IDEX Corporation $IEX Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp decreased its position in IDEX Corporation (NYSE:IEX) by 15.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 606,997 shares of the industrial products company’s stock after selling 113,831 shares during the period. King Luther Capital Management Corp’s holdings in IDEX were worth $106,570,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of IEX. Thurston Springer Miller Herd & Titak Inc. grew 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 acquiring an additional 103 shares during the period. American National Bank & Trust purchased a new position in IDEX during the second quarter worth approximately $25,000. Steph & Co. acquired a new stake in IDEX in the second quarter valued at approximately $42,000. SVB Wealth LLC purchased a new stake in shares of IDEX in the first quarter valued at approximately $56,000. Finally, Federated Hermes Inc. raised its stake 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 worth $60,000 after buying an additional 100 shares during the period. 97.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on IEX shares. DA Davidson set a $180.00 price target on shares of IDEX and gave the company a “neutral” rating in a research note on Monday, August 4th. Oppenheimer set a $210.00 target price on shares of IDEX in a research report on Tuesday, October 7th. Royal Bank Of Canada reduced their price target on shares of IDEX from $200.00 to $195.00 and set an “outperform” rating for the company in a research report on Thursday, October 30th. Stifel Nicolaus lowered their price objective on IDEX from $204.00 to $191.00 and set a “buy” rating on the stock in a report on Monday, October 20th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of IDEX in a report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, IDEX currently has an average rating of “Moderate Buy” and a consensus price target of $198.86.

IDEX Trading Up 0.7%

IEX opened at $168.03 on Friday. The firm has a market capitalization of $12.58 billion, a price-to-earnings ratio of 26.59, a price-to-earnings-growth ratio of 1.83 and a beta of 1.04. The company’s 50 day simple moving average is $164.65 and its two-hundred day simple moving average is $172.38. IDEX Corporation has a 1-year low of $153.36 and a 1-year high of $237.38. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.93 and a quick ratio of 2.13.

IDEX (NYSE:IEX) last posted its quarterly earnings results on Friday, December 16th. The industrial products company reported $1.79 EPS for the quarter. IDEX had a return on equity of 15.20% and a net margin of 13.97%.The firm had revenue of $712.00 million during the quarter. Analysts expect that IDEX Corporation will post 8.26 EPS for the current fiscal year.

IDEX announced that its Board of Directors has initiated a share buyback plan on Thursday, September 18th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the industrial products company to buy up to 8.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

IDEX Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 24th. Stockholders of record on Friday, October 10th were issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, October 10th. IDEX’s payout ratio is currently 44.94%.

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.