Innospec (NASDAQ:IOSP) Raised to Strong-Buy at StockNews.com

Innospec (NASDAQ:IOSP) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Friday.

Innospec Price Performance

NASDAQ IOSP traded up $1.26 during trading hours on Friday, reaching $108.90. 90,565 shares of the company’s stock traded hands, compared to its average volume of 84,433. Innospec has a 52-week low of $103.97 and a 52-week high of $133.71. The firm has a 50-day simple moving average of $115.08 and a 200 day simple moving average of $115.82. The firm has a market cap of $2.72 billion, a PE ratio of 19.01 and a beta of 1.09.

Innospec (NASDAQ:IOSP) last released its earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.35 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.35. The firm had revenue of $443.40 million during the quarter, compared to analyst estimates of $442.13 million. Innospec had a net margin of 7.68% and a return on equity of 13.33%. The business’s revenue was down 4.5% on a year-over-year basis. During the same period last year, the business earned $1.59 earnings per share. Sell-side analysts forecast that Innospec will post 5.88 EPS for the current fiscal year.

Insider Transactions at Innospec

In related news, Director Milton C. Blackmore sold 1,035 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $122.92, for a total transaction of $127,222.20. Following the completion of the sale, the director now owns 9,028 shares of the company’s stock, valued at $1,109,721.76. This trade represents a 10.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.52% of the stock is owned by insiders.

Institutional Trading of Innospec

Several institutional investors have recently added to or reduced their stakes in IOSP. US Bancorp DE grew its stake in shares of Innospec by 323.6% in the third quarter. US Bancorp DE now owns 5,490 shares of the specialty chemicals company’s stock worth $621,000 after acquiring an additional 4,194 shares during the period. Charles Schwab Investment Management Inc. grew its position in Innospec by 3.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 336,522 shares of the specialty chemicals company’s stock worth $38,057,000 after purchasing an additional 11,479 shares during the period. Quest Partners LLC raised its stake in Innospec by 2,699.6% during the 2nd quarter. Quest Partners LLC now owns 13,802 shares of the specialty chemicals company’s stock valued at $1,706,000 after buying an additional 13,309 shares during the last quarter. HighTower Advisors LLC raised its stake in Innospec by 5.2% during the 3rd quarter. HighTower Advisors LLC now owns 3,103 shares of the specialty chemicals company’s stock valued at $350,000 after buying an additional 154 shares during the last quarter. Finally, TD Asset Management Inc lifted its holdings in shares of Innospec by 58.9% during the 2nd quarter. TD Asset Management Inc now owns 17,000 shares of the specialty chemicals company’s stock valued at $2,101,000 after buying an additional 6,300 shares during the period. 96.64% of the stock is currently owned by hedge funds and other institutional investors.

About Innospec

Innospec Inc develops, manufactures, blends, markets, and supplies specialty chemicals in the United States, rest of North America, the United Kingdom, rest of Europe, and internationally. The company's Fuel Specialties segment offers a range of specialty chemical products that are used as additives in additives in diesel, jet, marine, fuel oil and other fuels.