Innospec (NASDAQ:IOSP) Upgraded by Zacks Investment Research to Strong-Buy

Zacks Investment Research upgraded shares of Innospec (NASDAQ:IOSPGet Rating) from a hold rating to a strong-buy rating in a research note released on Wednesday, Zacks.com reports. Zacks Investment Research currently has $118.00 price target on the specialty chemicals company’s stock.

According to Zacks, “Innospec Inc. is an international specialty chemicals company. Innospec manufactures and supplies a wide range of specialty chemicals to markets in the Americas, Europe, the Middle East, Africa and Asia-Pacific. The Fuel Specialties business specializes in manufacturing and supplying fuel additives that improve fuel efficiency, boost engine performance and reduce harmful emissions. Oilfield Services provides specialty chemicals to all elements of the oil & gas exploration and production industry. The Performance Chemicals business creates innovative technology-based solutions for the customers in the Personal Care, Home Care, Agrochemical, Mining and Industrial markets. Octane Additives produces octane improvers to enhance gasoline. “

Other research analysts also recently issued research reports about the stock. StockNews.com downgraded shares of Innospec from a strong-buy rating to a buy rating in a research note on Monday, May 9th. Seaport Res Ptn reiterated a neutral rating on shares of Innospec in a research note on Wednesday, March 30th. One equities research analyst has rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Innospec currently has an average rating of Buy and a consensus target price of $114.00.

Shares of NASDAQ IOSP opened at $103.99 on Wednesday. The company has a 50 day simple moving average of $95.61 and a two-hundred day simple moving average of $93.39. Innospec has a fifty-two week low of $81.00 and a fifty-two week high of $107.14. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 24.41 and a beta of 1.19.

Innospec (NASDAQ:IOSPGet Rating) last released its earnings results on Tuesday, May 3rd. The specialty chemicals company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.19 by $0.34. The business had revenue of $472.40 million for the quarter, compared to the consensus estimate of $397.67 million. Innospec had a return on equity of 12.87% and a net margin of 6.57%. The company’s revenue for the quarter was up 39.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.06 earnings per share. As a group, research analysts forecast that Innospec will post 5.59 earnings per share for the current year.

The business also recently disclosed a Semi-Annual dividend, which will be paid on Thursday, May 26th. Stockholders of record on Tuesday, May 17th will be paid a $0.63 dividend. This represents a dividend yield of 1.3%. This is a positive change from Innospec’s previous Semi-Annual dividend of $0.59. The ex-dividend date of this dividend is Monday, May 16th. Innospec’s dividend payout ratio is 29.58%.

In related news, Director David Landless sold 348 shares of the stock in a transaction dated Friday, February 25th. The shares were sold at an average price of $96.78, for a total value of $33,679.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Ian Malcolm Mcrobbie sold 374 shares of Innospec stock in a transaction on Tuesday, February 22nd. The stock was sold at an average price of $99.31, for a total transaction of $37,141.94. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,713 shares of company stock worth $1,521,521. 1.52% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Amundi Pioneer Asset Management Inc. raised its position in Innospec by 3.4% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 38,501 shares of the specialty chemicals company’s stock worth $3,209,000 after buying an additional 1,273 shares during the last quarter. Morgan Stanley increased its position in Innospec by 92.8% during the second quarter. Morgan Stanley now owns 119,379 shares of the specialty chemicals company’s stock worth $10,818,000 after purchasing an additional 57,445 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Innospec by 167.0% during the 3rd quarter. SG Americas Securities LLC now owns 3,022 shares of the specialty chemicals company’s stock valued at $255,000 after buying an additional 1,890 shares during the period. Deutsche Bank AG raised its position in Innospec by 10.6% in the third quarter. Deutsche Bank AG now owns 18,784 shares of the specialty chemicals company’s stock valued at $1,582,000 after purchasing an additional 1,793 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in Innospec by 66.7% during the third quarter. Russell Investments Group Ltd. now owns 17,130 shares of the specialty chemicals company’s stock worth $1,441,000 after buying an additional 6,851 shares during the period. 95.48% of the stock is currently owned by institutional investors and hedge funds.

About Innospec (Get Rating)

Innospec Inc develops, manufactures, blends, markets, and supplies specialty chemicals in the United States, rest of North America, the United Kingdom, rest of Europe, and internationally. The company's Fuel Specialties segment offers a range of specialty chemical products that are used as additives in various fuels.

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