Rossby Financial LCC Trims Holdings in IDEX Corporation $IEX

Rossby Financial LCC trimmed its position in IDEX Corporation (NYSE:IEX) by 8.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 849 shares of the industrial products company’s stock after selling 83 shares during the quarter. Rossby Financial LCC’s holdings in IDEX were worth $149,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently modified their holdings of IEX. Wellington Management Group LLP raised its stake in shares of IDEX by 19.7% in the first quarter. Wellington Management Group LLP now owns 5,050,601 shares of the industrial products company’s stock worth $914,007,000 after purchasing an additional 831,005 shares during the last quarter. Millennium Management LLC raised its stake in shares of IDEX by 1,232.4% in the first quarter. Millennium Management LLC now owns 487,274 shares of the industrial products company’s stock worth $88,182,000 after purchasing an additional 450,704 shares during the last quarter. Flossbach Von Storch SE purchased a new position in shares of IDEX in the first quarter worth about $49,815,000. Amundi raised its position in IDEX by 23.4% during the first quarter. Amundi now owns 1,249,546 shares of the industrial products company’s stock valued at $220,849,000 after acquiring an additional 236,650 shares in the last quarter. Finally, Impax Asset Management Group plc raised its position in IDEX by 11.5% during the first quarter. Impax Asset Management Group plc now owns 2,006,724 shares of the industrial products company’s stock valued at $363,157,000 after acquiring an additional 207,172 shares in the last quarter. 97.96% of the stock is currently owned by hedge funds and other institutional investors.

IDEX Stock Down 0.4%

Shares of IEX opened at $166.90 on Wednesday. The company has a current ratio of 3.05, a quick ratio of 2.13 and a debt-to-equity ratio of 0.46. IDEX Corporation has a 12 month low of $153.36 and a 12 month high of $238.22. The stock’s 50 day moving average is $164.00 and its two-hundred day moving average is $172.16. The firm has a market cap of $12.57 billion, a P/E ratio of 26.96, a PEG ratio of 1.77 and a beta of 1.04.

IDEX (NYSE:IEX) last issued its quarterly earnings data on Friday, December 16th. The industrial products company reported $1.79 EPS for the quarter. IDEX had a return on equity of 15.16% and a net margin of 14.05%.The company had revenue of $712.00 million for the quarter. Analysts predict that IDEX Corporation will post 8.26 earnings per share for the current fiscal year.

IDEX announced that its Board of Directors has approved a stock repurchase plan on Thursday, September 18th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 8.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

IDEX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 24th. Shareholders of record on Friday, October 10th were issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Friday, October 10th. IDEX’s dividend payout ratio (DPR) is presently 45.88%.

Analyst Ratings Changes

Several brokerages recently weighed in on IEX. Royal Bank Of Canada reduced their price target on IDEX from $207.00 to $200.00 and set an “outperform” rating for the company in a research report on Thursday, July 31st. Stifel Nicolaus reduced their price target on IDEX from $204.00 to $191.00 and set a “buy” rating for the company in a research report on Monday, October 20th. Oppenheimer set a $210.00 price target on IDEX in a research report on Tuesday, October 7th. Weiss Ratings reiterated a “hold (c-)” rating on shares of IDEX in a research report on Wednesday, October 8th. Finally, DA Davidson set a $180.00 price target on IDEX and gave the company a “neutral” rating in a research report on Monday, August 4th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, IDEX presently has a consensus rating of “Moderate Buy” and a consensus target price of $199.57.

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.