Innospec (NASDAQ:IOSP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The firm currently has a $85.00 price objective on the specialty chemicals company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 12.21% from the stock’s previous close.
According to Zacks, “Innospec Inc. is an international specialty chemicals company. Innospec manufactures and supplies a wide range of specialty chemicals to markets in the Americas, Europe, the Middle East, Africa and Asia-Pacific. The Fuel Specialties business specializes in manufacturing and supplying fuel additives that improve fuel efficiency, boost engine performance and reduce harmful emissions. Oilfield Services provides specialty chemicals to all elements of the oil & gas exploration and production industry. The Performance Chemicals business creates innovative technology-based solutions for the customers in the Personal Care, Home Care, Agrochemical, Mining and Industrial markets. Octane Additives produces octane improvers to enhance gasoline. “
Other equities analysts have also recently issued reports about the company. ValuEngine raised Innospec from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 24th. Johnson Rice raised Innospec from an “accumulate” rating to a “buy” rating in a research report on Tuesday, April 24th. Finally, BidaskClub raised Innospec from a “sell” rating to a “hold” rating in a research report on Thursday, March 8th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Innospec presently has a consensus rating of “Buy” and a consensus price target of $75.00.
Innospec traded up $0.15, hitting $75.75, during midday trading on Friday, Marketbeat Ratings reports. The company’s stock had a trading volume of 119,000 shares, compared to its average volume of 119,823. The stock has a market capitalization of $1.83 billion, a PE ratio of 16.26 and a beta of 1.03. Innospec has a 12 month low of $54.10 and a 12 month high of $79.90. The company has a current ratio of 2.13, a quick ratio of 1.28 and a debt-to-equity ratio of 0.24.
Innospec (NASDAQ:IOSP) last released its quarterly earnings data on Tuesday, May 8th. The specialty chemicals company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.11. The business had revenue of $360.70 million for the quarter, compared to analysts’ expectations of $308.90 million. Innospec had a return on equity of 14.91% and a net margin of 4.86%. The firm’s quarterly revenue was up 22.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.00 EPS. research analysts predict that Innospec will post 4.3 earnings per share for the current year.
In other news, insider Philip Curran sold 2,000 shares of the stock in a transaction on Monday, May 14th. The stock was sold at an average price of $73.63, for a total transaction of $147,260.00. Following the transaction, the insider now directly owns 4,218 shares of the company’s stock, valued at approximately $310,571.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Philip John Boon sold 501 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $67.04, for a total value of $33,587.04. Following the transaction, the vice president now directly owns 35,439 shares in the company, valued at $2,375,830.56. The disclosure for this sale can be found here. Insiders have sold a total of 14,112 shares of company stock worth $979,984 over the last three months. Insiders own 2.02% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in IOSP. BlackRock Inc. lifted its holdings in shares of Innospec by 8.9% during the 4th quarter. BlackRock Inc. now owns 3,460,770 shares of the specialty chemicals company’s stock valued at $244,330,000 after buying an additional 284,081 shares during the period. Westwood Holdings Group Inc. lifted its holdings in shares of Innospec by 72.7% during the 4th quarter. Westwood Holdings Group Inc. now owns 368,072 shares of the specialty chemicals company’s stock valued at $25,986,000 after buying an additional 154,986 shares during the period. Dean Investment Associates LLC bought a new position in shares of Innospec during the 1st quarter valued at $6,159,000. Dimensional Fund Advisors LP lifted its holdings in shares of Innospec by 6.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,490,072 shares of the specialty chemicals company’s stock valued at $102,219,000 after buying an additional 86,504 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in shares of Innospec during the 4th quarter valued at $5,376,000. 89.35% of the stock is currently owned by hedge funds and other institutional investors.
Innospec Inc develops, manufactures, blends, markets, and supplies specialty chemicals for use as fuel additives, ingredients for personal care, home care, agrochemical, mining and other applications, and oilfield chemicals worldwide. It operates through four segments: Fuel Specialties, Performance Chemicals, Oilfield Services, and Octane Additives.
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