6,783 Shares in IDEX Corporation $IEX Bought by TrueMark Investments LLC

Key Points

• TrueMark Investments LLC acquired 6,783 shares of IDEX Corporation for approximately $1.19 million in the second quarter of 2023.
• IDEX recently announced a quarterly dividend of $0.71 per share, with a yield of 1.7%, set to be paid on October 24th.
• Research firms have set varying price targets for IDEX, with Oppenheimer at $210.00 and Citigroup raising their target to $216.00, reflecting a consensus rating of "Moderate Buy."

TrueMark Investments LLC acquired a new stake in IDEX Corporation (NYSE:IEX - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 6,783 shares of the industrial products company's stock, valued at approximately $1,191,000.

Several other institutional investors and hedge funds have also recently modified their holdings of IEX. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of IDEX by 257.5% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 143 shares of the industrial products company's stock valued at $25,000 after purchasing an additional 103 shares during the last quarter. American National Bank & Trust acquired a new position in shares of IDEX in the second quarter valued at $25,000. Steph & Co. acquired a new position in shares of IDEX in the second quarter valued at $42,000. SVB Wealth LLC acquired a new position in shares of IDEX in the first quarter valued at $56,000. Finally, Federated Hermes Inc. increased its holdings in shares of IDEX by 42.9% in the first quarter. Federated Hermes Inc. now owns 333 shares of the industrial products company's stock valued at $60,000 after purchasing an additional 100 shares during the last quarter. 97.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on IEX. Oppenheimer set a $210.00 price objective on shares of IDEX in a report on Tuesday, October 7th. Weiss Ratings reissued a "hold (c-)" rating on shares of IDEX in a research report on Wednesday, October 8th. Stifel Nicolaus reduced their target price on shares of IDEX from $238.00 to $204.00 and set a "buy" rating for the company in a research report on Thursday, July 31st. Royal Bank Of Canada reduced their target price on shares of IDEX from $207.00 to $200.00 and set an "outperform" rating for the company in a research report on Thursday, July 31st. Finally, Citigroup boosted their target price on shares of IDEX from $208.00 to $216.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $201.43.

IDEX Trading Up 0.9%

IEX opened at $166.53 on Friday. IDEX Corporation has a twelve month low of $153.36 and a twelve month high of $238.22. The company has a 50-day simple moving average of $163.57 and a 200 day simple moving average of $172.07. The company has a quick ratio of 2.13, a current ratio of 3.05 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $12.54 billion, a price-to-earnings ratio of 26.90, a P/E/G ratio of 1.76 and a beta of 1.04.

IDEX (NYSE:IEX - Get Free Report) last posted its quarterly earnings data on Friday, December 16th. The industrial products company reported $1.79 earnings per share for the quarter. IDEX had a net margin of 14.05% and a return on equity of 15.16%. The business had revenue of $712.00 million during the quarter. Analysts predict that IDEX Corporation will post 8.26 EPS for the current fiscal year.

IDEX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 24th. Investors of record on Friday, October 10th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.84 annualized dividend and a yield of 1.7%. IDEX's dividend payout ratio is currently 45.88%.

IDEX declared that its board has approved a share repurchase program on Thursday, September 18th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the industrial products company to reacquire up to 8.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's management 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.

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