Wellington Management Group LLP Increases Stock Holdings in IDEX Corporation $IEX

Key Points

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Wellington Management Group LLP raised its stake in IDEX Corporation (NYSE:IEX - Free Report) by 19.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,050,601 shares of the industrial products company's stock after purchasing an additional 831,005 shares during the quarter. Wellington Management Group LLP owned 6.69% of IDEX worth $914,007,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its stake in shares of IDEX by 8.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,666,777 shares of the industrial products company's stock valued at $767,421,000 after buying an additional 277,964 shares in the last quarter. Impax Asset Management Group plc boosted its position in IDEX by 11.5% during the first quarter. Impax Asset Management Group plc now owns 2,006,724 shares of the industrial products company's stock worth $363,157,000 after purchasing an additional 207,172 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in IDEX by 0.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,868,919 shares of the industrial products company's stock valued at $391,147,000 after purchasing an additional 17,087 shares during the last quarter. Invesco Ltd. grew its holdings in IDEX by 15.4% in the first quarter. Invesco Ltd. now owns 1,545,463 shares of the industrial products company's stock valued at $279,682,000 after purchasing an additional 206,633 shares during the last quarter. Finally, Fenimore Asset Management Inc grew its holdings in IDEX by 2.0% in the first quarter. Fenimore Asset Management Inc now owns 855,951 shares of the industrial products company's stock valued at $154,901,000 after purchasing an additional 16,444 shares during the last quarter. 97.96% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Akhil Mahendra sold 250 shares of the 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 transaction, the chief financial officer directly owned 5,035 shares in the company, valued at approximately $910,781.15. This represents a 4.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.50% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on IEX shares. Mizuho set a $185.00 target price on IDEX in a report on Friday, May 16th. Robert W. Baird set a $215.00 target price on IDEX in a report on Friday, May 2nd. Royal Bank Of Canada lowered 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. Citigroup upped their target price on IDEX from $208.00 to $216.00 and gave the company a "buy" rating in a report on Monday, July 14th. Finally, DA Davidson set a $180.00 target price on IDEX and gave the company a "neutral" rating in a report on Monday, August 4th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $201.71.

IDEX Stock Down 0.4%

Shares of NYSE:IEX opened at $164.04 on Tuesday. 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 Corporation has a 52-week low of $153.36 and a 52-week high of $238.22. The stock's fifty day simple moving average is $175.26 and its 200-day simple moving average is $180.29. The company has a market capitalization of $12.35 billion, a P/E ratio of 26.50, a P/E/G ratio of 1.74 and a beta of 1.04.

IDEX (NYSE:IEX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.07 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $858.59 million. During the same period in the prior year, the business earned $2.06 earnings per share. The business's revenue was up 7.2% on a year-over-year basis. As a group, equities research analysts forecast that IDEX Corporation will post 8.26 earnings per share for the current fiscal year.

IDEX Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 11th were given a dividend of $0.71 per share. The ex-dividend date was Friday, July 11th. This represents a $2.84 annualized dividend and a yield of 1.7%. IDEX's dividend payout ratio is 45.88%.

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.

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