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

Maren Capital LLC reduced its stake in shares of IDEX Corporation (NYSE:IEX) by 4.4% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 236,000 shares of the industrial products company’s stock after selling 10,837 shares during the quarter. IDEX comprises 2.5% of Maren Capital LLC’s holdings, making the stock its 16th largest position. Maren Capital LLC’s holdings in IDEX were worth $41,435,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Horizon Investments LLC increased its position in shares of IDEX by 5.2% during the 1st quarter. Horizon Investments LLC now owns 1,087 shares of the industrial products company’s stock worth $197,000 after purchasing an additional 54 shares in the last quarter. Empowered Funds LLC grew its position in IDEX by 3.4% during the 1st quarter. Empowered Funds LLC now owns 1,646 shares of the industrial products company’s stock worth $298,000 after acquiring an additional 54 shares during the last quarter. Cullen Frost Bankers Inc. increased its holdings in IDEX by 2.0% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 3,112 shares of the industrial products company’s stock valued at $546,000 after purchasing an additional 60 shares in the last quarter. Blue Trust Inc. raised its position in IDEX by 21.5% in the 2nd quarter. Blue Trust Inc. now owns 446 shares of the industrial products company’s stock valued at $78,000 after purchasing an additional 79 shares during the last quarter. 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 purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 97.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Oppenheimer set a $210.00 target price on IDEX in a report on Tuesday, October 7th. Stifel Nicolaus reduced their price target on shares of IDEX from $204.00 to $191.00 and set a “buy” rating on the stock in a research report on Monday, October 20th. Weiss Ratings restated a “hold (c-)” rating on shares of IDEX in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada dropped their target price 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 given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $198.86.

IDEX Price Performance

IDEX stock opened at $175.10 on Wednesday. The stock has a market cap of $13.11 billion, a price-to-earnings ratio of 27.71, a P/E/G ratio of 1.83 and a beta of 1.04. IDEX Corporation has a 12-month low of $153.36 and a 12-month high of $231.93. The company has a quick ratio of 2.13, a current ratio of 2.93 and a debt-to-equity ratio of 0.47. The business’s 50-day simple moving average is $167.01 and its 200 day simple moving average is $170.93.

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

IDEX announced that its Board of Directors has approved a share repurchase plan on Thursday, September 18th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the industrial products company to purchase up to 8.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

IDEX Dividend Announcement

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

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.