Innospec (NASDAQ:IOSP) Upgraded to Strong-Buy at StockNews.com

Innospec (NASDAQ:IOSP) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday.

Innospec Trading Up 1.2 %

Shares of NASDAQ:IOSP opened at $108.90 on Friday. The stock has a fifty day simple moving average of $115.08 and a two-hundred day simple moving average of $115.82. Innospec has a 12-month low of $103.97 and a 12-month high of $133.71. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 19.01 and a beta of 1.09.

Innospec (NASDAQ:IOSP) last announced its quarterly earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.35 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.35. Innospec had a net margin of 7.68% and a return on equity of 13.33%. The company had revenue of $443.40 million for the quarter, compared to analysts’ expectations of $442.13 million. During the same quarter in the previous year, the business posted $1.59 EPS. Innospec’s revenue was down 4.5% compared to the same quarter last year. As a group, equities research analysts predict that Innospec will post 5.88 EPS for the current year.

Insider Buying and Selling

In related news, Director Milton C. Blackmore sold 1,035 shares of Innospec stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $122.92, for a total value of $127,222.20. Following the completion of the sale, the director now directly owns 9,028 shares in the company, valued at approximately $1,109,721.76. This trade represents a 10.29 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.52% of the stock is owned by company insiders.

Institutional Trading of Innospec

A number of institutional investors have recently made changes to their positions in IOSP. Allspring Global Investments Holdings LLC raised its holdings in shares of Innospec by 4.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,405,770 shares of the specialty chemicals company’s stock valued at $272,069,000 after purchasing an additional 105,311 shares during the last quarter. Wasatch Advisors LP grew its position in Innospec by 0.6% in the 3rd quarter. Wasatch Advisors LP now owns 1,805,546 shares of the specialty chemicals company’s stock worth $204,189,000 after purchasing an additional 11,231 shares during the period. State Street Corp raised its stake in Innospec by 2.1% during the 3rd quarter. State Street Corp now owns 996,281 shares of the specialty chemicals company’s stock valued at $112,669,000 after buying an additional 20,744 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Innospec by 4.8% during the 3rd quarter. Victory Capital Management Inc. now owns 908,032 shares of the specialty chemicals company’s stock valued at $102,689,000 after buying an additional 41,449 shares during the period. Finally, Royce & Associates LP boosted its stake in shares of Innospec by 9.3% in the 3rd quarter. Royce & Associates LP now owns 835,333 shares of the specialty chemicals company’s stock worth $94,468,000 after buying an additional 70,902 shares during the last quarter. 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.