Wellington Management Group LLP Sells 965,436 Shares of Innovex International, Inc. $INVX

Wellington Management Group LLP reduced its holdings in Innovex International, Inc. (NYSE:INVX) by 26.4% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 2,687,950 shares of the company’s stock after selling 965,436 shares during the quarter. Wellington Management Group LLP’s holdings in Innovex International were worth $66,661,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Empowered Funds LLC acquired a new position in shares of Innovex International in the 2nd quarter valued at $8,171,000. Bank of America Corp DE acquired a new position in Innovex International in the second quarter valued at about $16,540,000. Freestone Grove Partners LP acquired a new position in Innovex International in the second quarter valued at about $43,000. Jupiter Topco LLC bought a new position in Innovex International during the second quarter worth about $377,000. Finally, Legal & General Group Plc bought a new position in Innovex International during the second quarter worth about $2,499,000.

Innovex International Stock Up 2.9%

Innovex International stock opened at $31.11 on Thursday. The stock has a market capitalization of $2.18 billion, a PE ratio of 34.96 and a beta of 0.87. Innovex International, Inc. has a twelve month low of $16.29 and a twelve month high of $33.71. The company has a quick ratio of 3.32, a current ratio of 5.01 and a debt-to-equity ratio of 0.02. The company has a 50 day moving average of $27.54 and a 200-day moving average of $26.97.

Innovex International (NYSE:INVX) last issued its quarterly earnings data on Monday, August 3rd. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.05. The business had revenue of $244.90 million for the quarter, compared to analyst estimates of $241.58 million. Innovex International had a net margin of 6.17% and a return on equity of 7.12%. On average, equities research analysts anticipate that Innovex International, Inc. will post 1.44 EPS for the current fiscal year.

Insider Buying and Selling at Innovex International

In other Innovex International news, insider Mark Reddout sold 10,000 shares of Innovex International 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 owned 124,312 shares of the company’s stock, valued at $3,729,360. This trade represents a 7.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the company’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 $143,550,000.00. Following the transaction, the director directly owned 311 shares of the company’s stock, valued at $8,928.81. This represents a 99.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,964,467 shares of company stock valued at $286,092,748 in the last 90 days. 34.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Innovex International from a “buy” rating to a “hold” rating in a research report on Monday, August 17th. Barclays upped their target price on shares of 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 shares of Innovex International from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. Citigroup boosted their price target on shares of Innovex International from $35.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, August 26th. Finally, Piper Sandler upped their price objective on shares of Innovex International from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. 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 company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.75.

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.