Zacks Investment Research Downgrades Innospec Inc. (NASDAQ:IOSP) to Hold

Innospec Inc. (NASDAQ:IOSP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, October 18th.

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 brokerages have also weighed in on IOSP. ValuEngine lowered Innospec from a “buy” rating to a “hold” rating in a research report on Monday, August 7th. BidaskClub downgraded shares of Innospec from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Finally, Monness Crespi & Hardt raised shares of 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.

Innospec (NASDAQ IOSP) traded up $0.55 during mid-day trading on Wednesday, hitting $63.55. The company’s stock had a trading volume of 49,785 shares, compared to its average volume of 90,771. The stock has a market cap of $1,530.00, a P/E ratio of 15.63 and a beta of 1.15. Innospec has a 1 year low of $54.10 and a 1 year high of $74.75. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.28 and a quick ratio of 1.32.

Innospec (NASDAQ:IOSP) last released its quarterly earnings results on Tuesday, August 8th. The specialty chemicals company reported $1.16 earnings per share for the quarter, beating the 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%. research analysts forecast that Innospec will post 4.15 earnings per share for the current year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IOSP. SG Americas Securities LLC purchased a new position in Innospec in the second quarter worth $106,000. Ameritas Investment Partners Inc. acquired a new stake in shares of Innospec during the first quarter worth $132,000. Victory Capital Management Inc. lifted its stake in shares of Innospec by 18.1% during the first quarter. Victory Capital Management Inc. now owns 2,311 shares of the specialty chemicals company’s stock worth $150,000 after buying an additional 354 shares during the period. Pinebridge Investments L.P. lifted its stake in shares of Innospec by 1.3% during the second quarter. Pinebridge Investments L.P. now owns 3,180 shares of the specialty chemicals company’s stock worth $209,000 after buying an additional 41 shares during the period. Finally, Amalgamated Bank lifted its stake in shares of Innospec by 1.8% during the second quarter. Amalgamated Bank now owns 3,257 shares of the specialty chemicals company’s stock worth $213,000 after buying an additional 57 shares during the period. 89.10% of the stock is currently owned by institutional investors and hedge funds.

About Innospec

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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