Ion Geophysical Corp. (NYSE:IO) shares saw strong trading volume on Tuesday after an insider bought additional shares in the company. 84,219 shares changed hands during mid-day trading, an increase of 30% from the previous session’s volume of 64,599 shares.The stock last traded at $5.90 and had previously closed at $5.95.
Specifically, Director James M. Lapeyre, Jr. bought 12,200 shares of the stock in a transaction on Friday, September 23rd. The stock was purchased at an average price of $5.82 per share, with a total value of $71,004.00. Following the acquisition, the director now owns 157,773 shares of the company’s stock, valued at $918,238.86. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James M. Lapeyre, Jr. purchased 9,100 shares of the firm’s stock in a transaction dated Tuesday, September 13th. The stock was purchased at an average cost of $5.99 per share, with a total value of $54,509.00. The disclosure for this purchase can be found here. Company insiders own 10.00% of the company’s stock.
The stock’s 50-day moving average is $5.77 and its 200 day moving average is $6.77. The stock’s market capitalization is $69.54 million.
Ion Geophysical Corp. (NYSE:IO) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported ($1.85) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.86) by $0.01. The business earned $36.15 million during the quarter, compared to the consensus estimate of $38.90 million. Ion Geophysical Corp. had a negative net margin of 42.51% and a negative return on equity of 85.96%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($4.05) EPS. On average, equities research analysts expect that Ion Geophysical Corp. will post ($7.24) earnings per share for the current fiscal year.
Institutional investors have recently modified their holdings of the stock. Oxford Asset Management increased its position in shares of Ion Geophysical Corp. by 192.8% in the second quarter. Oxford Asset Management now owns 112,733 shares of the company’s stock valued at $702,000 after buying an additional 74,225 shares during the last quarter. Bridgeway Capital Management Inc. increased its position in shares of Ion Geophysical Corp. by 148.1% in the second quarter. Bridgeway Capital Management Inc. now owns 109,150 shares of the company’s stock valued at $680,000 after buying an additional 65,150 shares during the last quarter. Osterweis Capital Management Inc. bought a new position in shares of Ion Geophysical Corp. during the second quarter valued at approximately $648,000. Spark Investment Management LLC increased its position in shares of Ion Geophysical Corp. by 47.6% in the second quarter. Spark Investment Management LLC now owns 73,200 shares of the company’s stock valued at $456,000 after buying an additional 23,600 shares during the last quarter. Finally, Pax World Management LLC bought a new position in shares of Ion Geophysical Corp. during the second quarter valued at approximately $312,000. 42.76% of the stock is owned by institutional investors and hedge funds.
About Ion Geophysical Corp.
ION Geophysical Corporation is a technology focused company that provides geophysical technology, services and solutions to the global oil and gas industry. The Company offers services and products through four segments: Solutions, Systems, Software and Ocean Bottom Services (OBS). The Company’s Solutions segment provides over two service activities: Ventures group and Imaging Services group.
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