Innovative Solutions and Support, Inc. $IA Shares Newly Purchased by State Street Corp

Key Points

• State Street Corp. purchased 189,261 shares of Innovative Solutions and Support, valued at about $3.4 million, giving it a 1.06% stake. Several other institutional investors also initiated positions, bringing total institutional ownership to 28.53%.
• Analyst sentiment has improved, with Wall Street Zen upgrading the stock to “buy” and Zacks Research to “strong buy,” while Weiss Ratings initiated coverage with a “hold” rating. MarketBeat lists the stock’s average rating as “Buy.”
• IA shares opened at $18.89, compared with a 52-week range of $8.13 to $30.94. The company recently reported quarterly EPS of $0.33 on revenue of $26.73 million, with analysts expecting full-year EPS of $1.03.

State Street Corp purchased a new stake in shares of Innovative Solutions and Support, Inc. (NASDAQ:IA - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 189,261 shares of the company's stock, valued at approximately $3,407,000. State Street Corp owned approximately 1.06% of Innovative Solutions and Support at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Squarepoint Ops LLC acquired a new position in shares of Innovative Solutions and Support in the second quarter valued at approximately $1,868,000. NewEdge Advisors LLC acquired a new position in Innovative Solutions and Support in the 2nd quarter valued at approximately $367,000. Engineers Gate Manager LP bought a new position in shares of Innovative Solutions and Support during the second quarter valued at $325,000. Finally, WINTON GROUP Ltd bought a new position in shares of Innovative Solutions and Support during the second quarter valued at $265,000. 28.53% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

IA has been the topic of several recent research reports. Wall Street Zen raised Innovative Solutions and Support from a "hold" rating to a "buy" rating in a report on Saturday, August 22nd. Weiss Ratings initiated coverage on Innovative Solutions and Support in a report on Wednesday, August 19th. They issued a "hold (c+)" rating on the stock. Finally, Zacks Research raised shares of Innovative Solutions and Support from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy".

Innovative Solutions and Support Stock Performance

Shares of Innovative Solutions and Support stock opened at $18.89 on Friday. Innovative Solutions and Support, Inc. has a one year low of $8.13 and a one year high of $30.94. The stock has a market cap of $338.13 million, a P/E ratio of 17.99 and a beta of 0.60. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.49 and a current ratio of 2.97.

Innovative Solutions and Support (NASDAQ:IA - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported $0.33 earnings per share for the quarter. Innovative Solutions and Support had a return on equity of 30.53% and a net margin of 20.50%.The business had revenue of $26.73 million during the quarter. Analysts expect that Innovative Solutions and Support, Inc. will post 1.03 EPS for the current fiscal year.

About Innovative Solutions and Support

Innovative Solutions and Support, Inc NASDAQ: IA develops and manufactures avionics and cockpit systems for the aerospace industry. The company provides integrated cockpit solutions, electronic flight instruments, flat-panel displays, flight management systems, navigation products, air data systems and other aircraft interface and computing technologies.

Its products are designed for commercial, business, military and government aircraft, as well as aircraft upgrades, retrofit programs and training or simulation applications.

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