Kestra Investment Management LLC Makes New $1.93 Million Investment in IDEX Corporation $IEX

Kestra Investment Management LLC purchased a new stake in shares of IDEX Corporation (NYSE:IEX) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 8,475 shares of the industrial products company’s stock, valued at approximately $1,932,000.

Several other institutional investors and hedge funds have also recently modified their holdings of IEX. BlackRock Inc. bought a new position in shares of IDEX in the second quarter worth approximately $1,301,393,000. Primecap Management Co. CA purchased a new stake in shares of IDEX during the second quarter valued at approximately $748,951,000. Bank of America Corp DE increased its position in shares of IDEX by 215.0% during the first quarter. Bank of America Corp DE now owns 1,094,101 shares of the industrial products company’s stock valued at $207,387,000 after acquiring an additional 746,732 shares in the last quarter. Alyeska Investment Group L.P. increased its position in shares of IDEX by 101.4% during the second quarter. Alyeska Investment Group L.P. now owns 1,042,703 shares of the industrial products company’s stock valued at $236,641,000 after acquiring an additional 525,048 shares in the last quarter. Finally, Freestone Grove Partners LP purchased a new position in IDEX in the 2nd quarter worth approximately $102,523,000. 97.96% of the stock is currently owned by institutional investors.

IDEX Trading Up 0.5%

Shares of IEX stock opened at $237.06 on Wednesday. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.78 and a quick ratio of 1.95. The firm has a fifty day moving average price of $230.18 and a 200-day moving average price of $217.31. The company has a market cap of $17.41 billion, a price-to-earnings ratio of 32.92, a PEG ratio of 2.64 and a beta of 0.95. IDEX Corporation has a 1 year low of $160.60 and a 1 year high of $243.80.

IDEX (NYSE:IEX) last announced its quarterly earnings data on Wednesday, October 28th. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $0.09. IDEX had a return on equity of 16.18% and a net margin of 14.65%. The company had revenue of $951.70 million during the quarter, compared to the consensus estimate of $934.36 million. During the same period in the previous year, the company posted $2.03 EPS. The firm’s revenue was up 8.3% on a year-over-year basis. As a group, equities analysts predict that IDEX Corporation will post 8.95 earnings per share for the current year.

IDEX Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Stockholders of record on Friday, October 2nd were given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Friday, October 2nd. IDEX’s payout ratio is presently 40.56%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on IEX. Citigroup upped their price objective on IDEX from $269.00 to $272.00 and gave the company a “buy” rating in a research report on Thursday, October 29th. Vertical Research started coverage on IDEX in a research note on Tuesday, September 8th. They set a “buy” rating and a $250.00 target price on the stock. Argus lifted their target price on IDEX from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Oppenheimer boosted their price target on IDEX from $275.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, October 29th. Finally, KeyCorp raised IDEX to a “hold” rating in a report on Monday, October 12th. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, IDEX presently has a consensus rating of “Moderate Buy” and an average price target of $263.64.

IDEX Profile

IDEX Corporation is a diversified manufacturer of engineered products and technologies used in industrial, life sciences, fire and safety, and other specialized markets. Its offerings include pumps, valves, flow meters and dispensing equipment, as well as components and instruments used in fluidics, medical technology and scientific applications. The company also supplies fire and rescue equipment, including tools and water-handling products. IDEX serves customers around the world through its operating businesses, which sell products for applications ranging from manufacturing and energy to healthcare and emergency response.