Bank of New York Mellon Corp Purchases Shares of 266,344 Innovex International, Inc. $INVX

Key Points

• Bank of New York Mellon acquired 266,344 Innovex International shares in the second quarter, valued at approximately $6.6 million and representing a 0.39% stake.
• Innovex exceeded quarterly expectations, reporting $0.36 EPS versus the $0.31 consensus and revenue of $244.9 million versus estimates of $241.6 million.
• Shares opened at $30.67, while analysts maintain a “Moderate Buy” consensus with a $32.75 average price target; meanwhile, insiders sold nearly 10 million shares worth about $286.1 million over the past 90 days.

Bank of New York Mellon Corp purchased a new stake in Innovex International, Inc. (NYSE:INVX - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 266,344 shares of the company's stock, valued at approximately $6,605,000. Bank of New York Mellon Corp owned 0.39% of Innovex International as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Strs Ohio acquired a new position in shares of Innovex International during the fourth quarter worth about $44,000. USA Financial Formulas bought a new stake in Innovex International in the 1st quarter valued at approximately $53,000. Aster Capital Management DIFC Ltd acquired a new position in Innovex International during the 4th quarter worth approximately $55,000. Covestor Ltd boosted its position in Innovex International by 77.7% during the 4th quarter. Covestor Ltd now owns 3,284 shares of the company's stock worth $72,000 after acquiring an additional 1,436 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in shares of Innovex International by 418.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,523 shares of the company's stock worth $55,000 after acquiring an additional 2,843 shares in the last quarter.

Innovex International Price Performance

Shares of INVX opened at $30.67 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. The company's fifty day simple moving average is $27.64 and its 200 day simple moving average is $27.01. Innovex International, Inc. has a 1-year low of $16.29 and a 1-year high of $33.71. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 34.46 and a beta of 0.87.

Innovex International (NYSE:INVX - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate 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. On average, research analysts forecast that Innovex International, Inc. will post 1.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Innovex International

In other Innovex International news, insider Mark Reddout sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of Innovex International stock in a transaction that occurred 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 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,964,467 shares of company stock worth $286,092,748 over the last 90 days. Company insiders own 34.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on INVX shares. Piper Sandler boosted their price objective on shares of Innovex International from $33.00 to $34.00 and gave the stock an "overweight" rating in a research report on Monday, May 18th. Citigroup raised their target price on shares of Innovex International from $35.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday, August 26th. Wall Street Zen lowered shares of Innovex International from a "buy" rating to a "hold" rating in a research note on Monday, August 17th. Weiss Ratings raised shares of Innovex International from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. Finally, Jefferies Financial Group upgraded shares of Innovex International to a "strong-buy" rating in a research note on Friday, June 12th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target 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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