Innospec (NASDAQ:IOSP) Lowered to “Hold” at Zacks Investment Research


Share on StockTwits

Zacks Investment Research cut shares of Innospec (NASDAQ:IOSP) from a buy rating to a hold rating in a report published on Wednesday morning, Zacks.com reports.

According to Zacks, “Innospec Inc. is an international specialty chemicals company. Innospec manufactures and supplies a wide range of specialty chemicals to markets in the Americas, Europe, the Middle East, Africa and Asia-Pacific. The Fuel Specialties business specializes in manufacturing and supplying fuel additives that improve fuel efficiency, boost engine performance and reduce harmful emissions. Oilfield Services provides specialty chemicals to all elements of the oil & gas exploration and production industry. The Performance Chemicals business creates innovative technology-based solutions for the customers in the Personal Care, Home Care, Agrochemical, Mining and Industrial markets. Octane Additives produces octane improvers to enhance gasoline. “

Several other equities analysts have also recently weighed in on the stock. TheStreet raised shares of Innospec from a c+ rating to a b- rating in a research note on Friday, November 27th. BidaskClub raised shares of Innospec from a hold rating to a buy rating in a research note on Thursday, January 7th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $102.50.

Shares of IOSP opened at $98.69 on Wednesday. The stock has a market capitalization of $2.43 billion, a P/E ratio of 66.23 and a beta of 1.34. Innospec has a twelve month low of $56.71 and a twelve month high of $107.85. The company has a 50 day moving average of $89.48 and a 200-day moving average of $77.19.

Innospec (NASDAQ:IOSP) last issued its quarterly earnings results on Tuesday, November 3rd. The specialty chemicals company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.33. The company had revenue of $265.10 million during the quarter, compared to analysts’ expectations of $277.60 million. Innospec had a net margin of 2.92% and a return on equity of 9.14%. The business’s quarterly revenue was down 28.7% on a year-over-year basis. During the same period last year, the business earned $1.40 EPS. Equities research analysts forecast that Innospec will post 2.73 EPS for the current year.

Large investors have recently added to or reduced their stakes in the stock. Amundi Pioneer Asset Management Inc. grew its holdings in shares of Innospec by 3.4% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 38,501 shares of the specialty chemicals company’s stock worth $3,209,000 after purchasing an additional 1,273 shares during the last quarter. Advisor Group Holdings Inc. grew its holdings in shares of Innospec by 619.5% during the second quarter. Advisor Group Holdings Inc. now owns 3,360 shares of the specialty chemicals company’s stock worth $259,000 after purchasing an additional 2,893 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Innospec by 17.7% in the second quarter. Bank of America Corp DE now owns 109,789 shares of the specialty chemicals company’s stock worth $8,482,000 after acquiring an additional 16,506 shares during the period. Cubist Systematic Strategies LLC lifted its stake in shares of Innospec by 242.0% in the second quarter. Cubist Systematic Strategies LLC now owns 12,550 shares of the specialty chemicals company’s stock worth $969,000 after acquiring an additional 8,880 shares during the period. Finally, Man Group plc lifted its stake in shares of Innospec by 37.8% in the second quarter. Man Group plc now owns 37,454 shares of the specialty chemicals company’s stock worth $2,893,000 after acquiring an additional 10,270 shares during the period. 86.60% of the stock is owned by institutional investors and hedge funds.

Innospec Company Profile

Innospec Inc develops, manufactures, blends, markets, and supplies specialty chemicals worldwide. It operates through four segments: Fuel Specialties, Performance Chemicals, Oilfield Services, and Octane Additives. The Fuel Specialties segment offers a range of specialty chemical products used as additives in various fuels.

Featured Article: Blue-Chip Stocks

Get a free copy of the Zacks research report on Innospec (IOSP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Innospec Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Innospec and related companies with MarketBeat.com's FREE daily email newsletter.