Is this the best time to add IDEX Corp. (IEX) to your portfolio?
Weitz Investment Management, an investment company, has released its second quarter 2024 investor letter on the “Partners III Opportunity Fund.” A copy of the letter can be downloaded here. In the second quarter, the fund’s Institutional Class returned -2.96% compared to a return of +3.22% for the Russell 3000 Index. Year-to-date, the fund returned +5.01% compared to a return of +13.56% for the index. Additionally, you can check out the fund’s top 5 holdings to find out its best picks for 2024.
Weitz Investment Management Partners III Opportunity Fund highlighted stocks like IDEX Corporation (NYSE:IEX) in its Q2 2024 investor letter. IDEX Corporation (NYSE:IEX) is a global applied solutions provider. IDEX Corporation (NYSE:IEX)’s one-month return was -3.39%, and its shares lost 11.79% of their value over the past 52 weeks. On August 22, 2024, IDEX Corporation (NYSE:IEX) stock closed at $199.47 per share with a market cap of $15.101 billion.
Weitz Investment Management Partners III Opportunity Fund stated the following about IDEX Corporation (NYSE:IEX) in its second quarter 2024 investor letter:
“The second quarter saw increased portfolio activity, including three new investments. Prolonged downturns in several industries The (NYSE:IEX) have put pressure on the stock price in recent months. At current prices, we believe these earnings headwinds overshadow IDEX’s potential as well as management’s proven track record of opportunistic acquisitions.”
A worker in a lab coat checks a positive displacement pump.
IDEX Corporation (NYSE:IEX) is not on our list of the 31 most popular stocks among hedge funds. According to our database, 33 hedge fund portfolios held IDEX Corporation (NYSE:IEX) at the end of the second quarter, compared to 25 in the previous quarter. While we recognize the potential of IDEX Corporation (NYSE:IEX) as an investment, we believe AI stocks promise higher returns and do so in a shorter time frame. If you are looking for an AI stock that is as promising as NVIDIA but trades at less than 5 times earnings, read our report on the cheapest AI stock.
In another article, we talked about IDEX Corporation (NYSE:IEX) and published the list of the best manufacturing stocks to buy according to analysts. You can also find more investor letters from hedge funds and other leading investors on our Hedge Fund Q2 2024 Investor Letters page.
READ MORE: Michael Burry is selling these shares And A new dawn is dawning for US stocks.
Disclosure: None. This article was originally published at Insider Monkey.
