Penn Capital Management Company LLC Reduces Position in Innovex International, Inc. $INVX

Penn Capital Management Company LLC lessened its stake in shares of Innovex International, Inc. (NYSE:INVX) by 40.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 32,526 shares of the company’s stock after selling 21,927 shares during the period. Penn Capital Management Company LLC’s holdings in Innovex International were worth $807,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of INVX. BlackRock Inc. purchased a new stake in Innovex International in the 2nd quarter worth $160,389,000. Dimensional Fund Advisors LP increased its stake in Innovex International by 14.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,646,376 shares of the company’s stock worth $64,544,000 after acquiring an additional 335,839 shares during the last quarter. Wellington Management Group LLP raised its stake in Innovex International by 52.4% during the third quarter. Wellington Management Group LLP now owns 2,434,808 shares of the company’s stock valued at $45,141,000 after purchasing an additional 837,027 shares in the last quarter. State Street Corp raised its position in shares of Innovex International by 0.7% during the 4th quarter. State Street Corp now owns 1,601,149 shares of the company’s stock valued at $35,017,000 after buying an additional 11,160 shares in the last quarter. Finally, MetLife Investment Management LLC raised its position in Innovex International by 2.6% during the fourth quarter. MetLife Investment Management LLC now owns 828,757 shares of the company’s stock valued at $18,125,000 after purchasing an additional 20,873 shares during the period.

Innovex International Stock Up 0.9%

INVX stock opened at $30.10 on Friday. The firm’s fifty day simple moving average is $27.24 and its 200-day simple moving average is $26.84. The company has a market capitalization of $2.11 billion, a P/E ratio of 33.82 and a beta of 0.83. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.01 and a quick ratio of 3.32. Innovex International, Inc. has a 12 month low of $16.29 and a 12 month high of $33.71.

Innovex International (NYSE:INVX) last released its quarterly earnings data on Monday, August 3rd. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $241.58 million. As a group, equities research analysts forecast that Innovex International, Inc. will post 1.44 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on INVX. Weiss Ratings raised shares of Innovex International from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Wall Street Zen cut Innovex International from a “buy” rating to a “hold” rating in a report on Monday, August 17th. Barclays increased their price objective 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. Piper Sandler raised their price objective on Innovex International from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Finally, Citigroup lifted their price target on shares of Innovex International from $35.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Innovex International has an average rating of “Moderate Buy” and a consensus price target of $32.75.

Insider Buying and Selling

In related news, 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 completion of the transaction, the director owned 311 shares of the company’s stock, valued at approximately $8,928.81. This represents a 99.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the business’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $28.71, for a total transaction of $142,242,747.57. Following the completion of the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 9,975,217 shares of company stock valued at $286,393,748. 34.90% of the stock is owned by company insiders.

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.