Empowered Funds LLC Invests $8.17 Million in Innovex International, Inc. $INVX

Empowered Funds LLC purchased a new stake in Innovex International, Inc. (NYSE:INVX) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 329,478 shares of the company’s stock, valued at approximately $8,171,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Freestone Grove Partners LP bought a new position in shares of Innovex International in the 2nd quarter worth $43,000. Strs Ohio purchased a new stake in shares of Innovex International in the fourth quarter valued at about $44,000. USA Financial Formulas bought a new stake in Innovex International in the 1st quarter worth about $53,000. Aster Capital Management DIFC Ltd bought a new position in shares of Innovex International during the 4th quarter worth approximately $55,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Innovex International by 418.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,523 shares of the company’s stock worth $55,000 after buying an additional 2,843 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on INVX. Piper Sandler lifted their price target on Innovex International from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Wall Street Zen downgraded shares of Innovex International from a “buy” rating to a “hold” rating in a report on Monday, August 17th. Weiss Ratings upgraded shares of Innovex International from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Barclays boosted 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. Finally, Zacks Research lowered shares of Innovex International from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. One investment 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $32.75.

Insiders Place Their Bets

In other news, insider Mark Reddout sold 10,750 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $28.00, for a total transaction of $301,000.00. Following the sale, the insider directly owned 134,312 shares in the company, valued at $3,760,736. This represents a 7.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the company’s stock in a transaction dated 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 sale, the director owned 311 shares in the company, valued at approximately $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 sold a total of 9,975,217 shares of company stock worth $286,393,748 in the last quarter. 34.90% of the stock is owned by company insiders.

Innovex International Trading Up 0.9%

NYSE:INVX opened at $30.10 on Friday. The company has a market cap of $2.11 billion, a P/E ratio of 33.82 and a beta of 0.83. The stock’s fifty day moving average price is $27.24 and its two-hundred day moving average price is $26.84. Innovex International, Inc. has a 1 year low of $16.29 and a 1 year high of $33.71. 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 (NYSE:INVX) last announced its quarterly earnings results on Monday, August 3rd. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.05. Innovex International had a return on equity of 7.12% and a net margin of 6.17%.The company had revenue of $244.90 million during the quarter, compared to analysts’ expectations of $241.58 million. As a group, analysts expect that Innovex International, Inc. will post 1.44 EPS for the current year.

Innovex International Company 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.