Innospec Inc. (IOSP) Upgraded by Zacks Investment Research to “Hold”
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. “
A number of other equities research analysts have also recently issued reports on IOSP. Monness Crespi & Hardt upped their price objective on shares of Innospec from $60.00 to $62.00 and gave the stock a buy rating in a report on Friday, November 4th. CJS Securities upgraded shares of Innospec from a market perform rating to an outperform rating and set a $63.00 price objective for the company in a report on Friday, August 5th.
Innospec (NASDAQ:IOSP) opened at 65.70 on Monday. Innospec has a 1-year low of $41.61 and a 1-year high of $65.75. The firm has a market capitalization of $1.58 billion, a P/E ratio of 17.70 and a beta of 1.32. The company has a 50-day moving average price of $60.67 and a 200-day moving average price of $54.77.
Innospec (NASDAQ:IOSP) last issued its quarterly earnings data on Wednesday, November 2nd. The company reported $0.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.01. The firm earned $205.50 million during the quarter, compared to analysts’ expectations of $232.15 million. Innospec had a net margin of 10.17% and a return on equity of 15.53%. Innospec’s revenue for the quarter was down 19.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.45 earnings per share. On average, equities research analysts predict that Innospec will post $3.72 earnings per share for the current fiscal year.
The business also recently disclosed a semiannual dividend, which will be paid on Thursday, November 24th. Stockholders of record on Tuesday, November 15th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend 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 is currently 18.38%.
In related news, CEO Patrick Williams sold 17,342 shares of the company’s stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $60.04, for a total value of $1,041,213.68. Following the sale, the chief executive officer now owns 196,926 shares of the company’s stock, valued at $11,823,437.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Brian Watt sold 3,000 shares of the company’s stock in a transaction dated Wednesday, November 16th. The shares were sold at an average price of $61.30, for a total transaction of $183,900.00. Following the completion of the sale, the vice president now directly owns 32,089 shares in the company, valued at approximately $1,967,055.70. The disclosure for this sale can be found here. Insiders own 2.56% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Tower Research Capital LLC TRC boosted its stake in Innospec by 2,913.8% in the second quarter. Tower Research Capital LLC TRC now owns 2,411 shares of the company’s stock worth $111,000 after buying an additional 2,331 shares during the last quarter. PineBridge Investments L.P. boosted its stake in Innospec by 3.6% in the second quarter. PineBridge Investments L.P. now owns 3,039 shares of the company’s stock worth $140,000 after buying an additional 106 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in Innospec by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 3,385 shares of the company’s stock worth $156,000 after buying an additional 411 shares during the last quarter. Profund Advisors LLC acquired a new stake in Innospec during the third quarter worth $213,000. Finally, Mason Street Advisors LLC acquired a new stake in Innospec during the second quarter worth $216,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.
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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