BidaskClub Upgrades Innospec (NASDAQ:IOSP) to Hold

Innospec (NASDAQ:IOSP) was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating in a research note issued on Friday, BidAskClub reports.

Separately, ValuEngine raised shares of Innospec from a “sell” rating to a “hold” rating in a research note on Monday, March 9th.

Shares of IOSP opened at $73.35 on Friday. The firm’s 50 day simple moving average is $86.10 and its 200 day simple moving average is $94.21. The company has a market capitalization of $1.69 billion, a P/E ratio of 16.12 and a beta of 1.28. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.08 and a quick ratio of 1.27. Innospec has a 1-year low of $56.71 and a 1-year high of $107.85.

Innospec (NASDAQ:IOSP) last announced its earnings results on Tuesday, February 18th. The specialty chemicals company reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.09. The business had revenue of $390.70 million for the quarter, compared to the consensus estimate of $400.45 million. Innospec had a net margin of 7.41% and a return on equity of 14.69%. Innospec’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the firm posted $1.62 earnings per share.

Several hedge funds have recently bought and sold shares of the business. Nuveen Asset Management LLC raised its stake in shares of Innospec by 4.6% during the fourth quarter. Nuveen Asset Management LLC now owns 341,006 shares of the specialty chemicals company’s stock worth $35,274,000 after acquiring an additional 15,058 shares in the last quarter. Norges Bank purchased a new position in shares of Innospec during the fourth quarter worth approximately $34,406,000. Geode Capital Management LLC raised its stake in shares of Innospec by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 360,148 shares of the specialty chemicals company’s stock worth $37,253,000 after acquiring an additional 12,145 shares in the last quarter. Mason Street Advisors LLC raised its stake in shares of Innospec by 2.6% during the fourth quarter. Mason Street Advisors LLC now owns 8,532 shares of the specialty chemicals company’s stock worth $883,000 after acquiring an additional 218 shares in the last quarter. Finally, Algert Global LLC raised its stake in shares of Innospec by 3.1% during the fourth quarter. Algert Global LLC now owns 28,928 shares of the specialty chemicals company’s stock worth $2,992,000 after acquiring an additional 874 shares in the last quarter. 95.01% of the stock is currently owned by hedge funds and other institutional investors.

About Innospec

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.

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