Heartland Advisors Inc. Takes Position in Innovex International, Inc. $INVX

Heartland Advisors Inc. purchased a new stake in shares of Innovex International, Inc. (NYSE:INVX) in the second quarter, HoldingsChannel.com reports. The firm purchased 444,373 shares of the company’s stock, valued at approximately $11,020,000.

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

Innovex International Price Performance

Shares of INVX opened at $29.32 on Friday. Innovex International, Inc. has a 52 week low of $16.29 and a 52 week high of $33.71. The company has a current ratio of 5.01, a quick ratio of 3.32 and a debt-to-equity ratio of 0.02. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of 32.94 and a beta of 0.83. The stock has a 50 day moving average of $26.97 and a 200-day moving average of $26.69.

Innovex International (NYSE:INVX) last posted its quarterly earnings results on Monday, August 3rd. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.05. Innovex International had a return on equity of 7.12% and a net margin of 6.17%.The business had revenue of $244.90 million for the quarter, compared to analyst estimates of $241.58 million. As a group, analysts forecast that Innovex International, Inc. will post 1.44 EPS for the current year.

Insider Buying and Selling at Innovex International

In other news, Director Amberjack Capital Partners, L. sold 5,000,000 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 $143,550,000.00. Following the completion of 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 shares were sold at an average price of $28.71, for a total transaction of $142,242,747.57. Following the sale, the director directly owned 311 shares of the company’s stock, valued at approximately $8,928.81. This represents a 99.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 9,975,217 shares of company stock worth $286,393,748 over the last 90 days. Insiders own 34.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on INVX shares. Barclays raised their price objective 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. Wall Street Zen lowered Innovex International from a “buy” rating to a “hold” rating in a research report on Monday, August 17th. Zacks Research cut Innovex International from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. Jefferies Financial Group raised shares of Innovex International to a “strong-buy” rating in a research report on Friday, June 12th. Finally, Piper Sandler upped their price target on shares of Innovex International from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.50.

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.