PDT Partners LLC Invests $2.54 Million in Innospec Inc. $IOSP

PDT Partners LLC bought a new position in Innospec Inc. (NASDAQ:IOSP) during the second quarter, Holdings Channel reports. The firm bought 31,176 shares of the specialty chemicals company’s stock, valued at approximately $2,537,000.

Several other large investors have also added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Innospec during the 2nd quarter valued at about $356,596,000. Dimensional Fund Advisors LP boosted its position in shares of Innospec by 5.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,242,089 shares of the specialty chemicals company’s stock valued at $90,698,000 after buying an additional 66,967 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Innospec by 13.7% during the fourth quarter. Victory Capital Management Inc. now owns 950,074 shares of the specialty chemicals company’s stock valued at $72,719,000 after buying an additional 114,179 shares during the last quarter. State Street Corp grew its holdings in Innospec by 2.1% during the fourth quarter. State Street Corp now owns 949,038 shares of the specialty chemicals company’s stock worth $72,639,000 after buying an additional 19,915 shares in the last quarter. Finally, Millennium Management LLC raised its position in Innospec by 10.8% in the 4th quarter. Millennium Management LLC now owns 533,312 shares of the specialty chemicals company’s stock valued at $40,820,000 after buying an additional 51,824 shares during the last quarter. Institutional investors own 96.64% of the company’s stock.

Innospec Stock Up 1.4%

Shares of NASDAQ IOSP opened at $95.66 on Thursday. Innospec Inc. has a twelve month low of $65.51 and a twelve month high of $96.14. The stock’s 50 day moving average price is $86.63 and its 200-day moving average price is $80.82. The company has a market capitalization of $2.36 billion, a PE ratio of 19.52, a PEG ratio of 2.50 and a beta of 0.93.

Innospec (NASDAQ:IOSP) last issued its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $1.27 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.22. Innospec had a return on equity of 9.22% and a net margin of 6.60%.The business had revenue of $491.40 million for the quarter, compared to analyst estimates of $457.25 million. During the same period last year, the company posted $1.26 earnings per share. Innospec’s quarterly revenue was up 11.8% compared to the same quarter last year. As a group, research analysts expect that Innospec Inc. will post 5.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on IOSP. Seaport Research Partners restated a “buy” rating and set a $110.00 price objective on shares of Innospec in a research note on Thursday, August 6th. Weiss Ratings upgraded shares of Innospec from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Finally, Wall Street Zen upgraded shares of Innospec from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Innospec 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.