Bank of New York Mellon Corp boosted its stake in InnerWorkings Inc. (NASDAQ:INWK) by 4.4% during the second quarter, Holdings Channel reports. The firm owned 227,331 shares of the company’s stock after buying an additional 9,542 shares during the period. Bank of New York Mellon Corp owned approximately 0.43% of InnerWorkings worth $1,880,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. Spark Investment Management LLC boosted its stake in InnerWorkings by 11.7% in the first quarter. Spark Investment Management LLC now owns 39,600 shares of the company’s stock valued at $314,000 after buying an additional 4,151 shares during the period. Bogle Investment Management L P DE purchased a new stake in InnerWorkings during the first quarter valued at about $427,000. Menta Capital LLC boosted its stake in InnerWorkings by 79.9% in the first quarter. Menta Capital LLC now owns 86,440 shares of the company’s stock valued at $687,000 after buying an additional 38,390 shares during the period. Geode Capital Management LLC boosted its stake in InnerWorkings by 7.2% in the first quarter. Geode Capital Management LLC now owns 262,038 shares of the company’s stock valued at $2,082,000 after buying an additional 17,487 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in InnerWorkings by 260.3% in the first quarter. Renaissance Technologies LLC now owns 287,500 shares of the company’s stock valued at $2,286,000 after buying an additional 207,700 shares during the period. 77.85% of the stock is owned by institutional investors and hedge funds.
InnerWorkings Inc. (NASDAQ:INWK) traded down 1.11% during midday trading on Friday, hitting $8.90. 75,085 shares of the stock traded hands. InnerWorkings Inc. has a one year low of $6.06 and a one year high of $10.08. The company’s market cap is $477.00 million. The company’s 50-day moving average is $8.87 and its 200-day moving average is $8.45.
InnerWorkings (NASDAQ:INWK) last posted its quarterly earnings results on Monday, August 15th. The company reported $0.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.07. The company had revenue of $269.20 million for the quarter, compared to the consensus estimate of $262.46 million. InnerWorkings had a negative net margin of 3.66% and a positive return on equity of 7.05%. InnerWorkings’s revenue was up 6.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.04 earnings per share. Equities research analysts expect that InnerWorkings Inc. will post $0.33 EPS for the current fiscal year.
Separately, Zacks Investment Research cut shares of InnerWorkings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 13th.
In other InnerWorkings news, major shareholder Sagard Capital Partners, L.P. sold 6,721,467 shares of the stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $8.25, for a total transaction of $55,452,102.75. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 18.40% of the company’s stock.
InnerWorkings Company Profile
InnerWorkings, Inc is a marketing execution company. The Company’s software applications and databases create an integrated solution that stores, analyzes and tracks the production capabilities of its supplier network, as well as detailed pricing data. The Company operates through three segments: North America, Latin America and EMEA.
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