Zacks Investment Research downgraded shares of Innospec (NASDAQ:IOSP) from a buy rating to a hold rating in a research report sent to investors 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. “
Several other analysts have also issued reports on IOSP. BidaskClub upgraded Innospec from a sell rating to a hold rating in a research note on Wednesday, December 27th. KeyCorp restated an overweight rating on shares of Innospec in a research note on Thursday, November 9th. Johnson Rice upgraded Innospec from a hold rating to an accumulate rating in a research note on Tuesday, November 14th. Monness Crespi & Hardt lowered Innospec from a buy rating to a neutral rating in a research note on Thursday, November 9th. Finally, ValuEngine upgraded Innospec from a hold rating to a buy rating in a research note on Thursday, November 9th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. Innospec presently has a consensus rating of Hold and a consensus target price of $70.50.
Shares of Innospec (NASDAQ:IOSP) traded up $0.05 on Wednesday, hitting $73.20. The company’s stock had a trading volume of 61,140 shares, compared to its average volume of 71,443. The company has a market capitalization of $1,766.90, a price-to-earnings ratio of 20.28 and a beta of 1.21. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.35 and a current ratio of 2.24. Innospec has a 52-week low of $54.10 and a 52-week high of $74.75.
Innospec (NASDAQ:IOSP) last issued its earnings results on Tuesday, November 7th. The specialty chemicals company reported $1.00 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.15. The firm had revenue of $332.40 million for the quarter, compared to analyst estimates of $309.40 million. Innospec had a return on equity of 15.05% and a net margin of 7.45%. The business’s revenue was up 61.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.78 earnings per share. equities analysts forecast that Innospec will post 4.3 EPS for the current year.
In related news, CEO Patrick Williams sold 15,000 shares of the business’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $71.49, for a total transaction of $1,072,350.00. Following the sale, the chief executive officer now directly owns 174,242 shares in the company, valued at approximately $12,456,560.58. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Philip Curran sold 1,352 shares of the business’s stock in a transaction on Friday, November 24th. The shares were sold at an average price of $71.05, for a total value of $96,059.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,366 shares of company stock worth $1,743,891. 2.02% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the stock. Pinebridge Investments L.P. raised its stake in shares of Innospec by 1.3% during the 2nd quarter. Pinebridge Investments L.P. now owns 3,180 shares of the specialty chemicals company’s stock valued at $209,000 after purchasing an additional 41 shares during the period. Amalgamated Bank raised its stake in shares of Innospec by 1.8% during the 2nd quarter. Amalgamated Bank now owns 3,257 shares of the specialty chemicals company’s stock valued at $213,000 after purchasing an additional 57 shares during the period. Loews Corp raised its stake in shares of Innospec by 2.0% during the 2nd quarter. Loews Corp now owns 5,192 shares of the specialty chemicals company’s stock valued at $340,000 after purchasing an additional 100 shares during the period. Suntrust Banks Inc. raised its stake in shares of Innospec by 4.0% during the 2nd quarter. Suntrust Banks Inc. now owns 3,996 shares of the specialty chemicals company’s stock valued at $261,000 after purchasing an additional 155 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Innospec by 1.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,457 shares of the specialty chemicals company’s stock valued at $1,210,000 after purchasing an additional 182 shares during the period. Institutional investors own 91.18% of the company’s stock.
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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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