Ion Geophysical Corp. (IO) Trading 9.3% Higher Following Insider Buying Activity
Ion Geophysical Corp. (NYSE:IO)’s share price was up 9.3% during mid-day trading on Thursday following insider buying activity. The company traded as high as $6.83 and last traded at $6.71, with a volume of 68,129 shares traded. The stock had previously closed at $6.14.
Specifically, Director James M. Lapeyre, Jr. bought 13,100 shares of the firm’s stock in a transaction that occurred on Wednesday, August 31st. The stock was acquired at an average cost of $5.96 per share, with a total value of $78,076.00. Following the transaction, the director now directly owns 157,773 shares of the company’s stock, valued at approximately $940,327.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director James M. Lapeyre, Jr. bought 5,100 shares of the firm’s stock in a transaction that occurred on Monday, September 26th. The stock was purchased at an average cost of $5.93 per share, with a total value of $30,243.00. Following the completion of the transaction, the director now directly owns 157,773 shares in the company, valued at $935,593.89. The disclosure for this purchase can be found here. 10.00% of the stock is owned by insiders.
The company’s 50 day moving average price is $5.88 and its 200 day moving average price is $6.76. The stock’s market capitalization is $80.73 million.
Ion Geophysical Corp. (NYSE:IO) last announced its earnings results on Wednesday, August 3rd. The company reported ($1.85) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.86) by $0.01. Ion Geophysical Corp. had a negative net margin of 42.51% and a negative return on equity of 85.96%. The company earned $36.15 million during the quarter, compared to analyst estimates of $38.90 million. During the same period in the previous year, the business earned ($4.05) earnings per share. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, equities research analysts anticipate that Ion Geophysical Corp. will post ($7.28) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in IO. Spark Investment Management LLC acquired a new stake in Ion Geophysical Corp. during the first quarter valued at about $400,000. DUPONT CAPITAL MANAGEMENT Corp acquired a new stake in Ion Geophysical Corp. during the second quarter valued at about $189,000. Oxford Asset Management raised its stake in Ion Geophysical Corp. by 192.8% in the second quarter. Oxford Asset Management now owns 112,733 shares of the company’s stock valued at $702,000 after buying an additional 74,225 shares during the last quarter. Pax World Management LLC acquired a new stake in Ion Geophysical Corp. during the second quarter valued at about $312,000. Finally, TFS Capital LLC acquired a new stake in Ion Geophysical Corp. during the second quarter valued at about $165,000. Institutional investors own 42.76% of the company’s stock.
About Ion Geophysical Corp.
ION Geophysical Corporation is a technology focused company that provides geophysical technology, services and solutions to the global oil and gas industry. The Company offers services and products through four segments: Solutions, Systems, Software and Ocean Bottom Services (OBS). The Company’s Solutions segment provides over two service activities: Ventures group and Imaging Services group.
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