Distillate Capital Partners LLC Buys New Stake in IDEX Co. (NYSE:IEX)

Distillate Capital Partners LLC acquired a new stake in shares of IDEX Co. (NYSE:IEX) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 67,790 shares of the industrial products company’s stock, valued at approximately $13,639,000. Distillate Capital Partners LLC owned approximately 0.09% of IDEX at the end of the most recent quarter.

Several other large investors also recently modified their holdings of IEX. Riverview Trust Co bought a new position in shares of IDEX during the first quarter valued at $35,000. Quarry LP acquired a new stake in shares of IDEX during the fourth quarter worth approximately $36,000. EdgeRock Capital LLC bought a new position in shares of IDEX in the second quarter valued at approximately $41,000. Whittier Trust Co. boosted its holdings in shares of IDEX by 38.4% in the 2nd quarter. Whittier Trust Co. now owns 209 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 58 shares in the last quarter. Finally, UMB Bank n.a. increased its holdings in IDEX by 31.0% during the 2nd quarter. UMB Bank n.a. now owns 241 shares of the industrial products company’s stock valued at $48,000 after purchasing an additional 57 shares in the last quarter. 97.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

IEX has been the subject of a number of research reports. Oppenheimer lowered their target price on IDEX from $245.00 to $238.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. StockNews.com cut shares of IDEX from a “buy” rating to a “hold” rating in a research note on Thursday, July 11th. TD Cowen dropped their price objective on shares of IDEX from $240.00 to $230.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Stifel Nicolaus lowered their target price on IDEX from $265.00 to $236.00 and set a “buy” rating for the company in a research note on Thursday, July 18th. Finally, Royal Bank of Canada cut their price target on IDEX from $250.00 to $236.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $233.50.

IDEX Trading Up 0.6 %

Shares of NYSE IEX opened at $210.05 on Tuesday. The stock has a market cap of $15.90 billion, a price-to-earnings ratio of 27.64, a P/E/G ratio of 2.09 and a beta of 0.95. IDEX Co. has a twelve month low of $183.76 and a twelve month high of $246.36. The company has a quick ratio of 2.52, a current ratio of 3.41 and a debt-to-equity ratio of 0.36. The company’s fifty day moving average is $201.09 and its 200-day moving average is $213.28.

IDEX (NYSE:IEX) last released its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $2.06 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.02. IDEX had a return on equity of 16.87% and a net margin of 18.19%. The company had revenue of $807.20 million for the quarter, compared to analyst estimates of $828.15 million. During the same quarter last year, the firm posted $2.18 earnings per share. IDEX’s revenue was down 4.6% compared to the same quarter last year. Equities research analysts predict that IDEX Co. will post 7.88 EPS for the current year.

IDEX Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 1.31%. The ex-dividend date of this dividend is Friday, October 11th. IDEX’s dividend payout ratio is 36.32%.

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.