Zacks Research Upgrades Innospec (NASDAQ:IOSP) to Hold

Innospec (NASDAQ:IOSP) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

IOSP has been the subject of a number of other reports. Wall Street Zen upgraded Innospec from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Weiss Ratings restated a “sell (d+)” rating on shares of Innospec in a report on Monday, December 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold”.

Innospec Stock Down 0.2%

Shares of IOSP opened at $78.48 on Tuesday. The company has a 50 day moving average of $75.60 and a two-hundred day moving average of $79.70. Innospec has a twelve month low of $70.10 and a twelve month high of $117.08. The company has a market cap of $1.94 billion, a price-to-earnings ratio of -2,616.00 and a beta of 0.91.

Innospec (NASDAQ:IOSP) last issued its quarterly earnings results on Wednesday, November 5th. The specialty chemicals company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.09. The business had revenue of $441.90 million for the quarter, compared to the consensus estimate of $443.00 million. Innospec had a positive return on equity of 10.28% and a negative net margin of 0.07%.The business’s quarterly revenue was down .3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.35 earnings per share. On average, sell-side analysts expect that Innospec will post 6.18 EPS for the current year.

Insider Activity at Innospec

In other news, Director Leslie J. Parrette bought 340 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The shares were purchased at an average price of $74.09 per share, for a total transaction of $25,190.60. Following the completion of the transaction, the director directly owned 5,837 shares in the company, valued at approximately $432,463.33. This represents a 6.19% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.31% of the stock is owned by company insiders.

Institutional Trading of Innospec

Several institutional investors and hedge funds have recently bought and sold shares of IOSP. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Innospec in the 2nd quarter valued at about $345,000. Geode Capital Management LLC boosted its position in Innospec by 2.1% during the second quarter. Geode Capital Management LLC now owns 719,598 shares of the specialty chemicals company’s stock worth $60,517,000 after purchasing an additional 14,463 shares in the last quarter. Westwood Holdings Group Inc. grew its holdings in Innospec by 7.8% in the second quarter. Westwood Holdings Group Inc. now owns 412,310 shares of the specialty chemicals company’s stock valued at $34,671,000 after purchasing an additional 29,900 shares during the period. Voya Investment Management LLC increased its position in shares of Innospec by 63.2% in the first quarter. Voya Investment Management LLC now owns 327,289 shares of the specialty chemicals company’s stock valued at $31,011,000 after buying an additional 126,750 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new position in shares of Innospec during the 2nd quarter worth approximately $650,000. 96.64% of the stock is currently owned by institutional investors and hedge funds.

About Innospec

Innospec Incorporated (NASDAQ: IOSP) is a global specialty chemicals company headquartered in Cleveland, Ohio. The company operates through three principal business segments: Fuel Specialties, Oilfield Services, and Performance Chemicals. In the Fuel Specialties segment, Innospec develops and supplies additives designed to enhance octane levels, improve combustion efficiency, reduce emissions and prevent deposit formation in gasoline and diesel engines. Its Oilfield Services division provides chemical technologies—such as surfactants, corrosion inhibitors and demulsifiers—to support exploration, drilling, production optimization and enhanced oil recovery operations.