Bank of New York Mellon Corp Trims Position in InnerWorkings, Inc. (NASDAQ:INWK)

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Bank of New York Mellon Corp lessened its stake in shares of InnerWorkings, Inc. (NASDAQ:INWK) by 4.1% during the 2nd quarter, Holdings Channel reports. The fund owned 234,200 shares of the business services provider’s stock after selling 9,925 shares during the quarter. Bank of New York Mellon Corp’s holdings in InnerWorkings were worth $895,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of INWK. BNP Paribas Arbitrage SA raised its holdings in InnerWorkings by 126.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 9,320 shares of the business services provider’s stock valued at $34,000 after buying an additional 5,209 shares during the period. Acadian Asset Management LLC purchased a new stake in InnerWorkings in the 2nd quarter valued at about $39,000. SG Americas Securities LLC raised its holdings in InnerWorkings by 50.3% in the 1st quarter. SG Americas Securities LLC now owns 19,543 shares of the business services provider’s stock valued at $71,000 after buying an additional 6,541 shares during the period. Prudential Financial Inc. purchased a new stake in InnerWorkings in the 2nd quarter valued at about $106,000. Finally, Menta Capital LLC raised its holdings in InnerWorkings by 394.9% in the 2nd quarter. Menta Capital LLC now owns 58,399 shares of the business services provider’s stock valued at $223,000 after buying an additional 46,599 shares during the period. Institutional investors and hedge funds own 82.66% of the company’s stock.

Several analysts recently issued reports on the stock. Craig Hallum upgraded shares of InnerWorkings from a “hold” rating to a “buy” rating and set a $6.00 price objective on the stock in a report on Friday, August 9th. Barrington Research upgraded shares of InnerWorkings from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Zacks Investment Research lowered shares of InnerWorkings from a “buy” rating to a “hold” rating in a report on Thursday, August 15th. Finally, ValuEngine upgraded shares of InnerWorkings from a “hold” rating to a “buy” rating in a report on Saturday, August 10th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. InnerWorkings has an average rating of “Buy” and an average price target of $5.50.

Shares of INWK opened at $4.56 on Friday. The firm has a market cap of $231.66 million, a P/E ratio of -57.00 and a beta of 1.34. InnerWorkings, Inc. has a 12-month low of $2.58 and a 12-month high of $7.62. The company’s 50-day moving average price is $4.32 and its 200 day moving average price is $3.85.

InnerWorkings (NASDAQ:INWK) last issued its quarterly earnings data on Thursday, August 8th. The business services provider reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.01. The firm had revenue of $284.05 million for the quarter, compared to analyst estimates of $286.25 million. InnerWorkings had a negative net margin of 6.97% and a positive return on equity of 0.15%. As a group, research analysts anticipate that InnerWorkings, Inc. will post 0.23 earnings per share for the current year.

InnerWorkings Company Profile

InnerWorkings, Inc provides marketing execution solutions in North America and internationally. The company's software applications and databases create an integrated solution that stores, analyzes, and tracks the production capabilities of its supplier network, as well as detailed pricing data.

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Institutional Ownership by Quarter for InnerWorkings (NASDAQ:INWK)

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