Reed Kendal, the Chief Financial Officer of Innovex International, Inc. (NYSE:INVX), has recently acquired shares in the company amid a notable market decline. According to a filing with the Securities and Exchange Commission, Kendal purchased 3,765 shares of Innovex International common stock on December 13, 2024, at a price of $13.28 per share. The total value of the transaction was approximately $49,999. Following this acquisition, Kendal now holds 186,232 shares directly.The purchase comes as Innovex trades near its 52-week low, with the stock down over 9% in the past week. InvestingPro analysis indicates the company maintains strong financial health with a current ratio of 3.87, suggesting robust liquidity. According to InvestingPro's Fair Value model, the stock appears undervalued at current levels. Subscribers to InvestingPro can access 8 additional key insights about INVX, including detailed financial health metrics and comprehensive Pro Research Reports, which are available for over 1,400 US stocks.
In other recent news, Innovex International has made several significant developments. The company recently finalized its merger with Dril-Quip (NYSE:INVX), Inc., forming a new entity that is projected to deliver nearly $30 million in annual cost savings and maintain a net cash position of around $100 million post-transaction. This merger is expected to generate substantial growth, cash flow, and returns for shareholders.
Innovex has also settled a class action lawsuit filed by Steamfitters Local 449 Pension Fund, agreeing to pay $540,000 in attorneys' fees and expenses without admitting any wrongdoing. The lawsuit challenged certain shareholder voting requirements and transfer restrictions related to the merger.
Furthermore, the company has extended the contract of its former Chief Financial Officer, Kyle McClure, through November 8, 2024. Innovex has also appointed PricewaterhouseCoopers LLP (PwC) as its new independent registered public accounting firm, replacing Grant Thornton LLP.
Lastly, the company has expanded its Board of Directors with the appointment of Benjamin M. Fink, a veteran in the energy and finance sectors. These are the recent developments in Innovex International.
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