Mirae Asset Global Investments Co. Ltd. Makes New Investment in IDEX Corporation $IEX

Key Points

• Mirae Asset Global Investments acquired a new 20,166-share stake in IDEX during the third quarter, valued at approximately $4.6 million. Institutional investors and hedge funds collectively own 97.96% of the company’s shares.
• IDEX beat quarterly expectations, reporting earnings of $2.33 per share versus the $2.24 consensus and revenue of $951.7 million versus estimates of $934.4 million. Revenue grew 8.3% year over year.
• Analysts have a Moderate Buy consensus rating, with an average price target of $263.64; nine analysts rate the stock Buy and three rate it Hold.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of IDEX Corporation (NYSE:IEX - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 20,166 shares of the industrial products company's stock, valued at approximately $4,597,000.

Other hedge funds also recently modified their holdings of the company. Optiver Holding B.V. acquired a new position in IDEX during the 1st quarter worth about $27,000. Burkett Financial Services LLC acquired a new stake in shares of IDEX during the 3rd quarter worth approximately $27,000. Quantbot Technologies LP acquired a new stake in IDEX in the second quarter worth $33,000. Elevation Wealth Partners LLC increased its position in IDEX by 42.7% in the 3rd quarter. Elevation Wealth Partners LLC now owns 147 shares of the industrial products company's stock valued at $34,000 after buying an additional 44 shares in the last quarter. Finally, Laurel Wealth Advisors LLC bought a new stake in shares of IDEX during the third quarter valued at approximately $34,000. Institutional investors and hedge funds own 97.96% of the company's stock.

IDEX Price Performance

Shares of NYSE:IEX opened at $222.40 on Friday. The company's fifty day moving average price is $230.04 and its 200-day moving average price is $216.75. IDEX Corporation has a one year low of $160.60 and a one year high of $243.80. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.78 and a quick ratio of 1.95. The firm has a market capitalization of $16.34 billion, a price-to-earnings ratio of 30.89, a PEG ratio of 2.61 and a beta of 0.95.

IDEX (NYSE:IEX - Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.24 by $0.09. The firm had revenue of $951.70 million during the quarter, compared to analyst estimates of $934.36 million. IDEX had a return on equity of 16.18% and a net margin of 14.65%. The company's revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.03 earnings per share. On average, equities research analysts anticipate that IDEX Corporation will post 8.95 earnings per share for the current fiscal year.

IDEX Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Friday, October 2nd were paid a $0.73 dividend. The ex-dividend date of this dividend was Friday, October 2nd. This represents a $2.92 annualized dividend and a yield of 1.3%. IDEX's payout ratio is currently 40.56%.

Analyst Ratings Changes

IEX has been the subject of several recent research reports. Robert W. Baird set a $268.00 target price on shares of IDEX in a research report on Thursday, October 29th. KeyCorp upgraded IDEX to a "hold" rating in a research note on Monday, October 12th. Weiss Ratings reiterated a "buy (b-)" rating on shares of IDEX in a research note on Wednesday, October 28th. Vertical Research started coverage on shares of IDEX in a report on Tuesday, September 8th. They set a "buy" rating and a $250.00 price objective on the stock. Finally, Oppenheimer raised their price target on IDEX from $275.00 to $280.00 and gave the stock an "outperform" rating in a report on Thursday, October 29th. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, IDEX presently has an average rating of "Moderate Buy" and an average target price of $263.64.

Insider Buying and Selling at IDEX

In related news, CAO Lisa Anderson sold 385 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $238.59, for a total transaction of $91,857.15. Following the completion of the sale, the chief accounting officer directly owned 4,327 shares in the company, valued at $1,032,378.93. This represents a 8.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.50% of the company's stock.

IDEX Company Profile

IDEX Corporation is an industrial manufacturing company headquartered in Lake Forest, Illinois. The company designs and produces engineered products and technologies used to move, control, measure and apply fluids, as well as equipment used in fire and safety applications.

IDEX operates through businesses serving fluid and metering technologies, health and science technologies, and fire and safety markets. Its products include pumps, valves, flow meters, compressors, dispensing equipment, precision fluidics components and systems, fire pumps, rescue tools and other specialized equipment.

The company serves a broad range of industries, including healthcare, life sciences, water and wastewater, chemical processing, energy, food and beverage, agriculture, industrial manufacturing and municipal fire protection.

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