Innospec (NASDAQ:IOSP) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Innospec (NASDAQ:IOSP) from a buy rating to a hold rating in a research note released on Saturday.

Innospec Price Performance

NASDAQ IOSP opened at $79.21 on Friday. The stock has a market capitalization of $1.97 billion, a PE ratio of 101.55 and a beta of 1.11. The business has a 50 day simple moving average of $83.42 and a two-hundred day simple moving average of $87.21. Innospec has a 1-year low of $74.10 and a 1-year high of $128.35.

Innospec (NASDAQ:IOSP) last released its quarterly earnings results on Tuesday, August 5th. The specialty chemicals company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.09. The business had revenue of $439.70 million during the quarter, compared to analysts’ expectations of $440.70 million. Innospec had a return on equity of 10.89% and a net margin of 1.08%.The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.39 EPS. On average, analysts anticipate that Innospec will post 6.18 EPS for the current fiscal year.

Hedge Funds Weigh In On Innospec

A number of institutional investors and hedge funds have recently modified their holdings of IOSP. Nuveen LLC purchased a new position in shares of Innospec in the 1st quarter worth approximately $42,966,000. Financial Harvest LLC purchased a new position in shares of Innospec in the 1st quarter worth approximately $41,107,000. Brown Advisory Inc. purchased a new position in shares of Innospec in the 1st quarter worth approximately $31,212,000. Victory Capital Management Inc. boosted its holdings in shares of Innospec by 20.0% in the 1st quarter. Victory Capital Management Inc. now owns 1,106,482 shares of the specialty chemicals company’s stock worth $104,839,000 after purchasing an additional 184,262 shares during the period. Finally, Millennium Management LLC boosted its holdings in shares of Innospec by 8,176.5% in the 1st quarter. Millennium Management LLC now owns 170,414 shares of the specialty chemicals company’s stock worth $16,147,000 after purchasing an additional 168,355 shares during the period. Hedge funds and other institutional investors own 96.64% of the company’s stock.

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.