Aigen Investment Management LP Makes New $825,000 Investment in IDEX Corporation (NYSE:IEX)

Key Points

• Aigen Investment Management LP has acquired a new position in IDEX Corporation, purchasing 4,559 shares valued at approximately $825,000 during Q1.
• IDEX recently announced a quarterly dividend of $0.71 per share, yielding 1.8%, with a dividend payout ratio of 45.88%.
• Analysts have set an average price target of $201.71 for IDEX, with a consensus rating of "Moderate Buy" based on multiple price target revisions by various firms.

Aigen Investment Management LP bought a new position in shares of IDEX Corporation (NYSE:IEX - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,559 shares of the industrial products company's stock, valued at approximately $825,000.

A number of other institutional investors have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership bought a new stake in shares of IDEX in the fourth quarter worth $448,000. Bank of Nova Scotia increased its stake in IDEX by 4.3% during the fourth quarter. Bank of Nova Scotia now owns 10,105 shares of the industrial products company's stock valued at $2,115,000 after purchasing an additional 420 shares during the last quarter. Raymond James Financial Inc. bought a new stake in IDEX during the fourth quarter valued at $35,375,000. Treasurer of the State of North Carolina increased its stake in IDEX by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 33,306 shares of the industrial products company's stock valued at $6,971,000 after purchasing an additional 200 shares during the last quarter. Finally, Sterling Capital Management LLC increased its stake in IDEX by 55.4% during the fourth quarter. Sterling Capital Management LLC now owns 4,490 shares of the industrial products company's stock valued at $940,000 after purchasing an additional 1,601 shares during the last quarter. 97.96% of the stock is owned by institutional investors and hedge funds.

IDEX Stock Down 1.4%

Shares of IEX stock traded down $2.40 during mid-day trading on Friday, hitting $164.79. The company's stock had a trading volume of 579,200 shares, compared to its average volume of 866,780. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.13 and a current ratio of 3.05. IDEX Corporation has a 52-week low of $153.36 and a 52-week high of $238.22. The stock has a market cap of $12.41 billion, a price-to-earnings ratio of 26.62, a PEG ratio of 1.76 and a beta of 1.04. The business has a 50-day moving average price of $175.64 and a 200 day moving average price of $181.27.

IDEX (NYSE:IEX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.00 by $0.07. IDEX had a return on equity of 15.16% and a net margin of 14.05%. The business had revenue of $865.40 million for the quarter, compared to the consensus estimate of $858.59 million. During the same period in the prior year, the business posted $2.06 earnings per share. The company's quarterly revenue was up 7.2% compared to the same quarter last year. Research analysts predict that IDEX Corporation will post 8.26 EPS for the current fiscal year.

IDEX Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 11th were issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, July 11th. IDEX's payout ratio is presently 45.88%.

Analysts Set New Price Targets

Several research firms recently weighed in on IEX. Robert W. Baird set a $215.00 price objective on shares of IDEX in a report on Friday, May 2nd. Stifel Nicolaus dropped their price objective on IDEX from $238.00 to $204.00 and set a "buy" rating on the stock in a report on Thursday, July 31st. Oppenheimer reduced their target price on IDEX from $224.00 to $212.00 and set an "outperform" rating for the company in a research report on Thursday, July 31st. Citigroup lifted their price objective on IDEX from $208.00 to $216.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Finally, Mizuho set a $185.00 price objective on IDEX in a report on Friday, May 16th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $201.71.

Insider Transactions at IDEX

In other news, CFO Akhil Mahendra sold 250 shares of IDEX stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $180.89, for a total transaction of $45,222.50. Following the sale, the chief financial officer owned 5,035 shares of the company's stock, valued at approximately $910,781.15. The trade was a 4.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.50% of the company's stock.

About IDEX

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.