Laurel Wealth Advisors Boosts IDEX Holdings by Over 17,000%

Laurel Wealth Advisors LLC significantly increased its stake in IDEX Corporation, acquiring an additional 26,186 shares during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), this move has elevated the firm’s total holdings to 26,336 shares, marking a remarkable increase of 17,457.3%. As of the end of this reporting period, these shares were valued at approximately $4.62 million.

A number of other institutional investors have also adjusted their positions in IDEX recently. For instance, Assetmark Inc. increased its holdings by 35.7% in the first quarter, now owning 566 shares worth $102,000 after acquiring an additional 149 shares. Similarly, LPL Financial LLC raised its stake by 1.9%, owning 20,068 shares valued at $3.63 million. Mackenzie Financial Corp and Meeder Advisory Services Inc. also reported increases, with respective shares valued at $1.40 million and $432,000.

The trend of institutional investment in IDEX indicates strong confidence in the company’s performance, with hedge funds and other institutional investors now owning approximately 97.96% of the stock.

Analysts Weigh In on IDEX’s Future

Several research analysts have provided insights into IDEX’s stock performance. Stifel Nicolaus recently lowered its price target from $204.00 to $191.00, maintaining a “buy” rating. Meanwhile, Royal Bank of Canada adjusted its target from $200.00 to $195.00 with an “outperform” rating. Oppenheimer set a target of $210.00, and Weiss Ratings reiterated a “hold (c-)” rating. Overall, four investment analysts currently rate IDEX stock as a “Buy,” while two maintain a “Hold” rating. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” with a consensus target price of $198.86.

On Thursday, IDEX shares opened at $173.82, reflecting a slight increase of 0.1%. The company’s 50-day moving average is $165.92, while the 200-day moving average stands at $171.51. IDEX Corporation maintains a robust market position, boasting a market capitalization of $13.01 billion and a price-to-earnings ratio of 27.50.

IDEX’s Financial Performance and Future Plans

In its latest earnings report on December 16, 2022, IDEX announced earnings of $1.79 per share, alongside a revenue figure of $712 million for the quarter. The company reported a net margin of 13.97% and a return on equity of 15.20%. Analysts forecast that IDEX will achieve earnings of $8.26 per share for the current fiscal year.

Additionally, IDEX has declared a quarterly dividend of $0.71 per share, which will be paid on January 30, 2024. Investors on record as of January 16, 2024 will receive this dividend, representing an annualized dividend of $2.84 and a yield of 1.6%. The company’s dividend payout ratio is 44.94%.

In a strategic move to enhance shareholder value, IDEX’s board approved a stock buyback program on September 18, 2023, allowing the company to repurchase up to $1 billion of its shares, equivalent to 8.3% of its stock. This initiative indicates the company’s belief that its shares are currently undervalued.

IDEX Corporation operates through three primary segments: Fluid & Metering Technologies, Health & Science Technologies, and Fire & Safety/Diversified Products. The company specializes in providing a wide array of applied solutions globally, catering to various industries including food, chemical, and energy sectors.

As institutional investment in IDEX continues to grow, the company’s commitment to shareholder returns and strategic planning appears poised to drive future performance in a competitive market.