IDEX Corporation $IEX Shares Bought by Assetmark Inc.

Assetmark Inc. raised its stake in shares of IDEX Corporation (NYSE:IEX) by 235.5% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 1,899 shares of the industrial products company’s stock after buying an additional 1,333 shares during the period. Assetmark Inc.’s holdings in IDEX were worth $333,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of IEX. Dynamic Technology Lab Private Ltd purchased a new stake in shares of IDEX during the 1st quarter worth about $909,000. Sequoia Financial Advisors LLC acquired a new position in IDEX in the second quarter worth approximately $275,000. Swedbank AB raised its position in IDEX by 16.2% during the first quarter. Swedbank AB now owns 55,396 shares of the industrial products company’s stock valued at $10,025,000 after acquiring an additional 7,726 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its stake in IDEX by 9.5% in the second quarter. DekaBank Deutsche Girozentrale now owns 112,957 shares of the industrial products company’s stock valued at $19,916,000 after acquiring an additional 9,810 shares during the last quarter. Finally, Legacy Wealth Management LLC MS grew its position in IDEX by 1,017.7% in the second quarter. Legacy Wealth Management LLC MS now owns 16,463 shares of the industrial products company’s stock worth $2,890,000 after acquiring an additional 14,990 shares in the last quarter. Hedge funds and other institutional investors own 97.96% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on IEX shares. DA Davidson set a $180.00 target price on IDEX and gave the company a “neutral” rating in a report on Monday, August 4th. Oppenheimer set a $210.00 price objective on IDEX in a research note on Tuesday, October 7th. Citigroup upped their target price on IDEX from $208.00 to $216.00 and gave the stock a “buy” rating in a research report on Monday, July 14th. Royal Bank Of Canada dropped their price target on shares of IDEX from $200.00 to $195.00 and set an “outperform” rating on the stock in a research report on Thursday, October 30th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of IDEX in a report on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $198.86.

IDEX Trading Up 0.7%

Shares of IEX stock opened at $168.03 on Friday. The company has a market capitalization of $12.58 billion, a P/E ratio of 26.59, a P/E/G ratio of 1.83 and a beta of 1.04. IDEX Corporation has a 12-month low of $153.36 and a 12-month high of $237.38. The company has a quick ratio of 2.13, a current ratio of 2.93 and a debt-to-equity ratio of 0.47. The firm has a 50-day moving average price of $164.65 and a 200 day moving average price of $172.34.

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

IDEX declared that its Board of Directors has initiated a share buyback plan on Thursday, September 18th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the industrial products company to reacquire up to 8.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

IDEX Announces Dividend

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

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.