Victory Capital Management Inc. lessened its stake in Innospec Inc. (NASDAQ:IOSP) by 63.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,532 shares of the specialty chemicals company’s stock after selling 2,663 shares during the period. Victory Capital Management Inc.’s holdings in Innospec were worth $140,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. UBS Asset Management Americas Inc. boosted its stake in Innospec by 11.6% in the second quarter. UBS Asset Management Americas Inc. now owns 25,802 shares of the specialty chemicals company’s stock valued at $2,354,000 after acquiring an additional 2,692 shares in the last quarter. AQR Capital Management LLC acquired a new position in Innospec in the second quarter valued at $355,000. Algert Global LLC boosted its stake in Innospec by 19.8% in the second quarter. Algert Global LLC now owns 37,400 shares of the specialty chemicals company’s stock valued at $3,412,000 after acquiring an additional 6,188 shares in the last quarter. Invesco Ltd. boosted its stake in Innospec by 8.6% in the second quarter. Invesco Ltd. now owns 118,353 shares of the specialty chemicals company’s stock valued at $10,798,000 after acquiring an additional 9,420 shares in the last quarter. Finally, A.R.T. Advisors LLC acquired a new stake in shares of Innospec during the second quarter worth about $298,000. Institutional investors own 93.24% of the company’s stock.
Several brokerages have recently weighed in on IOSP. Zacks Investment Research downgraded shares of Innospec from a “buy” rating to a “hold” rating in a research note on Saturday, July 13th. ValuEngine downgraded shares of Innospec from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 2nd. CL King began coverage on shares of Innospec in a research note on Wednesday, September 4th. They set a “buy” rating and a $95.00 target price for the company. Finally, BidaskClub downgraded shares of Innospec from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $90.67.
Shares of IOSP opened at $86.84 on Wednesday. Innospec Inc. has a fifty-two week low of $53.07 and a fifty-two week high of $97.18. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of 17.98 and a beta of 1.29. The firm has a 50-day simple moving average of $87.85 and a 200-day simple moving average of $86.73. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.32 and a current ratio of 2.14.
Innospec (NASDAQ:IOSP) last announced its earnings results on Tuesday, August 6th. The specialty chemicals company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.02. Innospec had a net margin of 6.10% and a return on equity of 15.11%. The business had revenue of $362.40 million during the quarter, compared to the consensus estimate of $371.20 million. During the same quarter in the prior year, the firm earned $0.80 earnings per share. The business’s quarterly revenue was up 1.2% compared to the same quarter last year.
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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