Innospec (NASDAQ:IOSP) Reaches New 52-Week High – Here’s What Happened

Innospec Inc. (NASDAQ:IOSP)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $94.56 and last traded at $94.09, with a volume of 33628 shares changing hands. The stock had previously closed at $92.89.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on IOSP shares. Wall Street Zen upgraded Innospec from a “buy” rating to a “strong-buy” rating in a report on Saturday. Weiss Ratings raised shares of Innospec from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday. Seaport Research Partners reiterated a “buy” rating and issued a $110.00 price target on shares of Innospec in a report on Thursday. Finally, Zacks Research upgraded shares of Innospec from a “strong sell” rating to a “hold” rating in a research note on Friday, April 24th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has a consensus rating of “Hold”.

Innospec Price Performance

The company has a market capitalization of $2.30 billion, a PE ratio of 19.17, a P/E/G ratio of 2.45 and a beta of 0.93. The business’s 50 day simple moving average is $84.00 and its 200 day simple moving average is $79.83.

Innospec (NASDAQ:IOSP) last posted its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.22. Innospec had a net margin of 6.60% and a return on equity of 9.22%. The firm had revenue of $491.40 million during the quarter, compared to analysts’ expectations of $457.25 million. During the same quarter last year, the company posted $1.26 EPS. The firm’s quarterly revenue was up 11.8% on a year-over-year basis. As a group, analysts anticipate that Innospec Inc. will post 5.03 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IOSP. Baird Financial Group Inc. increased its position in Innospec by 11.5% during the first quarter. Baird Financial Group Inc. now owns 2,170 shares of the specialty chemicals company’s stock worth $206,000 after buying an additional 223 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Innospec by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,833 shares of the specialty chemicals company’s stock worth $1,405,000 after acquiring an additional 645 shares during the period. Millennium Management LLC grew its stake 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 valued at $16,147,000 after purchasing an additional 168,355 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Innospec by 37.4% during the first quarter. NewEdge Advisors LLC now owns 4,567 shares of the specialty chemicals company’s stock worth $433,000 after purchasing an additional 1,243 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Innospec by 6.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 132,399 shares of the specialty chemicals company’s stock valued at $12,545,000 after buying an additional 8,014 shares during the period. 96.64% of the stock is owned by hedge funds and other institutional investors.

Innospec Company Profile

Innospec Incorporated (NASDAQ: IOSP) is a global specialty chemicals company headquartered in Cleveland, Ohio. The company operates through three principal business segments: Fuel Specialties, Oilfield Services, and Performance Chemicals. In the Fuel Specialties segment, Innospec develops and supplies additives designed to enhance octane levels, improve combustion efficiency, reduce emissions and prevent deposit formation in gasoline and diesel engines. Its Oilfield Services division provides chemical technologies—such as surfactants, corrosion inhibitors and demulsifiers—to support exploration, drilling, production optimization and enhanced oil recovery operations.