Blair William & Co. IL has decreased its holding in IDEX Corporation (NYSE:IEX) by 9.6% during the second quarter of 2024, according to its recent Form 13F filing with the Securities and Exchange Commission (SEC). Following the sale of 394 shares, the firm now possesses 3,697 shares of the industrial products company, valued at approximately $649,000.
This reduction in stake comes amidst notable changes among other institutional investors in IDEX. For instance, Thurston Springer Miller Herd & Titak Inc. increased its investment by an impressive 257.5%, now holding 143 shares valued at $25,000 after acquiring an additional 103 shares. Similarly, American National Bank & Trust has entered a new position in IDEX valued at around $25,000, while Steph & Co. has made a new investment approximated at $42,000. SVB Wealth LLC also acquired a new position earlier this year worth about $56,000.
In total, institutional investors and hedge funds own 97.96% of IDEX’s stock, reflecting strong interest from the investment community.
IDEX Stock Performance and Financial Highlights
On October 20, 2024, shares of IDEX opened at $164.95. Over the past year, the stock has fluctuated between a low of $153.36 and a high of $238.22. IDEX Corporation has a market capitalization of $12.42 billion, with a price-to-earnings ratio of 26.65 and a PEG ratio of 1.72. Its current ratio stands at 3.05, with a quick ratio of 2.13 and a debt-to-equity ratio of 0.46.
In its latest earnings report, released on December 16, 2023, IDEX posted earnings per share (EPS) of $1.79 for the quarter, achieving a net margin of 14.05% and a return on equity of 15.16%. The company recorded revenue of $712.00 million for the quarter, and analysts predict an EPS of $8.26 for the current fiscal year.
Additionally, on September 18, 2024, IDEX announced a stock repurchase program authorized by its Board of Directors, allowing the company to buy back $1.00 billion worth of shares, equivalent to 8.3% of its outstanding shares. Such initiatives often indicate that a company’s leadership views its stock as undervalued.
Dividend and Analyst Ratings
The company also declared a quarterly dividend of $0.71 per share, set to be paid on October 24, 2024, to stockholders of record as of October 10, 2024. This results in an annualized dividend of $2.84 and a dividend yield of 1.7%, with a dividend payout ratio of 45.88%.
Recent commentary from analysts has provided varied perspectives on IDEX’s stock. DA Davidson has established a price target of $180.00 with a “neutral” rating, while Oppenheimer set a target of $210.00. Citigroup has raised its target from $208.00 to $216.00 with a “buy” rating. Royal Bank of Canada revised its target down to $200.00 but maintains an “outperform” rating. Stifel Nicolaus also adjusted its target to $204.00 with a “buy” recommendation.
Currently, five analysts have rated IDEX with a “buy” rating, while two have assigned a “hold” rating. According to MarketBeat.com, the consensus rating stands at “Moderate Buy” with an average price target of $201.43.
As IDEX continues to navigate the market landscape, its recent financial strategies and institutional investments reflect a robust engagement from both investors and analysts alike.
