DekaBank Deutsche Girozentrale Grows Position in IDEX Corporation $IEX

DekaBank Deutsche Girozentrale boosted its stake in IDEX Corporation (NYSE:IEX) by 9.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 112,957 shares of the industrial products company’s stock after buying an additional 9,810 shares during the quarter. DekaBank Deutsche Girozentrale owned approximately 0.15% of IDEX worth $19,916,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of IDEX by 257.5% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 143 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 103 shares during the last quarter. American National Bank & Trust purchased a new stake in shares of IDEX during the 2nd quarter valued at $25,000. Steph & Co. purchased a new stake in shares of IDEX during the 2nd quarter valued at $42,000. SVB Wealth LLC purchased a new stake in shares of IDEX during the 1st quarter valued at $56,000. Finally, Federated Hermes Inc. increased its position in shares of IDEX by 42.9% during the 1st quarter. Federated Hermes Inc. now owns 333 shares of the industrial products company’s stock valued at $60,000 after purchasing an additional 100 shares during the last quarter. 97.96% of the stock is owned by hedge funds and other institutional investors.

IDEX Stock Down 1.8%

IEX stock opened at $166.27 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.13 and a current ratio of 3.05. The company has a market capitalization of $12.52 billion, a price-to-earnings ratio of 26.86, a PEG ratio of 1.79 and a beta of 1.04. IDEX Corporation has a fifty-two week low of $153.36 and a fifty-two week high of $238.22. The stock has a fifty day moving average of $163.82 and a 200-day moving average of $172.07.

IDEX (NYSE:IEX) last posted its quarterly earnings results on Friday, December 16th. The industrial products company reported $1.79 earnings per share for the quarter. The company had revenue of $712.00 million during the quarter. IDEX had a return on equity of 15.16% and a net margin of 14.05%. As a group, equities research analysts predict that IDEX Corporation will post 8.26 earnings per share for the current year.

IDEX declared that its Board of Directors has approved a stock repurchase program on Thursday, September 18th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the industrial products company to buy up to 8.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

IDEX Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Friday, October 10th will be paid a $0.71 dividend. The ex-dividend date is Friday, October 10th. This represents a $2.84 annualized dividend and a yield of 1.7%. IDEX’s dividend payout ratio (DPR) is currently 45.88%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on IEX shares. Citigroup raised their target price on IDEX from $208.00 to $216.00 and gave the company a “buy” rating in a research report on Monday, July 14th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of IDEX in a research report on Wednesday, October 8th. Stifel Nicolaus decreased their target price on IDEX from $204.00 to $191.00 and set a “buy” rating for the company in a research report on Monday. DA Davidson set a $180.00 target price on IDEX and gave the company a “neutral” rating in a research report on Monday, August 4th. Finally, Royal Bank Of Canada decreased their target price on IDEX from $207.00 to $200.00 and set an “outperform” rating for the company in a research report on Thursday, July 31st. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $199.57.

IDEX 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.