Innospec Inc. (NASDAQ:IOSP – Get Free Report)’s share price crossed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $84.59 and traded as low as $79.89. Innospec shares last traded at $80.65, with a volume of 482,417 shares.
Key Stories Impacting Innospec
Here are the key news stories impacting Innospec this week:
- Positive Sentiment: Adjusted EPS was $1.29, above the $1.26 consensus and up from $1.12 a year earlier. Revenue increased 7.2% year over year to $473.6 million, though it missed the $479.2 million estimate. Innospec third-quarter results
- Positive Sentiment: Management expects $55 million to $60 million in free cash flow next year as North Carolina facility upgrades are completed by year-end. Innospec also reported $251.9 million in net cash. Free cash flow outlook
- Positive Sentiment: The company raised its annual dividend by 9% and declared a semi-annual payment of $0.94 per share, payable November 25 to shareholders of record November 17. Dividend and earnings announcement
- Negative Sentiment: Despite the EPS beat and year-over-year revenue growth, sales missed analyst expectations, which may be weighing on shares and tempering the upbeat earnings news.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on IOSP shares. Seaport Research Partners reiterated a “buy” rating and issued a $110.00 target price on shares of Innospec in a research report on Thursday, August 6th. Wall Street Zen downgraded shares of Innospec from a “strong-buy” rating to a “buy” rating in a report on Saturday, September 26th. Finally, Weiss Ratings upgraded shares of Innospec from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Two investment analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, Innospec presently has an average rating of “Hold”.
Get Our Latest Report on Innospec
Innospec Stock Down 18.7%
The firm’s 50 day simple moving average is $95.97 and its 200 day simple moving average is $84.59. The company has a market capitalization of $1.99 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 2.64 and a beta of 0.88.
Innospec (NASDAQ:IOSP – Get Free Report) last released its earnings results on Tuesday, November 3rd. The specialty chemicals company reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.03. Innospec had a net margin of 7.49% and a return on equity of 9.42%. The firm had revenue of $473.60 million during the quarter, compared to analyst estimates of $479.17 million. During the same quarter last year, the business earned $1.12 EPS. The business’s revenue was up 7.2% on a year-over-year basis. As a group, sell-side analysts predict that Innospec Inc. will post 5.01 EPS for the current fiscal year.
Institutional Trading of Innospec
Several institutional investors have recently added to or reduced their stakes in IOSP. BlackRock Inc. bought a new position in shares of Innospec during the second quarter valued at approximately $356,596,000. Dimensional Fund Advisors LP raised its holdings in shares of Innospec by 5.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,242,089 shares of the specialty chemicals company’s stock worth $90,698,000 after buying an additional 66,967 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Innospec by 17.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 319,633 shares of the specialty chemicals company’s stock worth $30,467,000 after acquiring an additional 46,851 shares during the last quarter. Western Standard LLC bought a new stake in shares of Innospec during the 2nd quarter worth approximately $19,276,000. Finally, Bank of America Corp DE bought a new stake in shares of Innospec during the 2nd quarter worth approximately $19,187,000. Institutional investors own 96.64% of the company’s stock.
About Innospec
Innospec Inc (NASDAQ: IOSP) is a global specialty chemicals company that develops, manufactures and markets products used in the fuel, oilfield, personal care and industrial markets. The company serves customers through a portfolio of chemical additives, formulations and technical services designed to improve product performance, efficiency and reliability.
Innospec operates through businesses focused on fuel specialties, performance chemicals and oilfield services. Its fuel-related products include fuel additives for gasoline, diesel, marine and other applications, including detergents, lubricity improvers, cetane improvers and other performance-enhancing formulations.
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