Moody Aldrich Partners LLC Acquires 51,726 Shares of Innovex International, Inc. $INVX

Key Points

• Moody Aldrich Partners increased its Innovex International stake by 31.3%, purchasing 51,726 shares to reach 216,732 shares worth approximately $5.86 million. Other major institutions, including BlackRock and Bank of America, also established or expanded positions.
• Innovex reported quarterly earnings of $0.36 per share, exceeding the $0.31 analyst consensus, while revenue of $244.9 million also surpassed expectations. Shares recently traded at $30.42, near the midpoint of their 52-week range.
• Insiders sold nearly 10 million shares worth $286.1 million, including two directors who each reduced their holdings by 99.99%. Analysts maintain a “Moderate Buy” consensus with an average price target of $32.80.

Moody Aldrich Partners LLC increased its holdings in shares of Innovex International, Inc. (NYSE:INVX - Free Report) by 31.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 216,732 shares of the company's stock after purchasing an additional 51,726 shares during the period. Innovex International makes up 1.1% of Moody Aldrich Partners LLC's holdings, making the stock its 24th biggest position. Moody Aldrich Partners LLC owned approximately 0.31% of Innovex International worth $5,856,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Innovex International in the second quarter valued at $160,389,000. Bank of America Corp DE purchased a new position in shares of Innovex International during the 2nd quarter valued at about $16,540,000. William Blair Investment Management LLC purchased a new position in shares of Innovex International during the 2nd quarter valued at about $11,492,000. Heartland Advisors Inc. purchased a new position in shares of Innovex International during the 2nd quarter valued at about $11,020,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Innovex International by 14.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,646,376 shares of the company's stock valued at $64,544,000 after buying an additional 335,839 shares during the period.

Innovex International Stock Performance

Shares of NYSE INVX opened at $30.42 on Thursday. The company has a market capitalization of $2.13 billion, a PE ratio of 34.18 and a beta of 0.92. 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 company's fifty day moving average price is $28.93 and its 200 day moving average price is $27.09. Innovex International, Inc. has a 1 year low of $19.07 and a 1 year high of $33.71.

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 for the quarter, beating analysts' consensus estimates of $0.31 by $0.05. The company had revenue of $244.90 million during the quarter, compared to analysts' expectations of $241.58 million. Innovex International had a net margin of 6.17% and a return on equity of 7.12%. On average, research analysts predict that Innovex International, Inc. will post 1.44 earnings per share for the current year.

Insider Activity

In other 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 transaction of $143,550,000.00. Following the sale, the director directly owned 311 shares in the company, valued at $8,928.81. This trade represents a 99.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Co-Invest Fund L.P. Innovex sold 4,954,467 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 value of $142,242,747.57. Following the completion of the transaction, the director owned 311 shares of the company's stock, valued at approximately $8,928.81. This represents a 99.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,964,467 shares of company stock worth $286,092,748 in the last ninety days. Company insiders own 34.90% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. JPMorgan Chase & Co. started coverage on Innovex International in a research note on Tuesday. They issued a "neutral" rating and a $33.00 target price on the stock. Barclays raised their target price on Innovex International from $26.00 to $27.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 11th. Weiss Ratings upgraded Innovex International from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Citigroup boosted their price target on Innovex International from $35.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday, August 26th. Finally, Zacks Research lowered Innovex International from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $32.80.

Innovex International Profile

Innovex International, Inc is an energy technology and oilfield equipment company that provides products and services used throughout the life cycle of oil and natural gas wells. Its offerings support drilling, completion, production, intervention and other well-construction and well-maintenance activities for operators and oilfield service companies.

The company's portfolio includes downhole tools and technologies, completion equipment, wellhead and production systems, and equipment used in onshore and offshore applications.

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