Allspring Global Investments Holdings LLC Reduces Position in Innospec Inc. $IOSP

Allspring Global Investments Holdings LLC decreased its holdings in Innospec Inc. (NASDAQ:IOSP) by 3.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,391,749 shares of the specialty chemicals company’s stock after selling 91,436 shares during the period. Allspring Global Investments Holdings LLC owned approximately 9.63% of Innospec worth $183,758,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Geode Capital Management LLC grew its position in shares of Innospec by 2.1% in the second quarter. Geode Capital Management LLC now owns 719,598 shares of the specialty chemicals company’s stock valued at $60,517,000 after purchasing an additional 14,463 shares in the last quarter. Brown Advisory Inc. boosted its stake in Innospec by 29.5% during the second quarter. Brown Advisory Inc. now owns 426,544 shares of the specialty chemicals company’s stock worth $35,868,000 after buying an additional 97,129 shares during the last quarter. Westwood Holdings Group Inc. grew its holdings in Innospec by 7.8% in the 2nd quarter. Westwood Holdings Group Inc. now owns 412,310 shares of the specialty chemicals company’s stock valued at $34,671,000 after buying an additional 29,900 shares in the last quarter. Voya Investment Management LLC grew its holdings in Innospec by 63.2% in the 1st quarter. Voya Investment Management LLC now owns 327,289 shares of the specialty chemicals company’s stock valued at $31,011,000 after buying an additional 126,750 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Innospec by 17.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 321,164 shares of the specialty chemicals company’s stock worth $27,007,000 after acquiring an additional 48,152 shares during the last quarter. 96.64% of the stock is currently owned by institutional investors and hedge funds.

Innospec Price Performance

NASDAQ IOSP opened at $78.14 on Wednesday. The company has a market cap of $1.94 billion, a P/E ratio of -2,604.67 and a beta of 0.93. The stock has a 50-day moving average of $75.35 and a two-hundred day moving average of $79.92. Innospec Inc. has a 1-year low of $70.10 and a 1-year high of $117.08.

Innospec (NASDAQ:IOSP) last issued its quarterly earnings results on Wednesday, November 5th. The specialty chemicals company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.09. The business had revenue of $441.90 million for the quarter, compared to analysts’ expectations of $443.00 million. Innospec had a negative net margin of 0.07% and a positive return on equity of 10.28%. The business’s quarterly revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.35 earnings per share. On average, analysts anticipate that Innospec Inc. will post 6.18 EPS for the current fiscal year.

Innospec Dividend Announcement

The firm also recently declared a dividend, which was paid on Wednesday, November 26th. Shareholders of record on Tuesday, November 18th were given a $0.87 dividend. This represents a yield of 245.0%. The ex-dividend date of this dividend was Tuesday, November 18th. Innospec’s dividend payout ratio (DPR) is currently -5,800.00%.

Insider Activity at Innospec

In other Innospec news, Director Leslie J. Parrette purchased 340 shares of the company’s stock in a transaction on Friday, November 14th. The stock was acquired at an average price of $74.09 per share, for a total transaction of $25,190.60. Following the completion of the purchase, the director directly owned 5,837 shares in the company, valued at approximately $432,463.33. The trade was a 6.19% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.31% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on IOSP. Zacks Research cut shares of Innospec from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 4th. Wall Street Zen raised shares of Innospec from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Innospec in a research note on Monday, December 22nd. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold”.

Innospec 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.