Allspring Global Investments Holdings LLC Sells 40,561 Shares of Innospec Inc. $IOSP

Allspring Global Investments Holdings LLC cut its holdings in shares of Innospec Inc. (NASDAQ:IOSP) by 1.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 2,315,942 shares of the specialty chemicals company’s stock after selling 40,561 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.09% of Innospec worth $170,453,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Illinois Municipal Retirement Fund boosted its holdings in Innospec by 8.6% in the 1st quarter. Illinois Municipal Retirement Fund now owns 13,861 shares of the specialty chemicals company’s stock worth $1,012,000 after buying an additional 1,094 shares during the period. Principal Financial Group Inc. raised its holdings in Innospec by 2.0% during the 1st quarter. Principal Financial Group Inc. now owns 120,477 shares of the specialty chemicals company’s stock valued at $8,797,000 after acquiring an additional 2,370 shares during the period. Fifth Third Bancorp lifted its position in shares of Innospec by 5,303.5% during the first quarter. Fifth Third Bancorp now owns 12,482 shares of the specialty chemicals company’s stock worth $911,000 after acquiring an additional 12,251 shares in the last quarter. Hsbc Holdings PLC lifted its position in shares of Innospec by 70.7% during the first quarter. Hsbc Holdings PLC now owns 25,351 shares of the specialty chemicals company’s stock worth $1,855,000 after acquiring an additional 10,504 shares in the last quarter. Finally, Hudson Edge Investment Partners Inc. boosted its holdings in shares of Innospec by 94.0% in the first quarter. Hudson Edge Investment Partners Inc. now owns 8,373 shares of the specialty chemicals company’s stock worth $611,000 after acquiring an additional 4,057 shares during the period. 96.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IOSP has been the subject of several recent research reports. Wall Street Zen cut Innospec from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Weiss Ratings upgraded Innospec from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, July 1st. Finally, Zacks Research raised Innospec from a “strong sell” rating to a “hold” rating in a report on Friday, April 24th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

Innospec Trading Up 2.9%

IOSP opened at $85.46 on Friday. The stock has a 50-day moving average price of $81.74 and a 200-day moving average price of $78.89. Innospec Inc. has a 12-month low of $65.51 and a 12-month high of $92.14. The stock has a market capitalization of $2.10 billion, a P/E ratio of 18.62, a PEG ratio of 2.31 and a beta of 0.93.

Innospec (NASDAQ:IOSP) last announced its quarterly earnings data on Friday, May 8th. The specialty chemicals company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.02 by $0.03. The firm had revenue of $453.20 million for the quarter, compared to analyst estimates of $432.14 million. Innospec had a return on equity of 9.32% and a net margin of 6.38%.The company’s revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.42 EPS. On average, equities research analysts predict that Innospec Inc. will post 4.8 EPS for the current year.

Innospec Announces Dividend

The company also recently announced a dividend, which was paid on Friday, May 29th. Shareholders of record on Tuesday, May 19th were paid a $0.92 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a yield of 239.0%. Innospec’s dividend payout ratio is currently 40.09%.

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.