Innovex International, Inc. $INVX Shares Newly Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 666,940 Innovex International shares worth approximately $16.5 million, representing about 0.95% of the company. BlackRock and other institutional investors also established or increased positions.
• Innovex reported quarterly earnings of $0.36 per share, beating estimates of $0.31, while revenue reached $244.9 million versus the $241.6 million consensus forecast.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $32.75, but insiders have sold nearly 10 million shares worth about $286.1 million over the past 90 days.

Bank of America Corp DE purchased a new position in shares of Innovex International, Inc. (NYSE:INVX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 666,940 shares of the company's stock, valued at approximately $16,540,000. Bank of America Corp DE owned about 0.95% of Innovex International as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Innovex International in the second quarter valued at $160,389,000. Dimensional Fund Advisors LP boosted its holdings in shares of Innovex International by 14.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,646,376 shares of the company's stock worth $64,544,000 after buying an additional 335,839 shares during the period. William Blair Investment Management LLC bought a new stake in shares of Innovex International during the 2nd quarter worth about $11,492,000. Heartland Advisors Inc. acquired a new position in Innovex International in the 2nd quarter valued at about $11,020,000. Finally, Empowered Funds LLC grew its stake in Innovex International by 3.6% in the 1st quarter. Empowered Funds LLC now owns 325,179 shares of the company's stock valued at $7,931,000 after buying an additional 11,259 shares during the last quarter.

Innovex International Stock Performance

NYSE:INVX opened at $28.56 on Friday. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 32.09 and a beta of 0.87. Innovex International, Inc. has a fifty-two week low of $17.01 and a fifty-two week high of $33.71. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.32 and a current ratio of 5.01. The stock has a fifty day moving average price of $28.95 and a 200-day moving average price of $27.30.

Innovex International (NYSE:INVX - Get Free Report) last posted 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 business had revenue of $244.90 million during the quarter, compared to analysts' expectations of $241.58 million. As a group, equities analysts anticipate that Innovex International, Inc. will post 1.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on INVX. Citigroup upped their target price on 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 cut Innovex International from a "buy" rating to a "hold" rating in a report on Monday, August 17th. Barclays boosted their price target on Innovex International from $26.00 to $27.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 11th. Zacks Research cut Innovex International from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 17th. Finally, Weiss Ratings upgraded Innovex International from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $32.75.

Insider Buying and Selling

In related news, insider Mark Reddout sold 10,000 shares of the firm's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $30.00, for a total value of $300,000.00. Following the sale, the insider directly owned 124,312 shares of the company's stock, valued at $3,729,360. This trade represents a 7.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the business'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 $142,242,747.57. Following the transaction, 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 position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 9,964,467 shares of company stock worth $286,092,748. Corporate insiders own 34.90% of the company's stock.

Innovex International Company 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.

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