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Shares of IDEX Corporation (IEX - Free Report) hit a 52-week high of $73.99 during Friday’s trading session before closing at $73.52, reflecting a solid year-to-date return of 53.4%. The trading volume aggregated 369,727 shares.

Despite its strong price appreciation, this Zacks Rank #3 (Hold) stock still has enough fundamentals that may further drive the stock upward.  The company’s accelerated growth curve coupled with long-term earnings expectations of 15.4% are some catalysts driving the stock.

Growth Drivers

Impressive third-quarter results that comprised higher year over year revenue and earnings, and strategic capital allocation plans were the key driving factors for IDEX Corporation.

On Oct 21, IDEX Corporation reported third quarter 2013 earnings of 78 cents per share, up 18% from the year-ago quarter. Net income stood at $64.0 million, up 16.0% year over year.

IDEX Corporation also approved an additional share repurchase program of up to $300 million worth of shares. The company will buy back stocks at regular intervals in the open market or in privately negotiated transactions. This is a strategic move by the company to deploy over $1 billion for acquisitions while maintaining its capital position.

Moving forward, IDEX Corporation remains bullish about both its top- and bottom-line growth. For 4Q13, earnings are expected in the range of 78 cents to 80 cents per share. The Current Zacks Consensus Estimate for 4Q13 is pegged at 80 cents per share. For FY13, the company expects earnings in the range of $3.05 to $3.07. The Current Zacks Consensus Estimate for 2013 is pegged at $3.06 per share.

Estimate Revisions

Over the last 30 days, none of the analysts revised their estimates upward or downward for 2013 and 2014. Although there is a lacuna of estimate revisions, we envision an uptrend for the stock backed by its strong growth potential.

Other Stocks to Consider

Other stocks that look promising and are worth a look now in the industry include Barnes Group Inc. (B - Free Report) and Xylem Inc (XYL - Free Report) , both having a Zacks Rank #1 (Strong Buy), and DXP Enterprises Inc (DXPE - Free Report) that retains a Zacks Rank #2 (Buy).

In-Depth Zacks Research for the Tickers Above

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Barnes Group, Inc. (B) - free report >>

DXP Enterprises, Inc. (DXPE) - free report >>

Xylem Inc. (XYL) - free report >>

IDEX Corporation (IEX) - free report >>

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