Renaissance Technologies LLC Makes New Investment in IDEX Co. (NYSE:IEX)

Renaissance Technologies LLC acquired a new position in shares of IDEX Co. (NYSE:IEX) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 56,025 shares of the industrial products company’s stock, valued at approximately $11,272,000.

Several other hedge funds also recently made changes to their positions in the company. UMB Bank n.a. grew its holdings in shares of IDEX by 31.0% during the second quarter. UMB Bank n.a. now owns 241 shares of the industrial products company’s stock worth $48,000 after purchasing an additional 57 shares during the last quarter. Whittier Trust Co. grew its holdings in shares of IDEX by 38.4% during the second quarter. Whittier Trust Co. now owns 209 shares of the industrial products company’s stock worth $42,000 after buying an additional 58 shares during the last quarter. Czech National Bank grew its holdings in shares of IDEX by 0.5% during the first quarter. Czech National Bank now owns 13,306 shares of the industrial products company’s stock worth $3,247,000 after buying an additional 61 shares during the last quarter. Oregon Public Employees Retirement Fund grew its holdings in shares of IDEX by 1.0% during the second quarter. Oregon Public Employees Retirement Fund now owns 6,476 shares of the industrial products company’s stock worth $1,303,000 after buying an additional 61 shares during the last quarter. Finally, Checchi Capital Advisers LLC grew its holdings in shares of IDEX by 5.1% during the second quarter. Checchi Capital Advisers LLC now owns 1,385 shares of the industrial products company’s stock worth $279,000 after buying an additional 67 shares during the last quarter. Hedge funds and other institutional investors own 97.96% of the company’s stock.

IDEX Price Performance

IEX stock opened at $210.05 on Tuesday. The firm has a 50 day moving average of $201.09 and a 200-day moving average of $213.28. IDEX Co. has a 12-month low of $183.76 and a 12-month high of $246.36. The company has a current ratio of 3.41, a quick ratio of 2.52 and a debt-to-equity ratio of 0.36. The company has a market cap of $15.90 billion, a price-to-earnings ratio of 27.64, a PEG ratio of 2.09 and a beta of 0.95.

IDEX (NYSE:IEX) last posted its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $2.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.02. IDEX had a net margin of 18.19% and a return on equity of 16.87%. The company had revenue of $807.20 million during the quarter, compared to the consensus estimate of $828.15 million. During the same period last year, the firm earned $2.18 EPS. The company’s revenue for the quarter was down 4.6% on a year-over-year basis. As a group, equities analysts expect that IDEX Co. will post 7.88 EPS for the current fiscal year.

IDEX Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be given a dividend of $0.69 per share. The ex-dividend date is Friday, October 11th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.31%. IDEX’s payout ratio is 36.32%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. TD Cowen lowered their price target on IDEX from $240.00 to $230.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Robert W. Baird lowered their price target on IDEX from $256.00 to $241.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. StockNews.com lowered IDEX from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. Oppenheimer reduced their price objective on shares of IDEX from $245.00 to $238.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Finally, DA Davidson reduced their price objective on shares of IDEX from $220.00 to $210.00 and set a “neutral” rating for the company in a research report on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $233.50.

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.