Engineers Gate Manager LP Invests $1.15 Million in Innovex International, Inc. $INVX

Key Points

• Engineers Gate Manager LP initiated a 46,307-share position in Innovex International worth approximately $1.15 million, while several other institutional investors also increased or initiated holdings during the second quarter.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and a $32.75 target price, although some firms recently downgraded the stock to “Hold.”
• Insiders sold nearly 10 million shares worth about $286.1 million in the last quarter, including a 5-million-share sale by Amberjack Capital Partners. Innovex exceeded quarterly expectations, reporting $0.36 EPS and $244.9 million in revenue.

Engineers Gate Manager LP bought a new stake in Innovex International, Inc. (NYSE:INVX - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 46,307 shares of the company's stock, valued at approximately $1,148,000. Engineers Gate Manager LP owned approximately 0.07% of Innovex International at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Squarepoint Ops LLC acquired a new stake in Innovex International during the 2nd quarter worth $2,017,000. Arizona State Retirement System lifted its stake in Innovex International by 13.5% in the second quarter. Arizona State Retirement System now owns 11,824 shares of the company's stock valued at $293,000 after buying an additional 1,407 shares during the last quarter. Amundi lifted its stake in Innovex International by 14.3% in the second quarter. Amundi now owns 14,540 shares of the company's stock valued at $361,000 after buying an additional 1,823 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Innovex International in the second quarter valued at approximately $317,000. Finally, Empowered Funds LLC acquired a new stake in shares of Innovex International in the second quarter valued at approximately $8,171,000.

Analysts Set New Price Targets

A number of brokerages have recently commented on INVX. Weiss Ratings raised shares of Innovex International from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, August 6th. Barclays lifted their price objective on shares of Innovex International from $26.00 to $27.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 11th. Jefferies Financial Group raised shares of Innovex International to a "strong-buy" rating in a report on Friday, June 12th. Wall Street Zen downgraded shares of Innovex International from a "buy" rating to a "hold" rating in a research note on Monday, August 17th. Finally, Zacks Research lowered Innovex International from a "strong-buy" rating to a "hold" rating in a report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $32.75.

Insider Buying and Selling

In other news, Director Amberjack Capital Partners, L. sold 5,000,000 shares of Innovex International stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $28.71, for a total transaction of $143,550,000.00. Following the completion of the sale, the director directly owned 311 shares in the company, valued at $8,928.81. The trade was a 99.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark Reddout sold 10,000 shares of the business'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 transaction, the insider directly owned 124,312 shares of the company's stock, valued at approximately $3,729,360. This represents a 7.45% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 9,964,467 shares of company stock worth $286,092,748. 34.90% of the stock is owned by corporate insiders.

Innovex International Stock Down 1.1%

INVX stock opened at $28.84 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.01 and a quick ratio of 3.32. The company's 50 day simple moving average is $28.76 and its 200-day simple moving average is $27.25. Innovex International, Inc. has a 12 month low of $16.75 and a 12 month high of $33.71. The firm has a market capitalization of $2.02 billion, a PE ratio of 32.40 and a beta of 0.87.

Innovex International (NYSE:INVX - Get Free Report) last issued its quarterly earnings data 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. Innovex International had a return on equity of 7.12% and a net margin of 6.17%.The firm had revenue of $244.90 million during the quarter, compared to the consensus estimate of $241.58 million.

Innovex International Profile

Innovex International, Inc NYSE: INVX is an energy technology and oilfield services company that develops and supplies equipment and solutions for the upstream oil and gas industry. Its products are designed to support well construction, completion, production and integrity throughout the life cycle of a well.

The company's offerings include downhole tools, completion equipment, wellhead and well-control systems, production technologies, and other specialized products used by exploration and production companies and oilfield service providers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.