Innophos (IPHS) Upgraded by Zacks Investment Research to “Buy”
Innophos (NASDAQ:IPHS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The brokerage currently has a $50.00 price target on the specialty chemicals company’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.33% from the company’s current price.
According to Zacks, “Innophos, Inc., is one of the leading North American manufacturers of specialty phosphates, serving a diverse range of customers across multiple applications, geographies and channels. Innophos offers a broad suite of products used in a wide variety of food and beverage, consumer products, pharmaceutical and industrial applications. Innophos’ market-leading positions derive from its experience and dedication to customer service and innovation. “
A number of other research firms have also recently issued reports on IPHS. KeyCorp reaffirmed a “hold” rating on shares of Innophos in a report on Wednesday, November 1st. BidaskClub raised shares of Innophos from a “sell” rating to a “hold” rating in a report on Thursday.
Innophos (NASDAQ:IPHS) last posted its quarterly earnings results on Tuesday, October 31st. The specialty chemicals company reported $0.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.06. The business had revenue of $184.00 million during the quarter, compared to analysts’ expectations of $179.33 million. Innophos had a net margin of 6.19% and a return on equity of 13.90%. The business’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the company posted $0.69 earnings per share. sell-side analysts forecast that Innophos will post 2.5 earnings per share for the current year.
Several institutional investors have recently modified their holdings of IPHS. American Century Companies Inc. raised its holdings in shares of Innophos by 68.8% during the second quarter. American Century Companies Inc. now owns 612,435 shares of the specialty chemicals company’s stock worth $26,849,000 after purchasing an additional 249,585 shares during the last quarter. Deprince Race & Zollo Inc. purchased a new position in shares of Innophos during the third quarter worth $10,358,000. Daruma Capital Management LLC raised its holdings in shares of Innophos by 15.5% during the second quarter. Daruma Capital Management LLC now owns 1,182,095 shares of the specialty chemicals company’s stock worth $51,823,000 after purchasing an additional 158,861 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Innophos by 58.1% during the second quarter. Goldman Sachs Group Inc. now owns 321,140 shares of the specialty chemicals company’s stock worth $14,079,000 after purchasing an additional 118,043 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in shares of Innophos by 3.8% during the second quarter. BlackRock Inc. now owns 2,432,009 shares of the specialty chemicals company’s stock worth $106,620,000 after purchasing an additional 89,360 shares during the last quarter. 94.46% of the stock is owned by hedge funds and other institutional investors.
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Innophos Holdings, Inc is a producer of nutritional specialty ingredients with applications in food, beverage, dietary supplements, pharmaceutical, oral care and industrial end markets. The Company also provides bioactive mineral and nutritional ingredients. The Company’s segments include Specialty Phosphates US & Canada, Specialty Phosphates Mexico, and Granular Triple Super Phosphate (GTSP) & Other.
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