Bank of America Corp DE Purchases 331,178 Shares of Innovex International, Inc. $INVX

Key Points

• Bank of America more than doubled its Innovex International stake in the first quarter, purchasing 331,178 additional shares for a total holding of 654,265 shares, valued at approximately $15.96 million.
• Analysts remain broadly positive on INVX, with a consensus rating of “Moderate Buy” and an average price target of $32.50, compared with the stock’s recent price of $29.13.
• Innovex exceeded quarterly expectations, reporting EPS of $0.36 versus the $0.31 estimate and revenue of $244.9 million. However, insiders sold nearly 10 million shares worth about $286.4 million over the past 90 days.

Bank of America Corp DE lifted its position in shares of Innovex International, Inc. (NYSE:INVX - Free Report) by 102.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 654,265 shares of the company's stock after purchasing an additional 331,178 shares during the period. Bank of America Corp DE owned 0.95% of Innovex International worth $15,958,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Strs Ohio bought a new stake in shares of Innovex International in the 4th quarter worth approximately $44,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Innovex International during the fourth quarter valued at approximately $55,000. Tower Research Capital LLC TRC raised its holdings in shares of Innovex International by 418.1% during the second quarter. Tower Research Capital LLC TRC now owns 3,523 shares of the company's stock valued at $55,000 after acquiring an additional 2,843 shares in the last quarter. Covestor Ltd raised its holdings in shares of Innovex International by 77.7% during the fourth quarter. Covestor Ltd now owns 3,284 shares of the company's stock valued at $72,000 after acquiring an additional 1,436 shares in the last quarter. Finally, Global Retirement Partners LLC purchased a new stake in Innovex International in the fourth quarter worth $103,000.

Wall Street Analysts Forecast Growth

INVX has been the topic of several research analyst reports. Jefferies Financial Group upgraded shares of Innovex International to a "strong-buy" rating in a research report on Friday, June 12th. Piper Sandler raised their price objective on shares of Innovex International from $33.00 to $34.00 and gave the stock an "overweight" rating in a report on Monday, May 18th. Weiss Ratings raised Innovex International from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. Barclays upped their target price on Innovex International from $26.00 to $27.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 11th. Finally, Citigroup began coverage on Innovex International in a research report on Thursday, May 7th. They issued a "buy" rating and a $35.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $32.50.

Innovex International Stock Down 1.0%

INVX stock opened at $29.13 on Friday. Innovex International, Inc. has a twelve month low of $15.83 and a twelve month high of $33.71. The company has a quick ratio of 3.32, a current ratio of 5.01 and a debt-to-equity ratio of 0.02. The firm has a market cap of $2.04 billion, a PE ratio of 32.73 and a beta of 0.83. The business has a 50 day moving average of $26.97 and a 200 day moving average of $26.67.

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

Insider Activity at Innovex International

In other Innovex International news, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of Innovex International stock in a transaction on Monday, August 10th. The stock was 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 owned 311 shares of the company's stock, valued at approximately $8,928.81. This trade represents a 99.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark Reddout sold 10,000 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the sale, the insider directly owned 124,312 shares in the company, valued at $3,729,360. This trade represents a 7.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 9,975,217 shares of company stock valued at $286,393,748 over the last 90 days. Corporate insiders own 34.90% of the company's stock.

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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