Innospec (IOSP) Cut to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of Innospec (NASDAQ:IOSP) from a buy rating to a hold rating in a research report released on Wednesday morning.
According to Zacks, “Innospec Inc. is an international specialty chemicals company. Innospec manufactures and supplies a wide range of specialty chemicals to markets in the Americas, Europe, the Middle East, Africa and Asia-Pacific. The Fuel Specialties business specializes in manufacturing and supplying fuel additives that improve fuel efficiency, boost engine performance and reduce harmful emissions. Oilfield Services provides specialty chemicals to all elements of the oil & gas exploration and production industry. The Performance Chemicals business creates innovative technology-based solutions for the customers in the Personal Care, Home Care, Agrochemical, Mining and Industrial markets. Octane Additives produces octane improvers to enhance gasoline. “
A number of other research firms have also recently commented on IOSP. Monness Crespi & Hardt cut shares of Innospec from a buy rating to a neutral rating in a research report on Thursday, November 9th. KeyCorp reissued an overweight rating on shares of Innospec in a research report on Thursday, November 9th. ValuEngine raised shares of Innospec from a hold rating to a buy rating in a research report on Thursday, November 9th. BidaskClub cut shares of Innospec from a hold rating to a sell rating in a research report on Friday, December 15th. Finally, Johnson Rice raised shares of Innospec from a hold rating to an accumulate rating in a research report on Tuesday, November 14th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $70.50.
Innospec (NASDAQ:IOSP) last released its quarterly earnings data on Tuesday, November 7th. The specialty chemicals company reported $1.00 EPS for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.15. Innospec had a net margin of 7.45% and a return on equity of 15.05%. The firm had revenue of $332.40 million during the quarter, compared to analysts’ expectations of $309.40 million. During the same period in the previous year, the business posted $0.78 earnings per share. The company’s revenue for the quarter was up 61.8% compared to the same quarter last year. research analysts expect that Innospec will post 4.3 EPS for the current fiscal year.
In related news, insider Philip Curran sold 1,352 shares of the company’s stock in a transaction dated Friday, November 24th. The shares were sold at an average price of $71.05, for a total transaction of $96,059.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Brian Watt sold 440 shares of the company’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $70.17, for a total transaction of $30,874.80. Following the sale, the vice president now directly owns 30,730 shares of the company’s stock, valued at approximately $2,156,324.10. The disclosure for this sale can be found here. In the last three months, insiders sold 24,366 shares of company stock valued at $1,743,891. 2.02% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its position in Innospec by 2.4% during the second quarter. BlackRock Inc. now owns 3,041,897 shares of the specialty chemicals company’s stock worth $199,396,000 after purchasing an additional 70,615 shares during the period. Mondrian Investment Partners LTD raised its stake in Innospec by 22.2% during the third quarter. Mondrian Investment Partners LTD now owns 82,307 shares of the specialty chemicals company’s stock worth $5,074,000 after acquiring an additional 14,942 shares in the last quarter. Westwood Holdings Group Inc. acquired a new position in Innospec during the second quarter worth about $9,334,000. Ramsey Quantitative Systems acquired a new position in Innospec during the second quarter worth about $309,000. Finally, Principal Financial Group Inc. raised its stake in Innospec by 0.4% during the third quarter. Principal Financial Group Inc. now owns 426,095 shares of the specialty chemicals company’s stock worth $26,269,000 after acquiring an additional 1,811 shares in the last quarter. 91.18% of the stock is owned by institutional investors and hedge funds.
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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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