May 26, 2023 – UBS Group AG has recently announced that it has lowered its stake in IDEX Co. (NYSE:IEX) by 18.9% during the fourth quarter, according to the company’s latest disclosure with the Securities and Exchange Commission. The financial services firm owned 29,788 shares of IDEX’s industrial products company’s stock after selling 6,937 shares during the aforementioned period. UBS Group AG’s holdings in IDEX were valued at $6,801,000 as of its most recent SEC filing.
IDEX Corp specializes in providing engineering solutions across multiple industries through three distinct segments – Fluid and Metering Technologies, Health and Science Technologies, and Fire and Safety/Civil Products. Among these areas of expertise lies pumping systems for fluid handling.
As reported on April 26th, IDEX’s Q1 earnings results demonstrated notable achievements for this industry stalwart. The industrial products company recorded $2.09 earnings per share (EPS) for the quarter versus a projected consensus estimate of $2.02 EPS – exceeding expectations by $0.07 EPS! The announcement was concurrent with revenue figures obtained to be $845.4 million compared to a consensus estimated figure of $818.87 million – signifying an upswing of 12.6% YoY increase in business revenue from the same quarter last year.
Such promising results call for sell-side analyst predictions of plentiful opportunities on the horizon with anticipated 8.51 EPS figures projected by experts for the current fiscal year.
In terms of capabilities Idex also specialize in designing customized displacement pumps which are fit-for-purpose while delivering high-quality performance that meet specific requirements for their clients’ utilization needs.This leads us to question what exactly is included under sustainable infrastructure measures specifically when understanding pump systems used primarily within agriculture but which can only sap energy from grid supplied power sources and prove net negative against carbon reductions.Putting these new revenue figures into context, IDEX is leading the charge on an expedited track of growth and development across numerous sectors. Investing in innovation and industry-leading strengths, it is clear they are poised for further success as 2023 progresses and beyond.
IDEX Corporation Sees Increase in Institutional Investor Holdings and Raises Quarterly Dividend
IDEX Corporation, a provider of engineering solutions through its Fluid and Metering Technologies, Health and Science Technologies, and Fire and Safety or Diversified Products segments, has recently seen an increase in institutional investor holdings. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in IDEX by 9.3%, while Bessemer Group grew its position in the company by 9.8%. Wedmont Private Capital and Prelude Capital Management LLC also purchased new positions in shares of IDEX during the fourth quarter valued at approximately $386,000 and $569,000 respectively. Finally, Eagle Bay Advisors lifted its stake in IDEX by 31.6% in the last quarter.
Institutional investors now own 96.58% of the company’s stock, which opened at $201.79 on Friday with a market cap of $15.25 billion. While having a price-to-earnings ratio of 26.14 and a beta of 1.00, the firm’s 50-day moving average is $214.53 and its 200-day moving average is $224.66.
In addition to recent investor activity, IDEX also recently announced an increased quarterly dividend of $0.64 per share – up from their previous dividend rate of $0.60 per share.
Despite some downgrade opinions from Citigroup who rated IDEX as a “buy” stock with price targets at $273 to now be priced at around $268 per share after Q4 results proved to be below expectations along with Mizuho banking who decreased their calculated price objective on shares from $227 to $200, other investment firms like Sanford C beat earnings estimates leading many speculators to hold optimistic views about future potential.
Overall analyst ratings suggest that IDEX presents acquiring opportunities for long-term investors with an “Moderate Buy” rating from Bloomberg analysts and an average target price of $236.17.
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