Wellington Management Group LLP Has $66.66 Million Position in Innovex International, Inc. $INVX

Wellington Management Group LLP decreased its holdings in shares of Innovex International, Inc. (NYSE:INVX) by 26.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,687,950 shares of the company’s stock after selling 965,436 shares during the quarter. Wellington Management Group LLP owned about 3.84% of Innovex International worth $66,661,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Innovex International during the 2nd quarter worth about $160,389,000. Dimensional Fund Advisors LP boosted its position in shares of Innovex International by 14.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,646,376 shares of the company’s stock valued at $64,544,000 after acquiring an additional 335,839 shares in the last quarter. State Street Corp increased its stake in Innovex International by 0.7% in the fourth quarter. State Street Corp now owns 1,601,149 shares of the company’s stock valued at $35,017,000 after acquiring an additional 11,160 shares during the period. MetLife Investment Management LLC increased its stake in Innovex International by 2.6% in the fourth quarter. MetLife Investment Management LLC now owns 828,757 shares of the company’s stock valued at $18,125,000 after acquiring an additional 20,873 shares during the period. Finally, Bank of America Corp DE acquired a new position in Innovex International in the second quarter worth about $16,540,000.

Analyst Upgrades and Downgrades

INVX has been the subject of a number of recent research reports. Weiss Ratings raised Innovex International from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Barclays upped their price target on Innovex International from $26.00 to $27.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 11th. Citigroup increased their price objective on Innovex International from $35.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, August 26th. Jefferies Financial Group raised Innovex International to a “strong-buy” rating in a report on Friday, June 12th. Finally, Wall Street Zen cut shares of Innovex International from a “buy” rating to a “hold” rating in a research report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Innovex International has a consensus rating of “Moderate Buy” and a consensus price target of $32.75.

Insider Activity

In other Innovex International news, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the company’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 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the stock in a transaction on 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 completion of the transaction, the director owned 311 shares in the company, valued at $8,928.81. The trade was a 99.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 9,964,467 shares of company stock valued at $286,092,748 over the last three months. 34.90% of the stock is owned by insiders.

Innovex International Stock Performance

Shares of NYSE:INVX opened at $31.11 on Thursday. The business has a fifty day moving average of $27.54 and a 200-day moving average of $26.97. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.32 and a current ratio of 5.01. Innovex International, Inc. has a twelve month low of $16.29 and a twelve month high of $33.71. The firm has a market cap of $2.18 billion, a PE ratio of 34.96 and a beta of 0.87.

Innovex International (NYSE:INVX) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.05. The business had revenue of $244.90 million for the quarter, compared to the consensus estimate of $241.58 million. Innovex International had a net margin of 6.17% and a return on equity of 7.12%. On average, equities research analysts predict that Innovex International, Inc. will post 1.44 EPS for the current fiscal year.

About Innovex International

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.