Zacks Investment Research upgraded shares of Innospec Inc. (NASDAQ:IOSP) from a hold rating to a buy rating in a research report released on Friday morning. They currently have $76.00 price objective on the specialty chemicals company’s stock.
According to Zacks, “Octel Corp. is a major manufacturer and distributor of fuel additives and other specialty chemicals. Their products are sold globally, primarily to oil refineries. Principal product lines are lead alkyl antiknock compound, other petroleum additives and performance chemicals. “
A number of other analysts have also recently commented on IOSP. BidaskClub cut Innospec from a sell rating to a strong sell rating in a research report on Thursday, July 27th. ValuEngine cut Innospec from a buy rating to a hold rating in a research report on Monday, August 7th. Monness Crespi & Hardt raised Innospec from a neutral rating to a buy rating and set a $65.00 price target on the stock in a research report on Tuesday, August 22nd. Finally, KeyCorp reissued an overweight rating on shares of Innospec in a research report on Thursday. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $70.50.
Shares of Innospec (IOSP) opened at $65.85 on Friday. The company has a current ratio of 2.24, a quick ratio of 1.35 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $1,589.46, a P/E ratio of 15.49 and a beta of 1.16. Innospec has a 12-month low of $54.10 and a 12-month high of $74.75.
Innospec (NASDAQ:IOSP) last posted its quarterly earnings data on Tuesday, November 7th. The specialty chemicals company reported $1.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.15. Innospec had a return on equity of 15.05% and a net margin of 7.45%. The business had revenue of $332.40 million for the quarter, compared to analysts’ expectations of $309.40 million. During the same period in the previous year, the firm posted $0.78 EPS. The business’s revenue was up 61.8% on a year-over-year basis. equities research analysts anticipate that Innospec will post 4.3 earnings per share for the current year.
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The business also recently declared a semiannual dividend, which will be paid on Monday, November 27th. Stockholders of record on Thursday, November 16th will be given a $0.39 dividend. This is a boost from Innospec’s previous semiannual dividend of $0.38. This represents a dividend yield of 1.12%. The ex-dividend date is Wednesday, November 15th. Innospec’s payout ratio is currently 21.05%.
Several institutional investors and hedge funds have recently modified their holdings of the company. Pinebridge Investments L.P. boosted its position in shares of Innospec by 1.3% in the 2nd quarter. Pinebridge Investments L.P. now owns 3,180 shares of the specialty chemicals company’s stock worth $209,000 after purchasing an additional 41 shares in the last quarter. Amalgamated Bank raised its holdings in Innospec by 1.8% in the 2nd quarter. Amalgamated Bank now owns 3,257 shares of the specialty chemicals company’s stock worth $213,000 after acquiring an additional 57 shares during the last quarter. Arizona State Retirement System raised its holdings in Innospec by 0.8% in the 2nd quarter. Arizona State Retirement System now owns 12,600 shares of the specialty chemicals company’s stock worth $826,000 after acquiring an additional 100 shares during the last quarter. Loews Corp raised its holdings in Innospec by 2.0% in the 2nd quarter. Loews Corp now owns 5,192 shares of the specialty chemicals company’s stock worth $340,000 after acquiring an additional 100 shares during the last quarter. Finally, Suntrust Banks Inc. raised its holdings in Innospec by 4.0% in the 2nd quarter. Suntrust Banks Inc. now owns 3,996 shares of the specialty chemicals company’s stock worth $261,000 after acquiring an additional 155 shares during the last quarter. 88.80% of the stock is currently owned by hedge funds and other institutional investors.
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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