Innospec Inc. (NASDAQ:IOSP) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Innospec Inc. (NASDAQ:IOSP) from a hold rating to a buy rating in a research note released on Wednesday, August 16th. The brokerage currently has $64.00 price target on the specialty chemicals company’s stock.

According to Zacks, “Octel Corp. is a major manufacturer and distributor of fuel additives and other specialty chemicals. Their products are sold globally, primarily to oil refineries. Principal product lines are lead alkyl antiknock compound, other petroleum additives and performance chemicals. “

A number of other analysts have also recently issued reports on IOSP. BidaskClub cut Innospec from a hold rating to a sell rating in a report on Thursday, June 22nd. ValuEngine lowered Innospec from a buy rating to a hold rating in a research report on Monday, August 7th.

Innospec (IOSP) traded up 0.18% during midday trading on Wednesday, hitting $55.50. 82,075 shares of the stock were exchanged. The company has a market cap of $1.34 billion, a PE ratio of 17.67 and a beta of 1.18. The firm’s 50 day moving average price is $59.96 and its 200 day moving average price is $63.34. Innospec has a 12 month low of $54.45 and a 12 month high of $74.75.

Innospec (NASDAQ:IOSP) last posted its quarterly earnings data on Tuesday, August 8th. The specialty chemicals company reported $1.16 EPS for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.08. Innospec had a net margin of 7.22% and a return on equity of 14.77%. The company had revenue of $326.30 million during the quarter. On average, equities research analysts forecast that Innospec will post $4.28 earnings per share for the current fiscal year.

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A number of hedge funds and other institutional investors have recently modified their holdings of IOSP. SG Americas Securities LLC bought a new position in shares of Innospec in the second quarter worth $106,000. Ameritas Investment Partners Inc. bought a new position in shares of Innospec in the first quarter worth $132,000. Victory Capital Management Inc. grew its stake in shares of Innospec by 18.1% in the first quarter. Victory Capital Management Inc. now owns 2,311 shares of the specialty chemicals company’s stock worth $150,000 after purchasing an additional 354 shares in the last quarter. State of Alaska Department of Revenue grew its stake in shares of Innospec by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 2,660 shares of the specialty chemicals company’s stock worth $172,000 after purchasing an additional 70 shares in the last quarter. Finally, Pinebridge Investments L.P. grew its stake in shares of Innospec by 1.3% in the second quarter. Pinebridge Investments L.P. now owns 3,180 shares of the specialty chemicals company’s stock worth $209,000 after purchasing an additional 41 shares in the last quarter. 91.70% of the stock is currently owned by hedge funds and other institutional investors.

Innospec Company Profile

Innospec Inc is a specialty chemicals company engaged in developing, manufacturing, blending, marketing and supplying of specialty chemicals for use as fuel additives and ingredients for personal care, home care, agrochemical, mining and other applications and oilfield chemicals. The Company operates through four business segments: Fuel Specialties, Performance Chemicals, Oilfield Services and Octane Additives.

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