Primecap Management Co. CA Boosts Position in IDEX Corporation $IEX

Primecap Management Co. CA increased its position in shares of IDEX Corporation (NYSE:IEX) by 80.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 493,451 shares of the industrial products company’s stock after purchasing an additional 219,501 shares during the period. Primecap Management Co. CA owned 0.66% of IDEX worth $86,635,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. lifted its holdings in IDEX by 0.8% in the second quarter. Nomura Asset Management Co. Ltd. now owns 24,658 shares of the industrial products company’s stock valued at $4,329,000 after acquiring an additional 204 shares during the last quarter. Duff & Phelps Investment Management Co. increased its holdings in IDEX by 72.7% in the second quarter. Duff & Phelps Investment Management Co. now owns 53,246 shares of the industrial products company’s stock valued at $9,348,000 after buying an additional 22,411 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in IDEX by 23.1% during the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 153,549 shares of the industrial products company’s stock worth $26,959,000 after purchasing an additional 28,826 shares during the last quarter. Waratah Capital Advisors Ltd. acquired a new stake in shares of IDEX in the second quarter valued at approximately $1,827,000. Finally, Cetera Investment Advisers lifted its stake in shares of IDEX by 14.0% during the 2nd quarter. Cetera Investment Advisers now owns 5,308 shares of the industrial products company’s stock worth $932,000 after purchasing an additional 653 shares during the period. 97.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

IDEX Stock Performance

Shares of IDEX stock opened at $161.58 on Thursday. The stock has a market capitalization of $12.09 billion, a price-to-earnings ratio of 25.57, a PEG ratio of 1.83 and a beta of 1.04. IDEX Corporation has a 52 week low of $153.36 and a 52 week high of $237.38. The firm has a fifty day moving average of $165.09 and a two-hundred day moving average of $171.92. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.13 and a current ratio of 2.93.

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

IDEX Announces Dividend

The business also recently announced 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 1.8%. IDEX’s dividend payout ratio is presently 44.94%.

IDEX declared that its Board of Directors has authorized a stock buyback plan on Thursday, September 18th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the industrial products company to buy up to 8.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

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.