Zacks Investment Research downgraded shares of Innospec Inc. (NASDAQ:IOSP) from a buy rating to a hold rating in a research note issued to investors on Tuesday, September 12th. Zacks Investment Research currently has $63.00 target price 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 research analysts also recently issued reports on IOSP. Monness Crespi & Hardt raised Innospec from a neutral rating to a buy rating and set a $65.00 price target for the company in a report on Tuesday, August 22nd. ValuEngine downgraded Innospec from a buy rating to a hold rating in a report on Monday, August 7th. Finally, BidaskClub downgraded Innospec from a sell rating to a strong sell rating in a report on Thursday, July 27th.
Innospec (NASDAQ:IOSP) opened at 58.35 on Tuesday. Innospec has a 1-year low of $54.10 and a 1-year high of $74.75. The stock has a market cap of $1.41 billion, a P/E ratio of 18.58 and a beta of 1.18. The stock has a 50 day moving average of $57.40 and a 200 day moving average of $62.28.
Innospec (NASDAQ:IOSP) last issued its earnings results on Tuesday, August 8th. The specialty chemicals company reported $1.16 EPS for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.08. The firm had revenue of $326.30 million for the quarter. Innospec had a return on equity of 14.77% and a net margin of 7.22%. Equities analysts anticipate that Innospec will post $4.28 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of IOSP. SG Americas Securities LLC acquired a new position in Innospec in the 2nd quarter valued at $106,000. Ameritas Investment Partners Inc. acquired a new stake in Innospec in the 1st quarter valued at about $132,000. Victory Capital Management Inc. raised its position in Innospec by 18.1% in the 1st quarter. Victory Capital Management Inc. now owns 2,311 shares of the specialty chemicals company’s stock valued at $150,000 after purchasing an additional 354 shares in the last quarter. Pinebridge Investments L.P. raised its position in Innospec by 1.3% in 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 in the last quarter. Finally, Amalgamated Bank raised its position in Innospec by 1.8% in 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 in the last quarter. 90.74% of the stock is 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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