StockNews.com Downgrades Innospec (NASDAQ:IOSP) to Buy

Innospec (NASDAQ:IOSP – Get Rating) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued on Friday.

Innospec Trading Up 0.9 %

IOSP stock opened at $109.88 on Friday. The company has a market capitalization of $2.72 billion, a P/E ratio of 20.65 and a beta of 1.17. Innospec has a twelve month low of $83.13 and a twelve month high of $116.00. The business has a 50 day simple moving average of $109.32 and a 200-day simple moving average of $102.04.

Innospec (NASDAQ:IOSP – Get Rating) last posted its quarterly earnings data on Tuesday, February 21st. The specialty chemicals company reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.37 by ($0.17). The firm had revenue of $510.70 million during the quarter, compared to analyst estimates of $485.73 million. Innospec had a net margin of 6.77% and a return on equity of 14.14%. Innospec’s revenue was up 23.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.30 earnings per share. Research analysts predict that Innospec will post 5.94 EPS for the current fiscal year.

Insider Activity

In other news, CEO Patrick Williams sold 9,146 shares of the stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $108.50, for a total value of $992,341.00. Following the completion of the sale, the chief executive officer now directly owns 183,479 shares of the company’s stock, valued at $19,907,471.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP David B. Jones purchased 459 shares of the firm’s stock in a transaction that occurred on Thursday, March 2nd. The stock was purchased at an average cost of $108.98 per share, with a total value of $50,021.82. Following the completion of the acquisition, the senior vice president now directly owns 6,534 shares in the company, valued at $712,075.32. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Patrick Williams sold 9,146 shares of the stock in a transaction on Friday, February 24th. The stock was sold at an average price of $108.50, for a total value of $992,341.00. Following the sale, the chief executive officer now directly owns 183,479 shares of the company’s stock, valued at $19,907,471.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,435 shares of company stock valued at $3,012,363. 1.52% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Innospec

Several hedge funds have recently modified their holdings of IOSP. Vanguard Group Inc. raised its position in Innospec by 1.3% in the third quarter. Vanguard Group Inc. now owns 2,846,362 shares of the specialty chemicals company’s stock worth $243,847,000 after acquiring an additional 36,583 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Innospec by 1.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,444,852 shares of the specialty chemicals company’s stock worth $251,477,000 after acquiring an additional 35,852 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Innospec by 0.5% in the third quarter. Dimensional Fund Advisors LP now owns 1,197,212 shares of the specialty chemicals company’s stock worth $102,565,000 after acquiring an additional 6,181 shares in the last quarter. Victory Capital Management Inc. raised its position in Innospec by 5.0% in the fourth quarter. Victory Capital Management Inc. now owns 1,022,850 shares of the specialty chemicals company’s stock worth $105,210,000 after acquiring an additional 49,098 shares in the last quarter. Finally, State Street Corp raised its position in Innospec by 1.9% in the second quarter. State Street Corp now owns 911,808 shares of the specialty chemicals company’s stock worth $87,342,000 after acquiring an additional 16,835 shares in the last quarter. 94.97% of the stock is owned by institutional investors and hedge funds.

About Innospec

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Innospec, Inc develops, manufactures, blends, markets and supplies fuel additives, oilfield chemicals, personal care, and other specialty chemicals. It operates through the following segments: Fuel Specialties, Performance Chemicals and Oilfield Services. The Fuel Specialties segment develops, manufactures, blends, markets, and supplies a range of specialty chemical products used as additives to a range of fuels.