Rutabaga Capital Managementma Lowers stake in InnerWorkings (INWK)

InnerWorkings (INWK) : Rutabaga Capital Managementma reduced its stake in InnerWorkings by 22.51% during the most recent quarter end. The investment management company now holds a total of 2,640,487 shares of InnerWorkings which is valued at $21.3 Million after selling 766,859 shares in InnerWorkings , the firm said in a disclosure report filed with the SEC on May 13, 2016.InnerWorkings makes up approximately 3.58% of Rutabaga Capital Managementma’s portfolio.

Other Hedge Funds, Including , Millrace Asset Group sold out all of its stake in INWK during the most recent quarter. The investment firm sold 54,843 shares of INWK which is valued $443,131.Blackrock Advisors boosted its stake in INWK in the latest quarter, The investment management firm added 1,431 additional shares and now holds a total of 19,210 shares of InnerWorkings which is valued at $155,217.Norges Bank reduced its stake in INWK by selling 144,898 shares or 54.78% in the most recent quarter. The Hedge Fund company now holds 119,629 shares of INWK which is valued at $966,602. Russell Frank Co added INWK to its portfolio by purchasing 9,400 company shares during the most recent quarter which is valued at $76,798.

InnerWorkings closed down -0.23 points or -2.72% at $8.24 with 1,36,958 shares getting traded on Wednesday. Post opening the session at $8.46, the shares hit an intraday low of $8.22 and an intraday high of $8.5937 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, InnerWorkings reported $0.06 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on May 9, 2016. Analyst had a consensus of $0.03. The company had revenue of $271.10 million for the quarter, compared to analysts expectations of $248.54 million. The company’s revenue was up 12.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.03 EPS.

InnerWorkings Inc. is global marketing execution company. The Company offers services for Fortune 500 brands across a range of industries. The Company leverages a range of technology supplier network and domain expertise to streamline the creation production and distribution of marketing and promotional materials signage and displays retail experiences events and promotions and product packaging across the world. 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’s business of providing marketing execution solutions primarily includes the procurement of marketing materials branded merchandise and retail displays. The Company’s network of more than 10000 global suppliers offers a variety of products and a range of print fulfillment and logistics services.

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