Tortoise Index Solutions LLC Reduces Stock Position in IDEX Co. (NYSE:IEX)

Sep 07, 2023

Tortoise Index Solutions LLC lessened its holdings in shares of IDEX Co. (NYSE:IEX - Get Rating) by 7.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,157 shares of the industrial products company's stock after selling 1,311 shares during the quarter. Tortoise Index Solutions LLC's holdings in IDEX were worth $1,002,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of IEX. CCLA Investment Management bought a new stake in IDEX in the 3rd quarter valued at $70,397,000. Vanguard Group Inc. boosted its stake in shares of IDEX by 2.8% during the 3rd quarter. Vanguard Group Inc. now owns 9,188,089 shares of the industrial products company's stock worth $1,836,240,000 after purchasing an additional 252,058 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in shares of IDEX by 976.4% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 227,140 shares of the industrial products company's stock worth $51,863,000 after purchasing an additional 206,038 shares during the period. Pictet Asset Management SA boosted its position in IDEX by 13.7% in the 3rd quarter. Pictet Asset Management SA now owns 1,602,662 shares of the industrial products company's stock valued at $320,292,000 after buying an additional 192,917 shares during the period. Finally, Fisher Asset Management LLC purchased a new stake in IDEX in the 3rd quarter valued at about $25,877,000. Hedge funds and other institutional investors own 96.58% of the company's stock.

IDEX stock traded up $7.15 during mid-day trading on Friday, reaching $208.47. The company's stock had a trading volume of 166,187 shares, compared to its average volume of 408,734. The business has a 50 day moving average price of $212.83 and a 200-day moving average price of $223.79. The firm has a market cap of $15.76 billion, a price-to-earnings ratio of 26.07, a PEG ratio of 1.95 and a beta of 1.00. IDEX Co. has a twelve month low of $172.18 and a twelve month high of $246.23. The company has a current ratio of 3.10, a quick ratio of 2.09 and a debt-to-equity ratio of 0.46.

IDEX (NYSE:IEX - Get Rating) last announced its quarterly earnings results on Wednesday, April 26th. The industrial products company reported $2.09 EPS for the quarter, beating the consensus estimate of $2.02 by $0.07. IDEX had a return on equity of 21.14% and a net margin of 17.91%. The business had revenue of $845.40 million during the quarter, compared to analysts' expectations of $818.87 million. During the same quarter in the previous year, the business posted $1.96 EPS. The firm's quarterly revenue was up 12.6% compared to the same quarter last year. Sell-side analysts predict that IDEX Co. will post 8.51 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 23rd. Shareholders of record on Friday, June 9th will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 1.23%. This is a boost from IDEX's previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, June 8th. IDEX's dividend payout ratio is 31.09%.

Several equities research analysts have recently commented on the stock. Robert W. Baird reduced their price target on shares of IDEX from $255.00 to $230.00 in a report on Friday, April 28th. Oppenheimer increased their price target on shares of IDEX from $245.00 to $247.00 and gave the stock an "outperform" rating in a report on Thursday, February 2nd. Stifel Nicolaus increased their price target on shares of IDEX from $242.00 to $246.00 and gave the stock a "hold" rating in a report on Monday, April 17th. Citigroup reduced their price objective on shares of IDEX from $273.00 to $268.00 and set a "buy" rating for the company in a research report on Thursday, February 2nd. Finally, StockNews.com upgraded shares of IDEX from a "hold" rating to a "buy" rating in a research report on Friday, May 19th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, IDEX has a consensus rating of "Moderate Buy" and a consensus price target of $236.17.

IDEX Corp. engages in the provision of engineering solutions. It operates through the following segments: Fluid and Metering Technologies, Health and Science Technologies, and Fire and Safety or Diversified Products. The Fluid and Metering Technologies segment is involved in the design, production, and distribution of displacement pumps, valves, flow meters, injectors, and fluid-handling pump modules and systems.

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