Innospec Inc. (IOSP) Downgraded by Zacks Investment Research to Hold
Innospec Inc. (NASDAQ:IOSP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday.
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 research analysts also recently commented on the stock. Monness Crespi & Hardt raised shares of Innospec from a “neutral” rating to a “buy” rating and set a $60.00 price objective on the stock in a research report on Thursday, August 4th. CJS Securities raised shares of Innospec from a “market perform” rating to an “outperform” rating and set a $63.00 price objective on the stock in a research report on Friday, August 5th.
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Shares of Innospec (NASDAQ:IOSP) traded down 1.68% during trading on Wednesday, hitting $60.92. 133,096 shares of the stock were exchanged. The stock’s 50 day moving average is $59.52 and its 200-day moving average is $51.41. Innospec has a 12-month low of $41.61 and a 12-month high of $62.11. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of 12.98 and a beta of 1.49.
Innospec (NASDAQ:IOSP) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $1.03 EPS for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.15. Innospec had a net margin of 12.22% and a return on equity of 17.55%. The firm had revenue of $228 million for the quarter, compared to the consensus estimate of $230.30 million. During the same period in the previous year, the firm posted $1.02 earnings per share. The firm’s revenue was down 6.1% on a year-over-year basis. Equities research analysts anticipate that Innospec will post $3.66 EPS for the current year.
Hedge funds have recently bought and sold shares of the company. Carlson Capital L P acquired a new stake in Innospec during the second quarter valued at approximately $7,855,000. Eagle Asset Management Inc. increased its stake in Innospec by 311.7% in the second quarter. Eagle Asset Management Inc. now owns 214,979 shares of the company’s stock valued at $9,886,000 after buying an additional 162,756 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Innospec by 110.2% in the second quarter. JPMorgan Chase & Co. now owns 265,051 shares of the company’s stock valued at $12,190,000 after buying an additional 138,957 shares in the last quarter. Hillcrest Asset Management LLC acquired a new stake in Innospec during the first quarter valued at approximately $5,484,000. Finally, Renaissance Technologies LLC increased its stake in Innospec by 48.6% in the first quarter. Renaissance Technologies LLC now owns 278,400 shares of the company’s stock valued at $12,071,000 after buying an additional 91,005 shares in the last quarter. 88.71% of the stock is owned by institutional investors.
Innospec Inc develops, manufactures, blends, markets and supplies fuel additives, oilfield chemicals, personal care and fragrance ingredients and other specialty chemicals. The Company operates in three segments: Fuel Specialties, Performance Chemicals and Octane Additives. The Company’s products are sold to oil and gas exploration and production companies, oil refineries, personal care and fragrance companies, and other chemical and industrial companies.
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