IDEX Corporation (NYSE:IEX) Shares Sold by King Luther Capital Management Corp

Key Points

• King Luther Capital Management Corp reduced its stake in IDEX Corporation by 3.1%, now holding 720,828 shares valued at approximately $130.4 million.
• IDEX recently reported a quarterly EPS of $2.07, exceeding estimates, alongside a revenue of $865.40 million, a 7.2% year-over-year increase.
• The company declared a quarterly dividend of $0.71 per share, representing an annualized yield of 1.8% and a dividend payout ratio of 45.88%.

King Luther Capital Management Corp reduced its holdings in IDEX Corporation (NYSE:IEX - Free Report) by 3.1% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 720,828 shares of the industrial products company's stock after selling 22,940 shares during the quarter. King Luther Capital Management Corp owned 0.95% of IDEX worth $130,448,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Alps Advisors Inc. lifted its holdings in shares of IDEX by 1.0% in the first quarter. Alps Advisors Inc. now owns 5,990 shares of the industrial products company's stock valued at $1,084,000 after purchasing an additional 60 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in IDEX by 1.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,925 shares of the industrial products company's stock valued at $1,031,000 after buying an additional 61 shares in the last quarter. Oppenheimer Asset Management Inc. grew its holdings in IDEX by 0.7% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 8,332 shares of the industrial products company's stock valued at $1,508,000 after buying an additional 61 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in shares of IDEX by 81.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 143 shares of the industrial products company's stock worth $26,000 after acquiring an additional 64 shares during the last quarter. Finally, Laird Norton Wetherby Wealth Management LLC increased its position in IDEX by 3.2% during the 4th quarter. Laird Norton Wetherby Wealth Management LLC now owns 2,127 shares of the industrial products company's stock worth $445,000 after purchasing an additional 66 shares in the last quarter. Hedge funds and other institutional investors own 97.96% of the company's stock.

IDEX Trading Down 1.7%

Shares of IDEX stock traded down $2.89 during trading hours on Thursday, hitting $166.61. The company's stock had a trading volume of 473,573 shares, compared to its average volume of 674,069. IDEX Corporation has a 1-year low of $153.36 and a 1-year high of $238.22. The business has a fifty day moving average of $176.27 and a 200 day moving average of $182.04. The company has a market capitalization of $12.54 billion, a PE ratio of 26.92, a P/E/G ratio of 1.72 and a beta of 1.04. The company has a quick ratio of 2.13, a current ratio of 3.05 and a debt-to-equity ratio of 0.46.

IDEX (NYSE:IEX - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.07 EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $858.59 million. During the same quarter in the previous year, the firm posted $2.06 earnings per share. The company's revenue was up 7.2% compared to the same quarter last year. As a group, equities analysts forecast 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. Stockholders of record on Friday, July 11th were given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, July 11th. IDEX's dividend payout ratio (DPR) is presently 45.88%.

Insider Activity

In other IDEX news, CFO Akhil Mahendra sold 250 shares of IDEX stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $180.89, for a total value of $45,222.50. Following the completion of the transaction, the chief financial officer directly owned 5,035 shares in the company, valued at $910,781.15. The trade was a 4.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.50% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on IEX. Stifel Nicolaus reduced their price objective on shares of IDEX from $238.00 to $204.00 and set a "buy" rating on the stock in a research note on Thursday, July 31st. Mizuho set a $185.00 price objective on shares of IDEX in a research note on Friday, May 16th. Royal Bank Of Canada reduced their price objective on shares of IDEX from $207.00 to $200.00 and set an "outperform" rating on the stock in a research note on Thursday, July 31st. Robert W. Baird set a $215.00 price objective on shares of IDEX in a research note on Friday, May 2nd. Finally, DA Davidson set a $180.00 price objective on shares of IDEX and gave the company a "neutral" rating in a research note on Monday, August 4th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, IDEX presently has a consensus rating of "Moderate Buy" and an average target price of $201.71.

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.