Innospec Inc. (IOSP) Stake Cut by California Public Employees Retirement System
California Public Employees Retirement System decreased its stake in Innospec Inc. (NASDAQ:IOSP) by 5.1% during the second quarter, Holdings Channel reports. The fund owned 33,500 shares of the company’s stock after selling 1,800 shares during the period. California Public Employees Retirement System owned about 0.14% of Innospec worth $1,541,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of IOSP. Hillcrest Asset Management LLC purchased a new position in Innospec during the first quarter valued at approximately $5,484,000. Barclays PLC purchased a new position in Innospec during the first quarter valued at approximately $368,000. Magnetar Financial LLC purchased a new position in Innospec during the first quarter valued at approximately $232,000. Jacobs Levy Equity Management Inc. purchased a new position in Innospec during the first quarter valued at approximately $453,000. Finally, Renaissance Technologies LLC raised its position in Innospec by 48.6% in the first quarter. Renaissance Technologies LLC now owns 278,400 shares of the company’s stock valued at $12,071,000 after buying an additional 91,005 shares during the last quarter. 88.71% of the stock is owned by institutional investors.
Innospec Inc. (NASDAQ:IOSP) traded down 1.51% during mid-day trading on Tuesday, hitting $61.36. The company had a trading volume of 22,102 shares. The company has a market capitalization of $1.47 billion, a P/E ratio of 13.07 and a beta of 1.49. Innospec Inc. has a 52-week low of $41.61 and a 52-week high of $62.33. The company has a 50-day moving average price of $59.59 and a 200 day moving average price of $51.67.
Innospec (NASDAQ:IOSP) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $1.03 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.15. Innospec had a return on equity of 17.55% and a net margin of 12.22%. The firm earned $228 million during the quarter, compared to the consensus estimate of $230.30 million. During the same period in the prior year, the company earned $1.02 EPS. The firm’s revenue was down 6.1% compared to the same quarter last year. On average, analysts forecast that Innospec Inc. will post $3.66 EPS for the current fiscal year.
A number of brokerages have recently issued reports on IOSP. Zacks Investment Research lowered shares of Innospec from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 6th. Monness Crespi & Hardt raised shares of Innospec from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Thursday, August 4th. Finally, CJS Securities raised shares of Innospec from a “market perform” rating to an “outperform” rating and set a $63.00 target price for the company in a research note on Friday, August 5th.
Innospec Inc develops, manufactures, blends, markets and supplies fuel additives, oilfield chemicals, personal care and fragrance ingredients and other specialty chemicals. The Company operates in three segments: Fuel Specialties, Performance Chemicals and Octane Additives. The Company’s products are sold to oil and gas exploration and production companies, oil refineries, personal care and fragrance companies, and other chemical and industrial companies.
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