Ion Geophysical Corp. (NYSE:IO) shares saw unusually-high trading volume on Monday after an insider bought additional shares in the company. Approximately 55,508 shares changed hands during mid-day trading, a decline of 2% from the previous session’s volume of 56,838 shares.The stock last traded at $6.75 and had previously closed at $6.85.
Specifically, Director James M. Lapeyre, Jr. bought 8,000 shares of the firm’s stock in a transaction on Monday, August 29th. The stock was acquired at an average cost of $5.98 per share, for a total transaction of $47,840.00. Following the purchase, the director now owns 157,773 shares in the company, valued at $943,482.54. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director James M. Lapeyre, Jr. bought 9,800 shares of the firm’s stock in a transaction on Friday, September 2nd. The shares were bought at an average price of $5.70 per share, with a total value of $55,860.00. Following the completion of the purchase, the director now owns 157,773 shares in the company, valued at approximately $899,306.10. The disclosure for this purchase can be found here. Company insiders own 10.00% of the company’s stock.
The company’s market capitalization is $78.97 million. The firm’s 50 day moving average price is $5.92 and its 200 day moving average price is $6.75.
Ion Geophysical Corp. (NYSE:IO) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported ($1.85) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.86) by $0.01. The company had revenue of $36.15 million for the quarter, compared to analyst estimates of $38.90 million. Ion Geophysical Corp. had a negative net margin of 42.51% and a negative return on equity of 85.96%. Ion Geophysical Corp.’s revenue was down 1.7% compared to the same quarter last year. During the same period last year, the company posted ($4.05) earnings per share. Equities research analysts predict that Ion Geophysical Corp. will post ($7.28) earnings per share for the current year.
A number of institutional investors have recently modified their holdings of IO. Wolverine Asset Management LLC acquired a new position in shares of Ion Geophysical Corp. during the second quarter valued at about $296,000. Paloma Partners Management Co acquired a new position in shares of Ion Geophysical Corp. during the second quarter valued at about $232,000. Bridgeway Capital Management Inc. raised its position in shares of Ion Geophysical Corp. by 148.1% in the second quarter. Bridgeway Capital Management Inc. now owns 109,150 shares of the company’s stock valued at $680,000 after buying an additional 65,150 shares during the last quarter. Osterweis Capital Management Inc. acquired a new position in shares of Ion Geophysical Corp. during the second quarter valued at about $648,000. Finally, Brookfield Asset Management Inc. acquired a new position in shares of Ion Geophysical Corp. during the second quarter valued at about $235,000. 41.70% of the stock is currently owned by institutional investors.
Ion Geophysical Corp. Company Profile
ION Geophysical Corporation is a technology focused company that provides geophysical technology, services and solutions to the global oil and gas industry. The Company offers services and products through four segments: Solutions, Systems, Software and Ocean Bottom Services (OBS). The Company’s Solutions segment provides over two service activities: Ventures group and Imaging Services group.
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