Vest Financial LLC Has $3.71 Million Stock Position in IDEX Corporation $IEX

Key Points

• Vest Financial LLC increased its stake in IDEX Corporation by 34.6%, bringing its holdings to a value of $3.71 million.
• IDEX Corporation has initiated a $1.00 billion stock repurchase program, indicating the board's belief that shares are undervalued.
• The company recently declared a quarterly dividend of $0.71 per share, representing a 1.8% yield with a payout ratio of 45.88%.

Vest Financial LLC raised its stake in shares of IDEX Corporation (NYSE:IEX - Free Report) by 34.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,150 shares of the industrial products company's stock after purchasing an additional 5,438 shares during the quarter. Vest Financial LLC's holdings in IDEX were worth $3,713,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Amalgamated Bank boosted its holdings in IDEX by 1.0% during the first quarter. Amalgamated Bank now owns 14,731 shares of the industrial products company's stock valued at $2,666,000 after purchasing an additional 141 shares in the last quarter. GAMMA Investing LLC boosted its holdings in IDEX by 49.0% during the first quarter. GAMMA Investing LLC now owns 915 shares of the industrial products company's stock valued at $166,000 after purchasing an additional 301 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in IDEX during the first quarter valued at approximately $909,000. Oppenheimer Asset Management Inc. boosted its holdings in IDEX by 0.7% during the first quarter. Oppenheimer Asset Management Inc. now owns 8,332 shares of the industrial products company's stock valued at $1,508,000 after purchasing an additional 61 shares in the last quarter. Finally, Swedbank AB boosted its holdings in IDEX by 16.2% during the first quarter. Swedbank AB now owns 55,396 shares of the industrial products company's stock valued at $10,025,000 after purchasing an additional 7,726 shares in the last quarter. 97.96% of the stock is owned by institutional investors and hedge funds.

IDEX Stock Down 0.1%

NYSE:IEX opened at $160.99 on Tuesday. The stock's fifty day moving average price is $163.17 and its two-hundred day moving average price is $172.48. IDEX Corporation has a 52-week low of $153.36 and a 52-week 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 market cap of $12.12 billion, a price-to-earnings ratio of 26.01, a P/E/G ratio of 1.70 and a beta of 1.04.

IDEX (NYSE:IEX - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $712.00 million for the quarter. On average, analysts anticipate that IDEX Corporation will post 8.26 EPS for the current year.

IDEX declared that its board has initiated a stock repurchase program on Thursday, September 18th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the industrial products company to buy up to 8.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its shares are undervalued.

IDEX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Friday, October 10th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.84 annualized dividend and a yield of 1.8%. IDEX's dividend payout ratio is currently 45.88%.

Wall Street Analyst Weigh In

IEX has been the topic of a number of recent research reports. Oppenheimer set a $210.00 price objective on IDEX in a report on Tuesday, October 7th. Citigroup boosted their target price on IDEX from $208.00 to $216.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Stifel Nicolaus reduced their target price on IDEX from $238.00 to $204.00 and set a "buy" rating on the stock in a report on Thursday, July 31st. Royal Bank Of Canada reduced their target price on IDEX from $207.00 to $200.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of IDEX in a report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $201.43.

IDEX 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.