Edgestream Partners L.P. Grows Position in IDEX Corporation $IEX

Edgestream Partners L.P. lifted its position in shares of IDEX Corporation (NYSE:IEX) by 128.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,050 shares of the industrial products company’s stock after buying an additional 17,455 shares during the period. Edgestream Partners L.P.’s holdings in IDEX were worth $5,451,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in IEX. Thurston Springer Miller Herd & Titak Inc. increased its stake in IDEX by 257.5% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 143 shares of the industrial products company’s stock worth $25,000 after acquiring an additional 103 shares during the last quarter. American National Bank & Trust purchased a new stake in shares of IDEX during the 2nd quarter worth about $25,000. Loomis Sayles & Co. L P acquired a new stake in IDEX during the 2nd quarter worth approximately $33,000. Steph & Co. purchased a new position in IDEX in the second quarter valued at approximately $42,000. Finally, SVB Wealth LLC acquired a new position in IDEX during the first quarter valued at approximately $56,000. 97.96% of the stock is owned by hedge funds and other institutional investors.

IDEX Price Performance

Shares of NYSE IEX opened at $175.10 on Wednesday. The company has a current ratio of 2.93, a quick ratio of 2.13 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $13.11 billion, a price-to-earnings ratio of 27.71, a price-to-earnings-growth ratio of 1.83 and a beta of 1.04. IDEX Corporation has a twelve month low of $153.36 and a twelve month high of $231.93. The business has a 50 day simple moving average of $167.01 and a 200-day simple moving average of $170.93.

IDEX (NYSE:IEX) last announced its quarterly earnings data on Friday, December 16th. The industrial products company reported $1.79 earnings per share (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 for the quarter. As a group, equities research analysts expect that IDEX Corporation will post 8.26 earnings per share for the current year.

IDEX Announces Dividend

The firm 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 dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, January 16th. IDEX’s dividend payout ratio is currently 44.94%.

IDEX declared that its board has approved a stock buyback plan on Thursday, September 18th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the industrial products company to purchase up to 8.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts recently weighed in on IEX shares. Oppenheimer set a $210.00 price target on shares of IDEX in a research report on Tuesday, October 7th. Weiss Ratings restated a “hold (c-)” rating on shares of IDEX in a research note on Wednesday, October 8th. Stifel Nicolaus lowered their target price on IDEX from $204.00 to $191.00 and set a “buy” rating for the company in a research note on Monday, October 20th. Finally, Royal Bank Of Canada dropped their target price on IDEX from $200.00 to $195.00 and set an “outperform” rating on the stock in a report on Thursday, October 30th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $198.86.

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.