Clarkston Capital Partners LLC Takes $17.56 Million Position in IDEX Corporation $IEX

Clarkston Capital Partners LLC purchased a new position in IDEX Corporation (NYSE:IEX) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 100,035 shares of the industrial products company’s stock, valued at approximately $17,563,000. Clarkston Capital Partners LLC owned approximately 0.13% of IDEX as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Assetmark Inc. raised its position in shares of IDEX by 235.5% in the 2nd quarter. Assetmark Inc. now owns 1,899 shares of the industrial products company’s stock worth $333,000 after purchasing an additional 1,333 shares during the last quarter. SG Americas Securities LLC increased its stake in IDEX by 70.1% during the 2nd quarter. SG Americas Securities LLC now owns 15,636 shares of the industrial products company’s stock valued at $2,745,000 after purchasing an additional 6,443 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in IDEX in the first quarter worth about $909,000. Sequoia Financial Advisors LLC bought a new position in shares of IDEX in the second quarter worth approximately $275,000. Finally, Envestnet Asset Management Inc. grew its holdings in shares of IDEX by 15.2% during the second quarter. Envestnet Asset Management Inc. now owns 101,019 shares of the industrial products company’s stock valued at $17,736,000 after buying an additional 13,294 shares during the last quarter. Institutional investors own 97.96% of the company’s stock.

IDEX Stock Performance

NYSE:IEX opened at $173.82 on Friday. The company has a market cap of $13.01 billion, a price-to-earnings ratio of 27.50, a PEG ratio of 1.83 and a beta of 1.04. The stock’s 50 day simple moving average is $166.16 and its two-hundred day simple moving average is $171.52. 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 Corporation has a 1 year low of $153.36 and a 1 year high of $233.15.

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

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

IDEX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Friday, January 16th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, January 16th. IDEX’s dividend payout ratio is 44.94%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of IDEX in a report on Wednesday, October 8th. DA Davidson set a $180.00 price target on IDEX and gave the stock a “neutral” rating in a research note on Monday, August 4th. Royal Bank Of Canada lowered their price target on IDEX from $200.00 to $195.00 and set an “outperform” rating on the stock in a report on Thursday, October 30th. Stifel Nicolaus reduced their price objective on IDEX from $204.00 to $191.00 and set a “buy” rating for the company in a report on Monday, October 20th. Finally, Oppenheimer set a $210.00 target price on shares of IDEX in a research note on Tuesday, October 7th. 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, IDEX has a consensus rating of “Moderate Buy” and a consensus target price of $198.86.

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.