Principal Financial Group Inc. boosted its position in Innospec Inc. (NASDAQ:IOSP) by 0.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 426,095 shares of the specialty chemicals company’s stock after purchasing an additional 1,811 shares during the period. Principal Financial Group Inc. owned about 1.77% of Innospec worth $26,269,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in Innospec in the second quarter worth about $106,000. Victory Capital Management Inc. boosted its position in Innospec by 17.7% in the second quarter. Victory Capital Management Inc. now owns 2,720 shares of the specialty chemicals company’s stock worth $178,000 after purchasing an additional 409 shares during the last quarter. Pinebridge Investments L.P. boosted its position in Innospec by 1.3% in the second quarter. Pinebridge Investments L.P. now owns 3,180 shares of the specialty chemicals company’s stock worth $209,000 after purchasing an additional 41 shares during the last quarter. Amalgamated Bank boosted its position in Innospec by 1.8% in the second quarter. Amalgamated Bank now owns 3,257 shares of the specialty chemicals company’s stock worth $213,000 after purchasing an additional 57 shares during the last quarter. Finally, Tudor Investment Corp ET AL purchased a new position in Innospec in the first quarter worth about $240,000. 89.02% of the stock is currently owned by institutional investors and hedge funds.
IOSP has been the topic of several research reports. Monness Crespi & Hardt raised Innospec from a “neutral” rating to a “buy” rating and set a $65.00 target price on the stock in a research report on Tuesday, August 22nd. Zacks Investment Research raised Innospec from a “hold” rating to a “buy” rating and set a $76.00 target price on the stock in a research report on Friday, November 10th. KeyCorp reaffirmed an “overweight” rating on shares of Innospec in a research report on Thursday, November 9th. ValuEngine raised Innospec from a “hold” rating to a “buy” rating in a research report on Thursday, November 9th. Finally, BidaskClub cut Innospec from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. Innospec presently has a consensus rating of “Hold” and an average target price of $70.50.
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Innospec Inc. (NASDAQ IOSP) opened at $69.80 on Tuesday. Innospec Inc. has a 12-month low of $54.10 and a 12-month high of $74.75. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.35 and a current ratio of 2.24. The firm has a market capitalization of $1,676.35, a PE ratio of 16.34 and a beta of 1.16.
Innospec (NASDAQ:IOSP) last posted its quarterly earnings data on Tuesday, November 7th. The specialty chemicals company reported $1.00 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.15. Innospec had a return on equity of 15.05% and a net margin of 7.45%. The firm had revenue of $332.40 million for the quarter, compared to analysts’ expectations of $309.40 million. During the same period in the previous year, the firm earned $0.78 EPS. The business’s quarterly revenue was up 61.8% on a year-over-year basis. sell-side analysts predict that Innospec Inc. will post 4.3 earnings per share for the current year.
The business also recently disclosed a semiannual dividend, which will be paid on Monday, November 27th. Stockholders of record on Thursday, November 16th will be given a dividend of $0.39 per share. This is a boost from Innospec’s previous semiannual dividend of $0.38. This represents a dividend yield of 1.12%. The ex-dividend date is Wednesday, November 15th. Innospec’s payout ratio is presently 21.61%.
Innospec Company Profile
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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