Invesco Ltd. Purchases 206,633 Shares of IDEX Corporation (NYSE:IEX)

Key Points

• Invesco Ltd. increased its stake in IDEX Corporation by 15.4%, now owning 1,545,463 shares worth approximately $279.68 million.
• IDEX Corporation reported a quarterly EPS of $2.07, surpassing estimates and reflecting a 7.2% year-over-year revenue growth.
• The firm announced a quarterly dividend of $0.71, with a yield of 1.7% and a payout ratio of 45.88%.

Invesco Ltd. boosted its position in IDEX Corporation (NYSE:IEX - Free Report) by 15.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,545,463 shares of the industrial products company's stock after buying an additional 206,633 shares during the quarter. Invesco Ltd. owned approximately 2.05% of IDEX worth $279,682,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Banque de Luxembourg S.A. purchased a new position in IDEX during the fourth quarter worth about $27,000. MassMutual Private Wealth & Trust FSB grew its position in IDEX by 81.0% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 143 shares of the industrial products company's stock worth $26,000 after buying an additional 64 shares in the last quarter. UMB Bank n.a. grew its position in IDEX by 63.5% during the first quarter. UMB Bank n.a. now owns 224 shares of the industrial products company's stock worth $41,000 after buying an additional 87 shares in the last quarter. Quarry LP purchased a new position in IDEX during the fourth quarter worth about $49,000. Finally, Federated Hermes Inc. grew its position in IDEX by 42.9% during the first quarter. Federated Hermes Inc. now owns 333 shares of the industrial products company's stock worth $60,000 after buying an additional 100 shares in the last quarter. 97.96% of the stock is owned by hedge funds and other institutional investors.

IDEX Stock Performance

Shares of IEX stock traded down $2.40 on Friday, reaching $164.79. The stock had a trading volume of 579,200 shares, compared to its average volume of 866,780. The stock has a market cap of $12.41 billion, a P/E ratio of 26.62, a price-to-earnings-growth ratio of 1.74 and a beta of 1.04. IDEX Corporation has a 1 year low of $153.36 and a 1 year high of $238.22. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.13 and a current ratio of 3.05. The company has a 50 day simple moving average of $175.64 and a 200 day simple moving average of $181.01.

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

IDEX Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Friday, July 11th were issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, July 11th. This represents a $2.84 dividend on an annualized basis and a yield of 1.7%. IDEX's dividend payout ratio (DPR) is currently 45.88%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on IEX. Robert W. Baird set a $215.00 price objective on IDEX in a report on Friday, May 2nd. Stifel Nicolaus cut their price objective on IDEX from $238.00 to $204.00 and set a "buy" rating for the company in a report on Thursday, July 31st. Royal Bank Of Canada cut their price objective on IDEX from $207.00 to $200.00 and set an "outperform" rating for the company in a report on Thursday, July 31st. Mizuho set a $185.00 price objective on IDEX in a report on Friday, May 16th. Finally, Oppenheimer cut their price objective on IDEX from $224.00 to $212.00 and set an "outperform" rating for the company in a report on Thursday, July 31st. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $201.71.

Insider Buying and Selling

In other IDEX news, CFO Akhil Mahendra sold 250 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $180.89, for a total transaction of $45,222.50. Following the sale, the chief financial officer directly owned 5,035 shares of the company's stock, valued at $910,781.15. This trade represents a 4.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is currently owned by corporate insiders.

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.