American International Group Inc. Has $4.70 Million Stake in IDEX Co. (NYSE:IEX)

Posted by on Jun 4th, 2023

American International Group Inc. cut its stake in IDEX Co. (NYSE:IEX – Get Rating) by 1.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,567 shares of the industrial products company’s stock after selling 399 shares during the quarter. American International Group Inc.’s holdings in IDEX were worth $4,696,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of IEX. Van ECK Associates Corp boosted its holdings in IDEX by 0.6% during the 4th quarter. Van ECK Associates Corp now owns 8,208 shares of the industrial products company’s stock worth $1,874,000 after acquiring an additional 45 shares during the last quarter. IFP Advisors Inc grew its position in IDEX by 9.8% in the 4th quarter. IFP Advisors Inc now owns 529 shares of the industrial products company’s stock worth $77,000 after purchasing an additional 47 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in IDEX by 0.9% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,696 shares of the industrial products company’s stock valued at $1,301,000 after buying an additional 51 shares during the last quarter. Toroso Investments LLC lifted its position in shares of IDEX by 0.9% during the 3rd quarter. Toroso Investments LLC now owns 5,829 shares of the industrial products company’s stock worth $1,165,000 after buying an additional 52 shares in the last quarter. Finally, Cooper Financial Group boosted its stake in shares of IDEX by 4.1% in the 4th quarter. Cooper Financial Group now owns 1,331 shares of the industrial products company’s stock worth $304,000 after buying an additional 52 shares during the last quarter. Hedge funds and other institutional investors own 96.58% of the company’s stock.

IDEX Stock Up 3.9 %

IDEX stock opened at $209.10 on Friday. The firm has a market capitalization of $15.80 billion, a price-to-earnings ratio of 27.09, a P/E/G ratio of 2.05 and a beta of 1.00. The firm has a 50 day simple moving average of $212.62 and a 200 day simple moving average of $223.60. IDEX Co. has a 1-year low of $172.18 and a 1-year 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 released its quarterly earnings data on Wednesday, April 26th. The industrial products company reported $2.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.02 by $0.07. IDEX had a return on equity of 21.14% and a net margin of 17.91%. The company had revenue of $845.40 million for the quarter, compared to analyst estimates of $818.87 million. During the same period in the previous year, the company posted $1.96 EPS. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. On average, analysts predict that IDEX Co. will post 8.51 earnings per share for the current year.

IDEX Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 23rd. Investors of record on Friday, June 9th will be paid a dividend of $0.64 per share. The ex-dividend date of this dividend is Thursday, June 8th. This represents a $2.56 annualized dividend and a yield of 1.22%. This is a boost from IDEX’s previous quarterly dividend of $0.60. IDEX’s payout ratio is currently 31.09%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on IEX. Sanford C. Bernstein dropped their price target on IDEX from $225.00 to $220.00 in a report on Friday, April 28th. Robert W. Baird cut their price target on shares of IDEX from $255.00 to $230.00 in a report on Friday, April 28th. Royal Bank of Canada reduced their price target on shares of IDEX from $252.00 to $243.00 in a research report on Friday, April 28th. StockNews.com upgraded shares of IDEX from a “hold” rating to a “buy” rating in a research note on Friday, May 19th. Finally, Stifel Nicolaus raised their price target on shares of IDEX from $242.00 to $246.00 and gave the stock a “hold” rating in a research note on Monday, April 17th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, IDEX currently has a consensus rating of “Moderate Buy” and a consensus target price of $236.17.

IDEX Profile

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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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Institutional Ownership by Quarter for IDEX (NYSE:IEX)

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