Innospec Inc. (IOSP) Stake Lowered by New York State Teachers Retirement System
New York State Teachers Retirement System reduced its position in shares of Innospec Inc. (NASDAQ:IOSP) by 9.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,262 shares of the specialty chemicals company’s stock after selling 1,700 shares during the period. New York State Teachers Retirement System owned 0.07% of Innospec worth $1,118,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in IOSP. Ameritas Investment Partners Inc. acquired a new position in Innospec during the first quarter worth $132,000. Victory Capital Management Inc. increased its position in Innospec by 18.1% in the first quarter. Victory Capital Management Inc. now owns 2,311 shares of the specialty chemicals company’s stock worth $150,000 after buying an additional 354 shares during the period. State of Alaska Department of Revenue increased its position in Innospec by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 2,660 shares of the specialty chemicals company’s stock worth $172,000 after buying an additional 70 shares during the period. Stevens Capital Management LP acquired a new position in Innospec during the first quarter worth $240,000. Finally, HPM Partners LLC acquired a new position in Innospec during the first quarter worth $307,000. 90.52% of the stock is owned by institutional investors and hedge funds.
Shares of Innospec Inc. (IOSP) opened at 63.40 on Wednesday. The firm has a 50-day moving average of $64.23 and a 200-day moving average of $65.13. The firm has a market cap of $1.53 billion, a PE ratio of 19.45 and a beta of 1.15. Innospec Inc. has a 52 week low of $54.45 and a 52 week high of $74.75.
Innospec (NASDAQ:IOSP) last posted its earnings results on Tuesday, August 8th. The specialty chemicals company reported $1.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.08. Innospec had a net margin of 8.24% and a return on equity of 14.63%. On average, analysts expect that Innospec Inc. will post $4.12 EPS for the current year.
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A number of research analysts recently weighed in on the stock. BidaskClub downgraded shares of Innospec from a “hold” rating to a “sell” rating in a research report on Thursday, June 22nd. ValuEngine cut shares of Innospec from a “buy” rating to a “hold” rating in a research note on Monday. Finally, Zacks Investment Research upgraded shares of Innospec from a “hold” rating to a “strong-buy” rating and set a $73.00 price target for the company in a research note on Tuesday, May 16th.
Innospec Company Profile
Innospec Inc is a specialty chemicals company engaged in developing, manufacturing, blending, marketing and supplying of specialty chemicals for use as fuel additives and ingredients for personal care, home care, agrochemical, mining and other applications and oilfield chemicals. The Company operates through four business segments: Fuel Specialties, Performance Chemicals, Oilfield Services and Octane Additives.
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