Simcoe Capital LLC Buys New Position in Innovex International, Inc. $INVX

Key Points

• Simcoe Capital LLC opened a new position in Innovex International during the fourth quarter, buying 165,756 shares worth about $3.63 million. The stake represented roughly 3.4% of Simcoe’s portfolio and about 0.24% of Innovex.
• Insider selling was substantial, led by Director Co-Invest Fund L.P. Innovex, which sold 6.61 million shares for about $162.6 million. CEO Adam Anderson also sold 18,837 shares, and insiders sold 13.26 million shares total over the last three months.
• Analysts are mixed on the stock, with a consensus rating of “Moderate Buy” and an average price target of $29.33. Innovex recently traded at $27.34, after reporting quarterly EPS of $0.20, below estimates, even as revenue came in above expectations.

Simcoe Capital LLC bought a new stake in Innovex International, Inc. (NYSE:INVX - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 165,756 shares of the company's stock, valued at approximately $3,625,000. Innovex International accounts for about 3.4% of Simcoe Capital LLC's investment portfolio, making the stock its 13th biggest position. Simcoe Capital LLC owned approximately 0.24% of Innovex International at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Smartleaf Asset Management LLC boosted its position in shares of Innovex International by 31.2% in the 3rd quarter. Smartleaf Asset Management LLC now owns 2,151 shares of the company's stock valued at $40,000 after purchasing an additional 511 shares during the period. Arizona State Retirement System boosted its position in shares of Innovex International by 10.9% in the 3rd quarter. Arizona State Retirement System now owns 11,226 shares of the company's stock valued at $208,000 after purchasing an additional 1,104 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Innovex International by 7.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,093 shares of the company's stock valued at $379,000 after purchasing an additional 1,467 shares during the period. Legal & General Group Plc boosted its position in shares of Innovex International by 1.6% in the 3rd quarter. Legal & General Group Plc now owns 105,967 shares of the company's stock valued at $1,965,000 after purchasing an additional 1,681 shares during the period. Finally, Covestor Ltd boosted its position in shares of Innovex International by 26,300.0% in the 3rd quarter. Covestor Ltd now owns 1,848 shares of the company's stock valued at $34,000 after purchasing an additional 1,841 shares during the period.

Insider Transactions at Innovex International

In related news, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the firm's stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $24.59, for a total value of $162,601,375.00. Following the completion of the transaction, the director directly owned 399 shares of the company's stock, valued at $9,811.41. This trade represents a 99.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Adam Anderson sold 18,837 shares of the firm's stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $28.50, for a total value of $536,854.50. Following the completion of the transaction, the chief executive officer directly owned 466,744 shares of the company's stock, valued at $13,302,204. The trade was a 3.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 13,257,078 shares of company stock valued at $326,097,112. Corporate insiders own 34.90% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on INVX shares. Citigroup started coverage on Innovex International in a research note on Thursday, May 7th. They set a "buy" rating and a $35.00 price objective for the company. Zacks Research downgraded Innovex International from a "hold" rating to a "strong sell" rating in a research note on Wednesday, March 4th. Barclays upped their price objective on Innovex International from $24.00 to $26.00 and gave the company an "equal weight" rating in a research note on Friday, May 8th. Finally, Weiss Ratings downgraded Innovex International from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $29.33.

Innovex International Stock Performance

Shares of INVX stock opened at $27.34 on Wednesday. The company has a market cap of $1.88 billion, a price-to-earnings ratio of 36.46 and a beta of 0.84. The stock has a 50 day simple moving average of $25.92 and a 200-day simple moving average of $24.15. Innovex International, Inc. has a 12-month low of $13.44 and a 12-month high of $29.48. The company has a current ratio of 5.10, a quick ratio of 3.38 and a debt-to-equity ratio of 0.02.

Innovex International (NYSE:INVX - Get Free Report) last issued its earnings results on Monday, February 23rd. The company reported $0.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.29 by ($0.09). The business had revenue of $273.60 million for the quarter, compared to analysts' expectations of $240.00 million. Innovex International had a return on equity of 6.72% and a net margin of 5.31%. On average, equities analysts forecast that Innovex International, Inc. will post 1.32 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.