Heartland Advisors Inc. Buys Shares of 444,373 Innovex International, Inc. $INVX

Key Points

• Heartland Advisors bought 444,373 shares of Innovex International, valued at approximately $11.02 million, giving it a 0.64% ownership stake. Several other institutional investors also initiated or expanded positions.
• Analyst sentiment remains positive but mixed: Innovex has a consensus rating of “Moderate Buy” and an average price target of $32.50, although Wall Street Zen and Zacks Research downgraded the stock to “hold.”
• Insiders sold nearly 10 million shares worth about $286.4 million over the past three months, while the company’s latest quarterly results exceeded expectations with EPS of $0.36 and revenue of $244.9 million.

Heartland Advisors Inc. purchased a new position in shares of Innovex International, Inc. (NYSE:INVX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 444,373 shares of the company's stock, valued at approximately $11,020,000. Heartland Advisors Inc. owned about 0.64% of Innovex International as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Simcoe Capital LLC purchased a new stake in shares of Innovex International in the fourth quarter valued at $3,625,000. Royce & Associates LP purchased a new stake in Innovex International during the 4th quarter worth about $415,000. Hussman Strategic Advisors Inc. purchased a new stake in Innovex International during the 4th quarter worth about $919,000. Avidian Wealth Enterprises LLC acquired a new position in Innovex International in the 4th quarter valued at about $5,821,000. Finally, Sei Investments Co. raised its stake in Innovex International by 70.5% in the 1st quarter. Sei Investments Co. now owns 126,288 shares of the company's stock valued at $3,080,000 after purchasing an additional 52,218 shares during the last quarter.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Wall Street Zen cut shares of Innovex International from a "buy" rating to a "hold" rating in a research note on Monday, August 17th. Piper Sandler upped their price objective on shares of Innovex International from $33.00 to $34.00 and gave the company an "overweight" rating in a research note on Monday, May 18th. Barclays raised 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 report on Tuesday, August 11th. Zacks Research downgraded Innovex International from a "strong-buy" rating to a "hold" rating in a report on Friday, July 17th. Finally, Weiss Ratings raised Innovex International from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. 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 data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $32.50.

Insider Activity at Innovex International

In other Innovex International news, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the firm's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $28.71, for a total value of $143,550,000.00. Following the transaction, the director directly owned 311 shares of the company's stock, valued at $8,928.81. This trade represents a 99.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the firm's stock in a transaction dated 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 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 SEC filing for this sale provides additional information. In the last three months, insiders sold 9,975,217 shares of company stock worth $286,393,748. Corporate insiders own 34.90% of the company's stock.

Innovex International Stock Performance

NYSE INVX opened at $29.32 on Friday. Innovex International, Inc. has a 1-year low of $16.29 and a 1-year high of $33.71. The business's 50-day simple moving average is $26.97 and its 200-day simple moving average is $26.69. 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 firm has a market capitalization of $2.05 billion, a P/E ratio of 32.94 and a beta of 0.83.

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 (EPS) 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 during the quarter, compared to the consensus estimate of $241.58 million. Equities analysts predict that Innovex International, Inc. will post 1.44 EPS for the current year.

Innovex International 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source