Resona Asset Management Co. Ltd. Has $4.72 Million Stake in IDEX Corporation $IEX

Resona Asset Management Co. Ltd. boosted its stake in IDEX Corporation (NYSE:IEX) by 8.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,837 shares of the industrial products company’s stock after acquiring an additional 2,104 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in IDEX were worth $4,715,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of IDEX by 257.5% in the 2nd 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 period. American National Bank & Trust bought a new position in shares of IDEX during the second quarter worth about $25,000. Steph & Co. bought a new position in shares of IDEX during the second quarter worth about $42,000. SVB Wealth LLC acquired a new stake in IDEX in the 1st quarter valued at approximately $56,000. Finally, Federated Hermes Inc. raised its position in IDEX by 42.9% in the 1st quarter. Federated Hermes Inc. now owns 333 shares of the industrial products company’s stock valued at $60,000 after buying an additional 100 shares during the last quarter. Institutional investors own 97.96% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IEX. Citigroup raised their price target on shares of IDEX from $208.00 to $216.00 and gave the stock a “buy” rating in a research note on Monday, July 14th. Weiss Ratings reissued a “hold (c-)” rating on shares of IDEX in a research report on Wednesday, October 8th. Oppenheimer set a $210.00 target price on shares of IDEX in a research report on Tuesday, October 7th. DA Davidson set a $180.00 price target on shares of IDEX and gave the company a “neutral” rating in a research note on Monday, August 4th. Finally, Stifel Nicolaus lowered their price target on shares of IDEX from $204.00 to $191.00 and set a “buy” rating on the stock in a research note on Monday, October 20th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $198.86.

IDEX Price Performance

NYSE:IEX opened at $168.03 on Monday. IDEX Corporation has a 12-month low of $153.36 and a 12-month high of $237.38. The firm has a market capitalization of $12.58 billion, a price-to-earnings ratio of 26.59, a P/E/G ratio of 1.83 and a beta of 1.04. The stock’s 50 day moving average price is $164.65 and its two-hundred day moving average price is $172.41. The company has a quick ratio of 2.13, a current ratio of 2.93 and a debt-to-equity ratio of 0.47.

IDEX (NYSE:IEX) last posted its earnings results on Friday, December 16th. The industrial products company reported $1.79 earnings per share for the quarter. IDEX had a return on equity of 15.20% and a net margin of 13.97%.The business had revenue of $712.00 million for the quarter. On average, analysts anticipate that IDEX Corporation will post 8.26 earnings per share for the current year.

IDEX Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 24th. Shareholders of record on Friday, October 10th were issued 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 currently 44.94%.

IDEX announced that its board has initiated a share repurchase program on Thursday, September 18th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the industrial products company to reacquire up to 8.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

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.