Maren Capital LLC Sells 10,837 Shares of IDEX Corporation $IEX

Maren Capital LLC reduced its stake in IDEX Corporation (NYSE:IEX) by 4.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 236,000 shares of the industrial products company’s stock after selling 10,837 shares during the quarter. IDEX makes up 2.5% of Maren Capital LLC’s investment portfolio, making the stock its 16th largest holding. Maren Capital LLC owned approximately 0.31% of IDEX worth $41,435,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. LPL Financial LLC lifted its position in IDEX by 1.9% during the 1st quarter. LPL Financial LLC now owns 20,068 shares of the industrial products company’s stock worth $3,632,000 after acquiring an additional 366 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of IDEX by 11.0% in the first quarter. Mackenzie Financial Corp now owns 7,743 shares of the industrial products company’s stock valued at $1,401,000 after purchasing an additional 767 shares during the last quarter. Federated Hermes Inc. increased its stake in shares of IDEX by 42.9% in the first quarter. Federated Hermes Inc. now owns 333 shares of the industrial products company’s stock worth $60,000 after purchasing an additional 100 shares during the period. Jefferies Financial Group Inc. acquired a new position in shares of IDEX during the 1st quarter worth about $1,064,000. Finally, Blair William & Co. IL boosted its stake in IDEX by 14.9% during the 1st quarter. Blair William & Co. IL now owns 4,091 shares of the industrial products company’s stock valued at $740,000 after purchasing an additional 529 shares during the period. Institutional investors and hedge funds own 97.96% of the company’s stock.

IDEX Stock Up 0.3%

Shares of IEX stock opened at $175.10 on Wednesday. The stock has a market cap of $13.11 billion, a P/E ratio of 27.71, a price-to-earnings-growth ratio of 1.83 and a beta of 1.04. IDEX Corporation has a one year low of $153.36 and a one year high of $231.93. The stock has a fifty day moving average price of $167.01 and a 200 day moving average price of $170.93. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.93 and a quick ratio of 2.13.

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

IDEX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Friday, January 16th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, January 16th. IDEX’s dividend payout ratio is 44.94%.

IDEX announced that its board has authorized a share repurchase plan on Thursday, September 18th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 8.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of IDEX in a research report on Wednesday, October 8th. Stifel Nicolaus lowered their price objective 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. Oppenheimer set a $210.00 target price on shares of IDEX in a research note on Tuesday, October 7th. Finally, Royal Bank Of Canada dropped their price objective on shares of IDEX from $200.00 to $195.00 and set an “outperform” rating on the stock in a report on Thursday, October 30th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $198.86.

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.