Distillate Capital Partners LLC Invests $12.52 Million in IDEX Corporation $IEX

Distillate Capital Partners LLC bought a new stake in IDEX Corporation (NYSE:IEX) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 71,334 shares of the industrial products company’s stock, valued at approximately $12,524,000. Distillate Capital Partners LLC owned 0.09% of IDEX at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Assetmark Inc. increased its holdings in shares of IDEX by 35.7% in the first quarter. Assetmark Inc. now owns 566 shares of the industrial products company’s stock valued at $102,000 after purchasing an additional 149 shares during the period. LPL Financial LLC increased its holdings in IDEX by 1.9% in the 1st quarter. LPL Financial LLC now owns 20,068 shares of the industrial products company’s stock worth $3,632,000 after buying an additional 366 shares during the period. Mackenzie Financial Corp increased its holdings in IDEX by 11.0% in the 1st quarter. Mackenzie Financial Corp now owns 7,743 shares of the industrial products company’s stock worth $1,401,000 after buying an additional 767 shares during the period. Federated Hermes Inc. raised its position in 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 last quarter. Finally, Jefferies Financial Group Inc. acquired a new stake in IDEX during the 1st quarter valued at approximately $1,064,000. Institutional investors and hedge funds own 97.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on IEX shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of IDEX in a research note on Wednesday, October 8th. Royal Bank Of Canada cut their price target on IDEX from $200.00 to $195.00 and set an “outperform” rating on the stock in a research report on Thursday, October 30th. Oppenheimer set a $210.00 price objective on IDEX in a research note on Tuesday, October 7th. DA Davidson set a $180.00 target price on IDEX and gave the stock a “neutral” rating in a research note on Monday, August 4th. Finally, 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. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $198.86.

IDEX Price Performance

NYSE:IEX opened at $174.62 on Tuesday. The company has a quick ratio of 2.13, a current ratio of 2.93 and a debt-to-equity ratio of 0.47. IDEX Corporation has a 52 week low of $153.36 and a 52 week high of $231.93. The stock’s 50-day moving average price is $166.69 and its 200-day moving average price is $171.04. The stock has a market capitalization of $13.07 billion, a PE ratio of 27.63, a price-to-earnings-growth ratio of 1.83 and a beta of 1.04.

IDEX (NYSE:IEX) last issued its quarterly earnings results 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 company had revenue of $712.00 million for the quarter. As a group, equities analysts expect that IDEX Corporation will post 8.26 EPS for the current fiscal year.

IDEX declared that its board has initiated a stock buyback plan on Thursday, September 18th that authorizes the company to buyback $1.00 billion in outstanding 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 an indication that the company’s leadership believes its stock is undervalued.

IDEX Announces Dividend

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