Zacks Investment Research Downgrades Innospec Inc. (IOSP) to Sell
Innospec Inc. (NASDAQ:IOSP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
According to Zacks, “Octel Corp. is a major manufacturer and distributor of fuel additives and other specialty chemicals. Their products are sold globally, primarily to oil refineries. Principal product lines are lead alkyl antiknock compound, other petroleum additives and performance chemicals. “
Several other equities analysts have also issued reports on IOSP. Monness Crespi & Hardt raised their price objective on Innospec from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, November 4th. CJS Securities raised Innospec from a “market perform” rating to an “outperform” rating and set a $63.00 price objective on the stock in a report on Friday, August 5th.
Shares of Innospec (NASDAQ:IOSP) opened at 59.05 on Wednesday. The firm’s 50-day moving average price is $60.11 and its 200-day moving average price is $53.98. The firm has a market cap of $1.42 billion, a PE ratio of 15.91 and a beta of 1.32. Innospec has a 12 month low of $41.61 and a 12 month high of $62.85.
Innospec (NASDAQ:IOSP) last posted its earnings results on Wednesday, November 2nd. The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.77 by $0.01. The firm had revenue of $205.50 million for the quarter, compared to analyst estimates of $232.15 million. Innospec had a return on equity of 15.53% and a net margin of 10.17%. Innospec’s revenue for the quarter was down 19.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.45 earnings per share. Analysts expect that Innospec will post $3.55 earnings per share for the current year.
The business also recently declared a semiannual dividend, which will be paid on Thursday, November 24th. Investors of record on Tuesday, November 15th will be issued a dividend of $0.34 per share. The ex-dividend date is Thursday, November 10th. This represents a dividend yield of 1.23%. This is a positive change from Innospec’s previous semiannual dividend of $0.33. Innospec’s dividend payout ratio (DPR) is currently 17.84%.
Institutional investors have recently added to or reduced their stakes in the company. BlackRock Fund Advisors raised its position in Innospec by 8.3% in the third quarter. BlackRock Fund Advisors now owns 1,632,727 shares of the company’s stock worth $99,286,000 after buying an additional 125,634 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Innospec by 3.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,286,671 shares of the company’s stock worth $59,173,000 after buying an additional 48,524 shares in the last quarter. American Century Companies Inc. raised its position in Innospec by 7.6% in the second quarter. American Century Companies Inc. now owns 471,189 shares of the company’s stock worth $21,670,000 after buying an additional 33,153 shares in the last quarter. James Investment Research Inc. raised its position in Innospec by 3.5% in the third quarter. James Investment Research Inc. now owns 470,332 shares of the company’s stock worth $28,601,000 after buying an additional 15,693 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Innospec by 4.4% in the third quarter. Bank of New York Mellon Corp now owns 414,175 shares of the company’s stock worth $25,187,000 after buying an additional 17,503 shares in the last quarter. 89.25% of the stock is currently owned by hedge funds and other institutional investors.
Innospec Inc develops, manufactures, blends, markets and supplies fuel additives, oilfield chemicals, personal care and fragrance ingredients and other specialty chemicals. The Company operates in three segments: Fuel Specialties, Performance Chemicals and Octane Additives. The Company’s products are sold to oil and gas exploration and production companies, oil refineries, personal care and fragrance companies, and other chemical and industrial companies.
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