Ieq Capital LLC acquired a new stake in shares of Innospec Inc. (NASDAQ:IOSP – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 45,343 shares of the specialty chemicals company’s stock, valued at approximately $3,690,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of IOSP. BlackRock Inc. acquired a new position in Innospec in the second quarter valued at approximately $356,596,000. Dimensional Fund Advisors LP lifted its holdings in shares of Innospec by 5.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,242,089 shares of the specialty chemicals company’s stock worth $90,698,000 after purchasing an additional 66,967 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Innospec by 13.7% in the 4th quarter. Victory Capital Management Inc. now owns 950,074 shares of the specialty chemicals company’s stock worth $72,719,000 after purchasing an additional 114,179 shares during the last quarter. State Street Corp boosted its position in Innospec by 2.1% during the 4th quarter. State Street Corp now owns 949,038 shares of the specialty chemicals company’s stock valued at $72,639,000 after purchasing an additional 19,915 shares during the period. Finally, Millennium Management LLC boosted its position in Innospec by 10.8% during the 4th quarter. Millennium Management LLC now owns 533,312 shares of the specialty chemicals company’s stock valued at $40,820,000 after purchasing an additional 51,824 shares during the period. Institutional investors and hedge funds own 96.64% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on IOSP. Seaport Research Partners reiterated a “buy” rating and set a $110.00 price objective on shares of Innospec in a research report on Thursday, August 6th. Wall Street Zen upgraded Innospec from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings raised Innospec from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold”.
Innospec Trading Up 1.2%
Innospec stock opened at $94.73 on Tuesday. Innospec Inc. has a 52 week low of $65.51 and a 52 week high of $95.00. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of 19.33, a PEG ratio of 2.48 and a beta of 0.93. The company’s 50-day moving average price is $86.17 and its two-hundred day moving average price is $80.70.
Innospec (NASDAQ:IOSP – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.22. The company had revenue of $491.40 million during the quarter, compared to analyst estimates of $457.25 million. Innospec had a net margin of 6.60% and a return on equity of 9.22%. The business’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.26 EPS. Research analysts expect that Innospec Inc. will post 5.03 earnings per share for the current fiscal year.
About Innospec
Innospec Incorporated (NASDAQ: IOSP) is a global specialty chemicals company headquartered in Cleveland, Ohio. The company operates through three principal business segments: Fuel Specialties, Oilfield Services, and Performance Chemicals. In the Fuel Specialties segment, Innospec develops and supplies additives designed to enhance octane levels, improve combustion efficiency, reduce emissions and prevent deposit formation in gasoline and diesel engines. Its Oilfield Services division provides chemical technologies—such as surfactants, corrosion inhibitors and demulsifiers—to support exploration, drilling, production optimization and enhanced oil recovery operations.
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