Innospec Inc. (IOSP) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Innospec Inc. (NASDAQ:IOSP) from a buy rating to a hold rating in a research note published on Tuesday. The firm currently has $63.00 price target on the specialty chemicals company’s stock.

According to Zacks, “Octel Corp. is a major manufacturer and distributor of fuel additives and other specialty chemicals. Their products are sold globally, primarily to oil refineries. Principal product lines are lead alkyl antiknock compound, other petroleum additives and performance chemicals. “

Other equities analysts have also issued reports about the stock. Monness Crespi & Hardt upgraded shares of Innospec from a neutral rating to a buy rating and set a $65.00 price objective on the stock in a research report on Tuesday, August 22nd. ValuEngine downgraded Innospec from a buy rating to a hold rating in a report on Monday, August 7th. Finally, BidaskClub downgraded Innospec from a hold rating to a sell rating in a report on Thursday, June 22nd.

Innospec (NASDAQ:IOSP) traded up 0.18% during trading on Tuesday, reaching $56.55. 44,899 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $57.83 and a 200 day moving average price of $62.54. Innospec has a 52 week low of $54.10 and a 52 week high of $74.75. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of 18.00 and a beta of 1.18.

Innospec (NASDAQ:IOSP) last posted its quarterly earnings data on Tuesday, August 8th. The specialty chemicals company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.08. Innospec had a net margin of 7.22% and a return on equity of 14.77%. The firm had revenue of $326.30 million for the quarter. Equities research analysts forecast that Innospec will post $4.28 earnings per share for the current fiscal year.

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A number of institutional investors have recently added to or reduced their stakes in the business. Wasatch Advisors Inc. lifted its holdings in Innospec by 116.5% in the second quarter. Wasatch Advisors Inc. now owns 191,699 shares of the specialty chemicals company’s stock valued at $12,566,000 after acquiring an additional 103,152 shares during the period. Piedmont Investment Advisors LLC acquired a new stake in Innospec in the second quarter valued at $1,619,000. Westwood Holdings Group Inc. acquired a new stake in Innospec in the second quarter valued at $9,334,000. Assetmark Inc. lifted its holdings in Innospec by 8.1% in the second quarter. Assetmark Inc. now owns 72,289 shares of the specialty chemicals company’s stock valued at $4,739,000 after acquiring an additional 5,430 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in Innospec by 1.0% in the second quarter. The Manufacturers Life Insurance Company now owns 18,457 shares of the specialty chemicals company’s stock valued at $1,210,000 after acquiring an additional 182 shares during the period. 91.70% of the stock is owned by institutional investors.

Innospec Company Profile

Innospec Inc is a specialty chemicals company engaged in developing, manufacturing, blending, marketing and supplying of specialty chemicals for use as fuel additives and ingredients for personal care, home care, agrochemical, mining and other applications and oilfield chemicals. The Company operates through four business segments: Fuel Specialties, Performance Chemicals, Oilfield Services and Octane Additives.

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