Legato Capital Management LLC Cuts Stake in Innovex International, Inc. $INVX

Legato Capital Management LLC reduced its holdings in shares of Innovex International, Inc. (NYSE:INVX) by 25.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 98,829 shares of the company’s stock after selling 33,344 shares during the period. Legato Capital Management LLC’s holdings in Innovex International were worth $2,161,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Covestor Ltd increased its stake in Innovex International by 26,300.0% during the 3rd quarter. Covestor Ltd now owns 1,848 shares of the company’s stock worth $34,000 after buying an additional 1,841 shares during the period. Strs Ohio purchased a new stake in Innovex International during the 4th quarter worth approximately $44,000. Smartleaf Asset Management LLC increased its stake in Innovex International by 31.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 2,151 shares of the company’s stock worth $40,000 after buying an additional 511 shares during the period. Westfuller Advisors LLC purchased a new stake in Innovex International during the 3rd quarter worth approximately $53,000. Finally, Tower Research Capital LLC TRC increased its stake in Innovex International by 418.1% during 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 period.

Insider Activity at Innovex International

In related news, Director Amberjack Capital Partners, L. sold 6,612,500 shares of the stock in a transaction on Friday, February 27th. The shares were sold at an average price of $24.59, for a total value of $162,601,375.00. Following the transaction, the director directly owned 399 shares of the company’s stock, valued at $9,811.41. This trade represents a 99.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Adam Anderson sold 18,837 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $28.50, for a total transaction of $536,854.50. Following the completion of the transaction, the chief executive officer directly owned 466,744 shares in the company, valued at $13,302,204. This trade represents a 3.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 13,257,078 shares of company stock valued at $326,097,112 in the last ninety days. Insiders own 34.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Zacks Research raised shares of Innovex International from a “strong sell” rating to a “hold” rating in a research note on Monday, May 18th. Barclays increased their price objective on shares of Innovex International from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. Piper Sandler increased their price objective on shares of Innovex International from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Citigroup started coverage on shares of Innovex International in a research report on Thursday, May 7th. They issued a “buy” rating and a $35.00 price objective on the stock. Finally, Weiss Ratings downgraded shares of Innovex International from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $31.67.

Innovex International Trading Down 2.7%

NYSE INVX opened at $30.00 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.10 and a quick ratio of 3.38. The firm’s fifty day moving average price is $26.40 and its 200 day moving average price is $24.63. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of 40.00 and a beta of 0.84. Innovex International, Inc. has a 12 month low of $13.44 and a 12 month high of $32.25.

Innovex International (NYSE:INVX) last posted its earnings results on Monday, February 23rd. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.09). The company had revenue of $273.60 million during the quarter, compared to analysts’ expectations of $240.00 million. Innovex International had a net margin of 5.31% and a return on equity of 6.72%. On average, sell-side analysts expect that Innovex International, Inc. will post 1.44 earnings per share for the current fiscal year.

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.