5,000,000 Innovex International, Inc. $INVX Shares Sold by Amberjack Capital Partners L.P.

Key Points

• Amberjack Capital Partners sold 5 million Innovex shares, reducing its holdings by 22% to 17.76 million shares, or about 25.39% of the company. The shares were sold at an average of $28.71 each.
• Innovex’s latest quarter fell slightly short of expectations, reporting earnings of $0.37 per share versus the $0.39 consensus and revenue of $265.05 million versus $265.64 million expected.
• Analysts maintain a Moderate Buy consensus and an average price target of $32.80; shares opened at $24.40 on Friday, and the article reports a 4.6% decline.

Amberjack Capital Partners L.P. cut its holdings in shares of Innovex International, Inc. (NYSE:INVX - Free Report) by 22.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,757,322 shares of the company's stock after selling 5,000,000 shares during the quarter. Innovex International comprises 100.0% of Amberjack Capital Partners L.P.'s investment portfolio, making the stock its biggest position. Amberjack Capital Partners L.P. owned about 25.39% of Innovex International worth $479,803,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of INVX. BlackRock Inc. acquired a new position in Innovex International during the second quarter worth $160,389,000. Dimensional Fund Advisors LP raised its holdings in shares of Innovex International by 14.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,646,376 shares of the company's stock worth $64,544,000 after acquiring an additional 335,839 shares during the period. Bank of America Corp DE purchased a new position in shares of Innovex International during the 2nd quarter worth $16,540,000. William Blair Investment Management LLC acquired a new position in shares of Innovex International during the 2nd quarter valued at about $11,492,000. Finally, Heartland Advisors Inc. acquired a new position in shares of Innovex International during the 2nd quarter valued at about $11,020,000.

Analysts Set New Price Targets

Several research firms recently issued reports on INVX. Weiss Ratings upgraded shares of Innovex International from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Barclays lifted their target price on shares of Innovex International from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 11th. Citigroup boosted their target price on shares of Innovex International from $35.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday, August 26th. JPMorgan Chase & Co. started coverage on shares of Innovex International in a research note on Tuesday, October 27th. They issued a "neutral" rating and a $33.00 price target for the company. Finally, Zacks Research downgraded shares of Innovex International from a "strong-buy" rating to a "hold" rating in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $32.80.

Innovex International Stock Down 4.6%

Shares of NYSE:INVX opened at $24.40 on Friday. The company has a market capitalization of $1.71 billion, a price-to-earnings ratio of 20.15 and a beta of 0.98. Innovex International, Inc. has a 12-month low of $19.07 and a 12-month high of $33.71. The business has a 50-day moving average price of $28.66 and a 200 day moving average price of $27.17. The company has a current ratio of 4.43, a quick ratio of 2.80 and a debt-to-equity ratio of 0.02.

Innovex International (NYSE:INVX - Get Free Report) last issued its quarterly earnings data on Thursday, October 29th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.02). Innovex International had a return on equity of 8.29% and a net margin of 4.75%. The company had revenue of $265.05 million during the quarter, compared to analyst estimates of $265.64 million. Sell-side analysts expect that Innovex International, Inc. will post 1.48 EPS for the current year.

Insiders Place Their Bets

In other news, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the firm's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $28.71, for a total transaction of $143,550,000.00. Following the completion of the transaction, the director directly owned 311 shares in the company, valued at $8,928.81. This trade represents a 99.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of Innovex International stock in a transaction on 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 $8,928.81. The trade was a 99.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 34.90% of the stock is owned by corporate insiders.

About Innovex International

Innovex International, Inc is an energy technology and oilfield equipment company that provides products and services used throughout the life cycle of oil and natural gas wells. Its offerings support drilling, completion, production, intervention and other well-construction and well-maintenance activities for operators and oilfield service companies.

The company's portfolio includes downhole tools and technologies, completion equipment, wellhead and production systems, and equipment used in onshore and offshore applications.

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