Wahed Invest LLC Raises Position in IDEX Co. (NYSE:IEX)

Wahed Invest LLC raised its position in IDEX Co. (NYSE:IEX) by 8.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,289 shares of the industrial products company’s stock after buying an additional 96 shares during the period. Wahed Invest LLC’s holdings in IDEX were worth $280,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of IDEX in the fourth quarter worth approximately $237,425,000. Alecta Tjanstepension Omsesidigt lifted its holdings in IDEX by 420.8% in the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 781,172 shares of the industrial products company’s stock valued at $169,600,000 after purchasing an additional 631,172 shares in the last quarter. Public Employees Retirement Association of Colorado grew its holdings in shares of IDEX by 4,080.8% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 313,725 shares of the industrial products company’s stock worth $68,113,000 after buying an additional 306,221 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in shares of IDEX by 316.9% in the third quarter. Ameriprise Financial Inc. now owns 368,849 shares of the industrial products company’s stock worth $76,667,000 after buying an additional 280,385 shares in the last quarter. Finally, Maren Capital LLC purchased a new position in shares of IDEX in the fourth quarter worth about $49,789,000. 97.96% of the stock is currently owned by hedge funds and other institutional investors.

IDEX Stock Performance

NYSE IEX opened at $200.29 on Tuesday. The stock has a market cap of $15.16 billion, a PE ratio of 26.35, a P/E/G ratio of 1.99 and a beta of 0.99. IDEX Co. has a twelve month low of $183.76 and a twelve month high of $246.36. The stock has a fifty day simple moving average of $219.37 and a 200-day simple moving average of $221.54. The company has a current ratio of 3.37, a quick ratio of 2.45 and a debt-to-equity ratio of 0.37.

IDEX (NYSE:IEX) last announced its quarterly earnings results on Tuesday, April 23rd. The industrial products company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.12. IDEX had a net margin of 17.89% and a return on equity of 17.60%. The business had revenue of $801.00 million during the quarter, compared to analysts’ expectations of $807.52 million. During the same period last year, the business earned $2.09 earnings per share. The business’s revenue for the quarter was down 5.3% on a year-over-year basis. Equities analysts anticipate that IDEX Co. will post 8.31 earnings per share for the current year.

IDEX Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Friday, May 17th were paid a $0.69 dividend. The ex-dividend date of this dividend was Thursday, May 16th. This is a boost from IDEX’s previous quarterly dividend of $0.64. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.38%. IDEX’s payout ratio is presently 36.32%.

Analyst Ratings Changes

A number of research firms have commented on IEX. Oppenheimer increased their price objective on shares of IDEX from $245.00 to $252.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. StockNews.com raised IDEX from a “hold” rating to a “buy” rating in a research note on Saturday, May 18th. Robert W. Baird dropped their target price on IDEX from $260.00 to $256.00 and set an “outperform” rating for the company in a report on Thursday, April 25th. Citigroup lifted their price target on IDEX from $254.00 to $277.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $255.00 price objective on shares of IDEX in a report on Thursday, March 21st. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $250.71.

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.