329,478 Shares in Innovex International, Inc. $INVX Bought by Empowered Funds LLC

Key Points

• Empowered Funds LLC acquired 329,478 shares of Innovex International valued at approximately $8.17 million, representing a 0.47% stake. Other institutional investors, including JPMorgan and UBS, also increased their positions.
• Innovex reported quarterly EPS of $0.36, beating estimates of $0.31, while revenue of $244.9 million exceeded forecasts. The stock opened at $30.10, with a market capitalization of about $2.11 billion.
• Insiders sold nearly 10 million shares worth approximately $286.4 million over the past three months. Analyst sentiment remains a consensus “Moderate Buy,” with an average price target of $32.75.

Empowered Funds LLC acquired a new position in shares of Innovex International, Inc. (NYSE:INVX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 329,478 shares of the company's stock, valued at approximately $8,171,000. Empowered Funds LLC owned 0.47% of Innovex International as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. AQR Capital Management LLC bought a new position in Innovex International in the 1st quarter valued at about $269,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Innovex International by 7.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,093 shares of the company's stock worth $379,000 after acquiring an additional 1,467 shares during the period. Caxton Associates LLP bought a new stake in shares of Innovex International during the 1st quarter worth approximately $270,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Innovex International by 11.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,225 shares of the company's stock worth $1,764,000 after acquiring an additional 10,401 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Innovex International by 39.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 24,365 shares of the company's stock worth $381,000 after acquiring an additional 6,945 shares in the last quarter.

Innovex International Stock Performance

NYSE:INVX opened at $30.10 on Friday. The company has a current ratio of 5.01, a quick ratio of 3.32 and a debt-to-equity ratio of 0.02. Innovex International, Inc. has a 1-year low of $16.29 and a 1-year high of $33.71. The stock's 50-day moving average is $27.24 and its 200-day moving average is $26.84. The stock has a market cap of $2.11 billion, a P/E ratio of 33.82 and a beta of 0.83.

Innovex International (NYSE:INVX - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.31 by $0.05. Innovex International had a net margin of 6.17% and a return on equity of 7.12%. The company had revenue of $244.90 million for the quarter, compared to analyst estimates of $241.58 million. Equities research analysts anticipate that Innovex International, Inc. will post 1.44 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $28.71, for a total value of $143,550,000.00. Following the completion of the sale, the director owned 311 shares of the company's stock, valued at approximately $8,928.81. This represents a 99.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $28.71, for a total value of $142,242,747.57. Following the completion of the sale, the director directly owned 311 shares of the company's stock, valued at approximately $8,928.81. The trade was a 99.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 9,975,217 shares of company stock valued at $286,393,748 in the last three months. Insiders own 34.90% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on INVX. Wall Street Zen cut Innovex International from a "buy" rating to a "hold" rating in a research note on Monday, August 17th. Citigroup lifted their price target on Innovex International from $35.00 to $36.00 and gave the company a "buy" rating in a research note on Wednesday. Barclays boosted their price target on Innovex International from $26.00 to $27.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 11th. Zacks Research downgraded Innovex International from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 17th. Finally, Jefferies Financial Group upgraded Innovex International to a "strong-buy" rating in a research report on Friday, June 12th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $32.75.

Innovex International Company Profile

Innovex International, Inc engages in the provision of solutions for both onshore and offshore applications within the oil and gas industry. The company was founded on September 15, 2016 and is headquartered in Humble, TX.

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