Connors Investor Services Inc. Buys 12,107 Shares of Innospec Inc. $IOSP

Connors Investor Services Inc. grew its stake in Innospec Inc. (NASDAQ:IOSP) by 56.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,673 shares of the specialty chemicals company’s stock after purchasing an additional 12,107 shares during the period. Connors Investor Services Inc. owned about 0.14% of Innospec worth $2,598,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in IOSP. EverSource Wealth Advisors LLC increased its position in Innospec by 1,159.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 529 shares of the specialty chemicals company’s stock worth $44,000 after purchasing an additional 487 shares in the last quarter. Versant Capital Management Inc boosted its position in Innospec by 378.1% in the third quarter. Versant Capital Management Inc now owns 545 shares of the specialty chemicals company’s stock valued at $42,000 after buying an additional 431 shares in the last quarter. Danske Bank A S bought a new stake in shares of Innospec during the third quarter worth $46,000. State of Wyoming grew its stake in shares of Innospec by 27.5% during the second quarter. State of Wyoming now owns 801 shares of the specialty chemicals company’s stock worth $67,000 after buying an additional 173 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in shares of Innospec by 75.4% during the third quarter. Smartleaf Asset Management LLC now owns 1,317 shares of the specialty chemicals company’s stock worth $101,000 after buying an additional 566 shares in the last quarter. 96.64% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on IOSP. Zacks Research cut Innospec from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. Wall Street Zen upgraded Innospec from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Finally, Weiss Ratings raised Innospec from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, February 19th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce”.

Innospec Stock Performance

Shares of NASDAQ IOSP opened at $68.87 on Wednesday. The firm has a 50 day moving average price of $79.71 and a two-hundred day moving average price of $78.04. The stock has a market cap of $1.71 billion, a P/E ratio of 14.72, a price-to-earnings-growth ratio of 1.79 and a beta of 0.90. Innospec Inc. has a 52-week low of $67.84 and a 52-week high of $99.58.

Innospec (NASDAQ:IOSP) last issued its quarterly earnings results on Tuesday, February 17th. The specialty chemicals company reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.24. Innospec had a net margin of 6.56% and a return on equity of 10.18%. The company had revenue of $455.60 million for the quarter, compared to analyst estimates of $460.87 million. Innospec’s revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.41 earnings per share. Analysts predict that Innospec Inc. will post 6.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Innospec news, Director Milton C. Blackmore sold 1,030 shares of Innospec stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $81.84, for a total transaction of $84,295.20. Following the transaction, the director directly owned 9,585 shares of the company’s stock, valued at approximately $784,436.40. The trade was a 9.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Larry Padfield sold 1,030 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $81.84, for a total value of $84,295.20. Following the completion of the sale, the director directly owned 8,508 shares of the company’s stock, valued at approximately $696,294.72. The trade was a 10.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 4,989 shares of company stock valued at $391,889 in the last quarter. 1.31% of the stock is currently owned by company insiders.

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.