Innospec (NASDAQ:IOSP) Issues Quarterly Earnings Results

Innospec (NASDAQ:IOSP) announced its earnings results on Tuesday. The specialty chemicals company reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.22, Zacks reports. The business had revenue of $491.40 million for the quarter, compared to analyst estimates of $457.25 million. Innospec had a net margin of 6.60% and a return on equity of 9.25%. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.26 earnings per share.

Innospec Stock Up 1.3%

IOSP traded up $1.16 during trading on Thursday, reaching $93.11. The company’s stock had a trading volume of 89,828 shares, compared to its average volume of 208,509. The firm has a fifty day simple moving average of $83.41 and a two-hundred day simple moving average of $79.56. Innospec has a 1 year low of $65.51 and a 1 year high of $94.17. The company has a market cap of $2.29 billion, a price-to-earnings ratio of 19.00, a PEG ratio of 2.39 and a beta of 0.93.

Analyst Ratings Changes

IOSP has been the topic of a number of research reports. Wall Street Zen raised shares of Innospec from a “hold” rating to a “buy” rating in a research note on Saturday, July 18th. Weiss Ratings upgraded Innospec from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, July 1st. Finally, Zacks Research upgraded Innospec from a “strong sell” rating to a “hold” rating in a research report on Friday, April 24th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Innospec presently has an average rating of “Hold”.

Institutional Investors Weigh In On Innospec

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Baird Financial Group Inc. boosted its stake in Innospec by 11.5% during the first quarter. Baird Financial Group Inc. now owns 2,170 shares of the specialty chemicals company’s stock worth $206,000 after buying an additional 223 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Innospec by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,833 shares of the specialty chemicals company’s stock worth $1,405,000 after acquiring an additional 645 shares during the period. Millennium Management LLC boosted its position in shares of Innospec by 8,176.5% during the 1st quarter. Millennium Management LLC now owns 170,414 shares of the specialty chemicals company’s stock valued at $16,147,000 after acquiring an additional 168,355 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of Innospec by 37.4% in the first quarter. NewEdge Advisors LLC now owns 4,567 shares of the specialty chemicals company’s stock valued at $433,000 after purchasing an additional 1,243 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in Innospec by 6.4% during the first quarter. Goldman Sachs Group Inc. now owns 132,399 shares of the specialty chemicals company’s stock worth $12,545,000 after purchasing an additional 8,014 shares during the last quarter. Institutional investors and hedge funds own 96.64% of the company’s stock.

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.