Allspring Global Investments Holdings LLC Increases Stock Position in Innospec Inc. $IOSP

Allspring Global Investments Holdings LLC increased its holdings in Innospec Inc. (NASDAQ:IOSP) by 3.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 2,483,185 shares of the specialty chemicals company’s stock after acquiring an additional 78,360 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.10% of Innospec worth $216,211,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Innospec by 0.9% in the first quarter. Vanguard Group Inc. now owns 3,210,768 shares of the specialty chemicals company’s stock worth $304,220,000 after buying an additional 30,031 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Innospec by 20.0% in the first quarter. Victory Capital Management Inc. now owns 1,106,482 shares of the specialty chemicals company’s stock worth $104,839,000 after buying an additional 184,262 shares during the last quarter. Nuveen LLC purchased a new position in shares of Innospec in the first quarter worth approximately $42,966,000. Financial Harvest LLC purchased a new position in shares of Innospec in the first quarter worth approximately $41,107,000. Finally, Westwood Holdings Group Inc. boosted its holdings in shares of Innospec by 28.3% in the first quarter. Westwood Holdings Group Inc. now owns 382,410 shares of the specialty chemicals company’s stock worth $36,233,000 after buying an additional 84,314 shares during the last quarter. Hedge funds and other institutional investors own 96.64% of the company’s stock.

Innospec Price Performance

Shares of NASDAQ:IOSP opened at $73.92 on Monday. Innospec Inc. has a 1-year low of $73.72 and a 1-year high of $128.35. The firm’s 50 day simple moving average is $81.86 and its two-hundred day simple moving average is $85.21. The company has a market capitalization of $1.84 billion, a P/E ratio of 94.77 and a beta of 1.04.

Innospec (NASDAQ:IOSP) last released its earnings results on Tuesday, August 5th. The specialty chemicals company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.17 by $0.09. Innospec had a net margin of 1.08% and a return on equity of 10.89%. The firm had revenue of $439.70 million for the quarter, compared to the consensus estimate of $440.70 million. During the same quarter in the previous year, the firm earned $1.39 earnings per share. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Innospec Inc. will post 6.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on IOSP. Weiss Ratings raised shares of Innospec from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 8th. Wall Street Zen raised shares of Innospec from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Zacks Research raised shares of Innospec from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy”.

Innospec Company Profile

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.