Equities Analysts Offer Predictions for Innospec Inc.’s Q1 2024 Earnings (NASDAQ:IOSP)

Innospec Inc. (NASDAQ:IOSP) – Seaport Res Ptn raised their Q1 2024 earnings per share (EPS) estimates for Innospec in a research note issued to investors on Wednesday, April 17th. Seaport Res Ptn analyst M. Harrison now anticipates that the specialty chemicals company will post earnings per share of $1.68 for the quarter, up from their prior forecast of $1.67. The consensus estimate for Innospec’s current full-year earnings is $6.72 per share. Seaport Res Ptn also issued estimates for Innospec’s Q2 2024 earnings at $1.57 EPS, Q3 2024 earnings at $1.70 EPS, Q4 2024 earnings at $1.82 EPS, FY2024 earnings at $6.78 EPS and FY2025 earnings at $7.48 EPS.

Innospec Stock Performance

Shares of NASDAQ IOSP opened at $120.52 on Thursday. The stock has a market cap of $3.01 billion, a PE ratio of 21.64 and a beta of 1.10. Innospec has a fifty-two week low of $91.74 and a fifty-two week high of $131.18. The stock has a fifty day moving average of $124.17 and a 200-day moving average of $115.00.

Innospec (NASDAQ:IOSP) last released its earnings results on Tuesday, February 13th. The specialty chemicals company reported $1.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.59 by $0.25. Innospec had a return on equity of 13.69% and a net margin of 7.14%. The business had revenue of $494.70 million during the quarter, compared to the consensus estimate of $479.47 million. During the same period last year, the business posted $1.20 earnings per share. The business’s revenue for the quarter was down 3.1% on a year-over-year basis.

Hedge Funds Weigh In On Innospec

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IOSP. Norges Bank purchased a new position in Innospec during the fourth quarter worth about $25,180,000. Nuveen Asset Management LLC grew its position in Innospec by 22.0% during the second quarter. Nuveen Asset Management LLC now owns 453,396 shares of the specialty chemicals company’s stock worth $45,539,000 after buying an additional 81,839 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Innospec by 27.3% during the first quarter. Goldman Sachs Group Inc. now owns 307,472 shares of the specialty chemicals company’s stock worth $28,456,000 after buying an additional 65,968 shares in the last quarter. UBS Group AG grew its position in Innospec by 204,935.7% during the fourth quarter. UBS Group AG now owns 57,410 shares of the specialty chemicals company’s stock worth $7,075,000 after buying an additional 57,382 shares in the last quarter. Finally, Sei Investments Co. grew its position in Innospec by 1,174.2% during the second quarter. Sei Investments Co. now owns 57,924 shares of the specialty chemicals company’s stock worth $5,538,000 after buying an additional 53,378 shares in the last quarter. 96.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Leslie J. Parrette purchased 410 shares of Innospec stock in a transaction dated Thursday, February 22nd. The stock was bought at an average cost of $123.96 per share, for a total transaction of $50,823.60. Following the completion of the transaction, the director now owns 3,620 shares in the company, valued at $448,735.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Leslie J. Parrette purchased 410 shares of Innospec stock in a transaction dated Thursday, February 22nd. The stock was bought at an average cost of $123.96 per share, for a total transaction of $50,823.60. Following the completion of the transaction, the director now owns 3,620 shares in the company, valued at $448,735.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Ian Cleminson sold 931 shares of Innospec stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $124.07, for a total value of $115,509.17. Following the completion of the transaction, the chief financial officer now owns 22,996 shares of the company’s stock, valued at $2,853,113.72. The disclosure for this sale can be found here. Over the last three months, insiders sold 36,500 shares of company stock worth $4,532,959. 1.52% of the stock is owned by corporate insiders.

About Innospec

Innospec Inc develops, manufactures, blends, markets, and supplies specialty chemicals in the United States, rest of North America, the United Kingdom, rest of Europe, and internationally. The company's Fuel Specialties segment offers a range of specialty chemical products that are used as additives in additives in diesel, jet, marine, fuel oil and other fuels.