IDEX Corporation $IEX Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in IDEX Corporation by 41.6%, selling 9,733 shares and now holding 13,658 shares worth approximately $2.46 million.
• IDEX announced a $0.71 quarterly dividend to be paid on October 24th, representing an annualized dividend of $2.84 and a yield of 1.7%.
• The company has authorized a $1 billion stock buyback plan, indicating management's belief that the stock is undervalued.

Allspring Global Investments Holdings LLC trimmed its holdings in IDEX Corporation (NYSE:IEX - Free Report) by 41.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,658 shares of the industrial products company's stock after selling 9,733 shares during the period. Allspring Global Investments Holdings LLC's holdings in IDEX were worth $2,461,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in IEX. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of IDEX by 257.5% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 143 shares of the industrial products company's stock valued at $25,000 after acquiring an additional 103 shares during the last quarter. American National Bank & Trust bought a new stake in shares of IDEX in the 2nd quarter valued at approximately $25,000. Steph & Co. bought a new stake in shares of IDEX in the 2nd quarter valued at approximately $42,000. SVB Wealth LLC bought a new stake in shares of IDEX in the 1st quarter valued at approximately $56,000. Finally, Federated Hermes Inc. increased its holdings in shares of IDEX by 42.9% in the 1st quarter. Federated Hermes Inc. now owns 333 shares of the industrial products company's stock valued at $60,000 after acquiring an additional 100 shares during the last quarter. 97.96% of the stock is owned by institutional investors and hedge funds.

IDEX Trading Up 1.8%

NYSE:IEX opened at $169.57 on Wednesday. IDEX Corporation has a 1 year low of $153.36 and a 1 year high of $238.22. The stock has a market cap of $12.77 billion, a price-to-earnings ratio of 27.39, a PEG ratio of 1.76 and a beta of 1.04. The business has a fifty day moving average of $163.88 and a 200-day moving average of $172.11. 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 (NYSE:IEX - Get Free Report) last released its quarterly earnings results on Friday, December 16th. The industrial products company reported $1.79 earnings per share (EPS) for the quarter. IDEX had a return on equity of 15.16% and a net margin of 14.05%.The company had revenue of $712.00 million during the quarter. Equities analysts predict that IDEX Corporation will post 8.26 earnings per share for the current year.

IDEX Announces Dividend

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

IDEX announced that its Board of Directors has authorized a stock buyback plan on Thursday, September 18th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the industrial products company to reacquire up to 8.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on IEX. Oppenheimer set a $210.00 price target on IDEX in a report on Tuesday, October 7th. Stifel Nicolaus lowered their price target on IDEX from $204.00 to $191.00 and set a "buy" rating for the company in a report on Monday. DA Davidson set a $180.00 price target on IDEX and gave the company a "neutral" rating in a report on Monday, August 4th. Royal Bank Of Canada lowered their price target on IDEX from $207.00 to $200.00 and set an "outperform" rating for the company in a report on Thursday, July 31st. Finally, Citigroup upped their price objective on IDEX from $208.00 to $216.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, IDEX currently has a consensus rating of "Moderate Buy" and an average target price of $199.57.

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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