UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Reduces Position in Innovex International, Inc. $INVX

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC decreased its holdings in Innovex International, Inc. (NYSE:INVX) by 18.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 78,982 shares of the company’s stock after selling 18,203 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Innovex International were worth $1,959,000 as of its most recent filing with the SEC.

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

Innovex International Stock Performance

Shares of INVX stock opened at $30.07 on Friday. 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 business has a 50 day moving average of $28.29 and a two-hundred day moving average of $27.20. Innovex International, Inc. has a 52 week low of $16.40 and a 52 week high of $33.71. The company has a market cap of $2.10 billion, a P/E ratio of 33.79 and a beta of 0.87.

Innovex International (NYSE:INVX) last announced its quarterly earnings results on Monday, August 3rd. The company reported $0.36 earnings per share 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 analysts’ expectations of $241.58 million. Innovex International had a return on equity of 7.12% and a net margin of 6.17%. As a group, analysts anticipate that Innovex International, Inc. will post 1.44 EPS for the current year.

Insider Activity at Innovex International

In other Innovex International news, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $28.71, for a total value of $142,242,747.57. Following the sale, the director directly owned 311 shares of the company’s stock, valued at $8,928.81. This trade represents a 99.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the firm’s stock in a transaction on 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 sale, the director owned 311 shares in the company, valued at $8,928.81. The trade was a 99.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 9,964,467 shares of company stock worth $286,092,748 in the last 90 days. 34.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

INVX has been the subject of a number of recent analyst reports. Piper Sandler raised their price target on shares of Innovex International from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Citigroup increased their price objective on shares of Innovex International from $35.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, August 26th. Wall Street Zen lowered shares of Innovex International from a “buy” rating to a “hold” rating in a report on Monday, August 17th. Jefferies Financial Group raised shares of Innovex International to a “strong-buy” rating in a report on Friday, June 12th. Finally, Zacks Research downgraded shares of Innovex International from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the stock. According to 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.