NWQ Investment Management Company LLC grew its stake in Innospec Inc. (NASDAQ:IOSP) by 93.2% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 392,819 shares of the specialty chemicals company’s stock after purchasing an additional 189,527 shares during the quarter. NWQ Investment Management Company LLC owned approximately 1.63% of Innospec worth $24,217,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Pinebridge Investments L.P. increased its position in 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 buying an additional 41 shares during the last quarter. Amalgamated Bank increased its position in Innospec by 1.8% in the second quarter. Amalgamated Bank now owns 3,257 shares of the specialty chemicals company’s stock worth $213,000 after buying an additional 57 shares during the last quarter. Loews Corp increased its position in Innospec by 2.0% in the second quarter. Loews Corp now owns 5,192 shares of the specialty chemicals company’s stock worth $340,000 after buying an additional 100 shares during the last quarter. Arizona State Retirement System increased its position in Innospec by 0.8% in the second quarter. Arizona State Retirement System now owns 12,600 shares of the specialty chemicals company’s stock worth $826,000 after buying an additional 100 shares during the last quarter. Finally, Suntrust Banks Inc. increased its position in Innospec by 4.0% in the second quarter. Suntrust Banks Inc. now owns 3,996 shares of the specialty chemicals company’s stock worth $261,000 after buying an additional 155 shares during the last quarter. Institutional investors own 91.20% of the company’s stock.
A number of analysts have issued reports on IOSP shares. Zacks Investment Research upgraded Innospec from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a research report on Wednesday, August 16th. Johnson Rice upgraded Innospec from a “hold” rating to an “accumulate” rating in a research report on Tuesday, November 14th. Monness Crespi & Hardt lowered Innospec from a “buy” rating to a “neutral” rating in a research note on Thursday, November 9th. KeyCorp reissued an “overweight” rating on shares of Innospec in a research note on Thursday, November 9th. Finally, ValuEngine raised Innospec from a “hold” rating to a “buy” rating in a research note on Thursday, November 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. Innospec presently has an average rating of “Hold” and a consensus price target of $70.50.
Innospec (NASDAQ:IOSP) last announced its quarterly earnings results on Tuesday, November 7th. The specialty chemicals company reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.15. Innospec had a return on equity of 15.05% and a net margin of 7.45%. The company had revenue of $332.40 million for the quarter, compared to the consensus estimate of $309.40 million. During the same quarter in the previous year, the business earned $0.78 EPS. Innospec’s revenue was up 61.8% compared to the same quarter last year. equities analysts forecast that Innospec Inc. will post 4.3 earnings per share for the current year.
The business also recently declared a semiannual dividend, which was paid on Monday, November 27th. Stockholders of record on Thursday, November 16th were given a $0.39 dividend. This is a boost from Innospec’s previous semiannual dividend of $0.38. This represents a dividend yield of 1.12%. The ex-dividend date of this dividend was Wednesday, November 15th. Innospec’s payout ratio is currently 21.61%.
In other news, CFO Ian Cleminson sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $71.67, for a total value of $358,350.00. Following the sale, the chief financial officer now directly owns 22,997 shares of the company’s stock, valued at approximately $1,648,194.99. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Brian Watt sold 440 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $70.17, for a total value of $30,874.80. Following the completion of the sale, the vice president now directly owns 30,730 shares in the company, valued at $2,156,324.10. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,366 shares of company stock worth $1,743,891. Insiders own 2.02% of the company’s stock.
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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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