holders | 5.07 |
| 2026-02-18 | Results of Operations and Financial Condition; Regulation FD Disclosur | 2.02,7.01,9.01 |
| 2026-02-02 | Entry into Material Definitive Agreement; Creation of Direct Financial | 1.01,2.03,9.01 |
| 2025-12-10 | Results of Operations and Financial Condition; Regulation FD Disclosur | 2.02,7.01,9.01 |
| 2025-10-28 | Departure/Election of Directors; Appointment of Officers; Financial St | 5.02,9.01 |
Methodology. Every figure originates in InsiderStreet's production data layer and is computed deterministically by the same engines that power insiderstreet.ai. This factsheet contains no model-written text. Sections without underlying data are omitted rather than estimated.
| Data domain | Source | Coverage for this report |
|---|---|---|
| Price & volume | market_db.historical_prices | 52 rows |
| Fundamentals | income_statements_annual | 6 rows · 2020 to 2025 |
| Reported vs consensus | fact/earnings_calendar | 24 rows · 2020-08-19 to 2026-08-19 |
| Analyst estimates | dim/forward_estimates | 3 rows · 2026-10-31 to 2028-10-31 |
| Institutional ownership (13F) | holdings_db.institutional_ownership_summary | 113 rows · 1998 to 2026 |
| Insider transactions (Form 4) | edgar/form4 | 12 rows · 2026-06-01 to 2026-10-14 |
| Proposed sales (Form 144) | edgar/form144 | 1 record |
| Beneficial ownership (13D/G) | edgar/13dg | 3 rows · 2025-01-02 to 2026-03-27 |
| Short-sale volume (FINRA) | edgar/short_volume_daily | 60 rows · 2026-07-23 to 2026-10-15 |
| Dark pool (ATS, tier 1) | edgar/darkpool_weekly | 12 rows · 2026-06-15 to 2026-08-31 |
| ETF & fund holding | etf_holdings_changelog (30d) | 1 record |
| Peer set | stock_peers_dynamic | 8 rows |
| Industry medians | industry_medians | 1 record |
| Congressional trades | congress_db (House + Senate) | 1 record |
| ESG | fact/esg_disclosures | 1 record |
Method. Every figure in this factsheet is looked up from a named field computed in code. It contains no model-written text.
Not covered. Short interest as a percent of float and days-to-cover are not in this data set — the short-sale figures above are FINRA volume, a flow, and cannot support squeeze or covering analysis. Options positioning and intraday data are also absent. 13F ownership is filed 45 days after quarter end and congressional trades are disclosed on a lag, so both describe a past position, not a current one.