Rovin Capital UT ADV Takes $439,000 Position in IDEX Corporation $IEX

Rovin Capital UT ADV bought a new position in shares of IDEX Corporation (NYSE:IEX) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,499 shares of the industrial products company’s stock, valued at approximately $439,000.

A number of other hedge funds have also added to or reduced their stakes in IEX. Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of IDEX by 257.5% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 143 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 103 shares during the last quarter. American National Bank & Trust purchased a new stake in shares of IDEX during the second quarter valued at approximately $25,000. Steph & Co. bought a new stake in IDEX during the second quarter worth $42,000. SVB Wealth LLC purchased a new position in IDEX in the first quarter worth $56,000. Finally, Federated Hermes Inc. increased its position in shares of IDEX by 42.9% during the 1st quarter. Federated Hermes Inc. now owns 333 shares of the industrial products company’s stock valued at $60,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 97.96% of the company’s stock.

IDEX Stock Performance

Shares of IEX opened at $166.83 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.93 and a quick ratio of 2.13. The firm has a market capitalization of $12.49 billion, a P/E ratio of 26.40, a PEG ratio of 1.83 and a beta of 1.04. The business has a fifty day moving average of $164.58 and a 200 day moving average of $172.29. IDEX Corporation has a one year low of $153.36 and a one year high of $237.38.

IDEX (NYSE:IEX) last announced its earnings results on Friday, December 16th. The industrial products company reported $1.79 EPS for the quarter. The business had revenue of $712.00 million during the quarter. IDEX had a net margin of 13.97% and a return on equity of 15.20%. As a group, sell-side analysts anticipate that IDEX Corporation will post 8.26 EPS for the current year.

IDEX declared that its board has approved a share buyback program on Thursday, September 18th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 8.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

IDEX Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 24th. Stockholders of record on Friday, October 10th were given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, October 10th. IDEX’s payout ratio is presently 44.94%.

Wall Street Analysts Forecast Growth

IEX has been the topic of several research analyst reports. DA Davidson set a $180.00 price objective on IDEX and gave the company a “neutral” rating in a research note on Monday, August 4th. Citigroup raised their price target on shares of IDEX from $208.00 to $216.00 and gave the stock a “buy” rating in a report on Monday, July 14th. Oppenheimer set a $210.00 price objective on IDEX in a research report on Tuesday, October 7th. Stifel Nicolaus decreased their price objective on shares of IDEX from $204.00 to $191.00 and set a “buy” rating for the company in a report on Monday, October 20th. Finally, Royal Bank Of Canada decreased their price target on shares of IDEX from $200.00 to $195.00 and set an “outperform” rating for the company in a research note on Thursday, October 30th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, IDEX presently has an average rating of “Moderate Buy” and a consensus price target of $198.86.

About IDEX

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.