Innospec (NASDAQ:IOSP) Upgraded at Zacks Research

Zacks Research upgraded shares of Innospec (NASDAQ:IOSP) from a strong sell rating to a hold rating in a research note published on Tuesday,Zacks.com reports.

Other analysts have also issued research reports about the company. Wall Street Zen raised Innospec from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Weiss Ratings restated 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, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold”.

Innospec Trading Up 1.9%

NASDAQ:IOSP opened at $79.99 on Tuesday. The firm has a market capitalization of $1.98 billion, a PE ratio of -2,666.33 and a beta of 0.91. Innospec has a 1 year low of $70.10 and a 1 year high of $117.08. The firm’s fifty day simple moving average is $75.74 and its 200 day simple moving average is $79.70.

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, beating the consensus estimate of $1.03 by $0.09. The company had revenue of $441.90 million for the quarter, compared to the consensus estimate of $443.00 million. Innospec had a positive return on equity of 10.28% and a negative net margin of 0.07%.The firm’s revenue was down .3% compared to the same quarter last year. During the same period last year, the business posted $1.35 earnings per share. As a group, analysts anticipate that Innospec will post 6.18 EPS for the current fiscal year.

Innospec Dividend Announcement

The company also recently disclosed a dividend, which was paid on Wednesday, November 26th. Stockholders of record on Tuesday, November 18th were given a dividend of $0.87 per share. The ex-dividend date was Tuesday, November 18th. This represents a dividend yield of 245.0%. Innospec’s payout ratio is currently -5,800.00%.

Insider Buying and Selling

In other Innospec news, Director Leslie J. Parrette purchased 340 shares of the firm’s stock in a transaction on Friday, November 14th. The shares were purchased 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 of the company’s stock, valued at approximately $432,463.33. This represents a 6.19% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Innospec

A number of hedge funds and other institutional investors have recently made changes to their positions in IOSP. Baird Financial Group Inc. increased its stake in Innospec by 11.5% in the first quarter. Baird Financial Group Inc. now owns 2,170 shares of the specialty chemicals company’s stock valued at $206,000 after acquiring an additional 223 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Innospec by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,833 shares of the specialty chemicals company’s stock valued at $1,405,000 after purchasing an additional 645 shares in the last quarter. Millennium Management LLC grew its stake in shares of Innospec by 8,176.5% in the 1st quarter. Millennium Management LLC now owns 170,414 shares of the specialty chemicals company’s stock valued at $16,147,000 after purchasing an additional 168,355 shares during the period. NewEdge Advisors LLC raised its holdings in shares of Innospec by 37.4% in the 1st quarter. NewEdge Advisors LLC now owns 4,567 shares of the specialty chemicals company’s stock worth $433,000 after buying an additional 1,243 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Innospec by 6.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 132,399 shares of the specialty chemicals company’s stock worth $12,545,000 after buying an additional 8,014 shares in the last quarter. 96.64% of the stock is owned by institutional investors.

About Innospec

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.