Dimensional Fund Advisors LP Boosts Stock Holdings in Innovex International, Inc. $INVX

Key Points

• Dimensional Fund Advisors increased its Innovex International stake by 14.5% in the first quarter, adding 335,839 shares to own 2.65 million shares, or about 3.86% of the company, valued at $64.5 million.
• Analyst sentiment remains moderately bullish, with a consensus “Moderate Buy” rating and an average price target of $32.25. Recent calls included Citigroup’s “Buy” rating and Piper Sandler’s raised $34 target, though several firms downgraded the stock to “Hold.”
• Innovex shares opened at $28.16 and have risen 6%, trading between a 52-week range of $15.54 to $32.25. Insider Mark Reddout sold 10,750 shares for $301,000, while company insiders collectively own 34.9% of the stock.

Dimensional Fund Advisors LP increased its stake in Innovex International, Inc. (NYSE:INVX - Free Report) by 14.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,646,376 shares of the company's stock after acquiring an additional 335,839 shares during the period. Dimensional Fund Advisors LP owned approximately 3.86% of Innovex International worth $64,544,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Simcoe Capital LLC acquired a new position in Innovex International in the fourth quarter worth approximately $3,625,000. Hussman Strategic Advisors Inc. acquired a new stake in shares of Innovex International during the 4th quarter valued at $919,000. Avidian Wealth Enterprises LLC acquired a new stake in shares of Innovex International during the 4th quarter valued at $5,821,000. Royce & Associates LP bought a new stake in shares of Innovex International during the 4th quarter worth $415,000. Finally, Horizon Investments LLC bought a new stake in shares of Innovex International during the 4th quarter worth $615,000.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on INVX shares. Citigroup started coverage on Innovex International in a report on Thursday, May 7th. They issued a "buy" rating and a $35.00 target price on the stock. Weiss Ratings lowered Innovex International from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Piper Sandler increased their price target on Innovex International from $33.00 to $34.00 and gave the company an "overweight" rating in a research report on Monday, May 18th. Zacks Research cut Innovex International from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 17th. Finally, Wall Street Zen downgraded Innovex International from a "buy" rating to a "hold" rating in a report on Saturday. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Innovex International currently has a consensus rating of "Moderate Buy" and an average price target of $32.25.

Insider Transactions at Innovex International

In other news, insider Mark Reddout sold 10,750 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $28.00, for a total value of $301,000.00. Following the completion of the sale, the insider owned 134,312 shares in the company, valued at $3,760,736. This represents a 7.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 34.90% of the stock is currently owned by company insiders.

Innovex International Trading Up 6.0%

Innovex International stock opened at $28.16 on Friday. The company has a 50 day moving average price of $26.43 and a 200 day moving average price of $26.15. Innovex International, Inc. has a 52 week low of $15.54 and a 52 week high of $32.25. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.38 and a current ratio of 5.10. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of 37.54 and a beta of 0.83.

About Innovex International

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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