Blair William & Co. IL has decreased its stake in IDEX Corporation (NYSE:IEX) by 9.6% in the second quarter of 2023, as reported in its recent Form 13F filing with the Securities and Exchange Commission (SEC). Following the sale of 394 shares, the firm now holds 3,697 shares valued at approximately $649,000. This adjustment reflects a broader trend among institutional investors, with several firms adjusting their positions in IDEX during the same period.
Thurston Springer Miller Herd & Titak Inc. significantly increased its stake in IDEX by 257.5%, now owning 143 shares valued at $25,000 after acquiring an additional 103 shares. Similarly, American National Bank & Trust also entered a new position in IDEX, valued at about $25,000. Other investors like Steph & Co. and SVB Wealth LLC also made new investments, valued at approximately $42,000 and $56,000 respectively. As of now, institutional investors and hedge funds collectively hold 97.96% of IDEX’s stock.
Market Performance and Earnings Report
On the market front, shares of IDEX opened at $164.95 on Friday. The company has experienced a 1-year low of $153.36 and a high of $238.22. Its 50-day moving average stands at $163.41, while the 200-day moving average is $172.25. IDEX Corporation boasts a market capitalization of $12.42 billion, a price-to-earnings ratio of 26.65, and a PEG ratio of 1.72.
The company recently announced its earnings results for the quarter ending December 16, 2023. IDEX reported earnings per share (EPS) of $1.79, with a net margin of 14.05% and a return on equity of 15.16%. The revenue for the quarter reached $712.00 million, and analysts project an EPS of $8.26 for the current fiscal year.
Stock Buyback and Dividend Declaration
On September 18, 2023, IDEX’s Board of Directors authorized a stock buyback program allowing the company to repurchase shares worth $1.00 billion. This program permits the acquisition of up to 8.3% of the company’s shares through open market purchases, signaling confidence from leadership regarding the perceived undervaluation of IDEX shares.
Additionally, IDEX declared a quarterly dividend of $0.71 per share, scheduled for payment on October 24, 2023. Shareholders on record as of October 10 will receive this dividend, representing an annualized dividend of $2.84 and a dividend yield of 1.7%. The company’s dividend payout ratio currently stands at 45.88%.
In further developments, equity analysts have set new price targets for IDEX. DA Davidson assigned a target of $180.00 with a “neutral” rating, while Citigroup raised its target from $208.00 to $216.00 with a “buy” rating. Royal Bank of Canada reduced its target from $207.00 to $200.00, maintaining an “outperform” rating. Overall, five analysts have issued a Buy rating, while two have given it a Hold rating, leading to a consensus of “Moderate Buy” and an average target price of $201.43 according to MarketBeat.com.
IDEX Corporation operates globally, offering applied solutions through its three segments: Fluid & Metering Technologies, Health & Science Technologies, and Fire & Safety/Diversified Products. The Fluid & Metering Technologies segment specializes in designing and producing pumps, valves, flow meters, and fluid-handling systems for various industries including food, chemical, and energy sectors.