Blair William & Co. IL has reduced its stake in IDEX Corporation (NYSE: IEX) by 9.6%, according to a recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The firm sold 394 shares during the second quarter, leaving it with 3,697 shares valued at approximately $649,000.
This decision follows a trend among institutional investors adjusting their holdings in IDEX. Notably, Thurston Springer Miller Herd & Titak Inc. increased its stake in IDEX by an impressive 257.5% during the same quarter, now owning 143 shares worth around $25,000 after acquiring an additional 103 shares. Similarly, American National Bank & Trust and Steph & Co. have entered the market with new positions, each valued at approximately $25,000 and $42,000, respectively.
Additionally, SVB Wealth LLC purchased shares worth approximately $56,000 earlier this year, while Federated Hermes Inc. raised its position by 42.9% in the first quarter, now holding 333 shares valued at around $60,000. Overall, institutional investors and hedge funds currently own 97.96% of IDEX stock.
IDEX’s Market Performance and Financial Overview
As of last Friday, shares of IDEX opened at $164.95. 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. With a market capitalization of $12.42 billion, IDEX boasts a price-to-earnings ratio of 26.65 and a beta of 1.04.
In its most recent earnings release on December 16, 2023, IDEX reported earnings per share (EPS) of $1.79, alongside a net margin of 14.05% and a return on equity of 15.16%. The company generated revenue of $712 million for that quarter. Analysts predict that IDEX will report an EPS of $8.26 for the current fiscal year.
Stock Buyback and Dividend Announcements
On September 18, 2024, IDEX’s Board of Directors authorized a significant stock repurchase program allowing the company to buy back up to $1 billion in shares, equating to approximately 8.3% of its outstanding shares. This move often indicates that the company believes its shares are undervalued in the market.
In addition, IDEX has declared a quarterly dividend of $0.71 per share, set to be paid on October 24, 2024. Stockholders of record as of October 10, 2024 will receive this payment, resulting in an annualized dividend of $2.84 and a yield of 1.7%. The current dividend payout ratio stands at 45.88%.
Analysts have been actively revising their price targets for IDEX shares. DA Davidson set a target of $180.00 with a “neutral” rating, while Oppenheimer suggested a target of $210.00. Citigroup increased its target from $208.00 to $216.00 and maintained a “buy” rating. In contrast, Royal Bank of Canada adjusted its target down from $207.00 to $200.00 but retained an “outperform” rating. Overall, five analysts have rated the stock as a “buy,” while two have assigned a “hold” rating, leading to a consensus rating of “Moderate Buy” with an average target price of $201.43.
IDEX Corporation operates globally through three segments: Fluid & Metering Technologies, Health & Science Technologies, and Fire & Safety/Diversified Products, providing a range of applied solutions across various industries.
