Glenmede Trust Co. NA Takes Position in Innovex International, Inc. $INVX

Glenmede Trust Co. NA acquired a new stake in Innovex International, Inc. (NYSE:INVX) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 29,066 shares of the company’s stock, valued at approximately $709,000.

Several other hedge funds have also recently bought and sold shares of INVX. Simcoe Capital LLC purchased a new stake in Innovex International during the fourth quarter worth about $3,625,000. Hussman Strategic Advisors Inc. purchased a new position in shares of Innovex International in the fourth quarter valued at approximately $919,000. Royce & Associates LP acquired a new position in shares of Innovex International in the fourth quarter valued at approximately $415,000. Avidian Wealth Enterprises LLC acquired a new position in shares of Innovex International in the fourth quarter valued at approximately $5,821,000. Finally, Dimensional Fund Advisors LP increased its stake in Innovex International by 14.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,646,376 shares of the company’s stock worth $64,544,000 after buying an additional 335,839 shares during the period.

Innovex International Trading Down 8.9%

NYSE INVX opened at $27.96 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.01 and a quick ratio of 3.38. The firm’s fifty day moving average price is $26.60 and its 200 day moving average price is $26.35. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of 31.41 and a beta of 0.83. Innovex International, Inc. has a 12 month low of $15.76 and a 12 month high of $33.71.

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 analysts’ consensus estimates of $0.31 by $0.05. Innovex International had a net margin of 6.17% and a return on equity of 7.12%. The firm had revenue of $244.90 million during the quarter, compared to analysts’ expectations of $241.58 million. On average, sell-side analysts expect that Innovex International, Inc. will post 1.44 earnings per share for the current fiscal year.

Insider Activity at Innovex International

In other news, insider Mark Reddout sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $30.00, for a total value of $300,000.00. Following the completion of the sale, the insider directly owned 124,312 shares of the company’s stock, valued at approximately $3,729,360. The trade was a 7.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 34.90% of the company’s stock.

Wall Street Analysts Forecast Growth

INVX has been the subject of several recent research reports. Barclays raised their price target 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 upped their price objective on Innovex International from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Wall Street Zen cut Innovex International from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Citigroup initiated coverage on Innovex International in a research note on Thursday, May 7th. They set a “buy” rating and a $35.00 target price for the company. Finally, Zacks Research downgraded Innovex International from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.25.

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.