Innospec Inc. (IOSP) Shares Gap Up to $47.67
Innospec Inc. (NASDAQ:IOSP)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $47.40, but opened at $47.67. Innospec shares last traded at $48.90, with a volume of 32,239 shares traded.
A number of brokerages have issued reports on IOSP. Zacks Investment Research cut Innospec from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 6th. KeyCorp upgraded Innospec from a “sector weight” rating to an “overweight” rating and set a $53.00 price target on the stock in a research report on Tuesday, April 5th.
The company’s 50 day moving average price is $47.67 and its 200-day moving average price is $47.00. The company has a market cap of $1.17 billion and a PE ratio of 9.94.
Innospec (NASDAQ:IOSP) last posted its quarterly earnings results on Tuesday, May 3rd. The company reported $0.93 EPS for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.16. The company earned $212.10 million during the quarter, compared to the consensus estimate of $252.15 million. The firm’s quarterly revenue was down 21.2% compared to the same quarter last year. Equities research analysts expect that Innospec Inc. will post $3.35 earnings per share for the current fiscal year.
Several institutional investors recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in Innospec by 10.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,120,831 shares of the company’s stock worth $60,873,000 after buying an additional 102,451 shares during the last quarter. Principal Financial Group Inc. raised its position in Innospec by 4.4% in the fourth quarter. Principal Financial Group Inc. now owns 164,177 shares of the company’s stock worth $8,916,000 after buying an additional 6,875 shares during the last quarter. Schroder Investment Management Group bought a new position in Innospec during the fourth quarter worth approximately $8,255,000. New Amsterdam Partners LLC NY raised its position in Innospec by 2.4% in the fourth quarter. New Amsterdam Partners LLC NY now owns 137,217 shares of the company’s stock worth $7,452,000 after buying an additional 3,274 shares during the last quarter. Finally, WBI Investments Inc. bought a new position in Innospec during the fourth quarter worth approximately $6,179,000.
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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