Innospec Inc. (IOSP) Hits New 1-Year High at $59.93
Innospec Inc. (NASDAQ:IOSP)’s share price reached a new 52-week high on Friday . The stock traded as high as $59.93 and last traded at $58.41, with a volume of 147,262 shares trading hands. The stock had previously closed at $57.73.
Several equities analysts have weighed in on IOSP shares. Zacks Investment Research upgraded shares of Innospec from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a report on Friday, May 6th. Monness Crespi & Hardt upgraded shares of Innospec from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a report on Thursday. Finally, CJS Securities upgraded shares of Innospec from a “market perform” rating to an “outperform” rating and set a $63.00 target price for the company in a report on Friday.
The company has a market capitalization of $1.40 billion and a PE ratio of 12.47. The stock’s 50 day moving average price is $48.62 and its 200-day moving average price is $47.03.
Innospec (NASDAQ:IOSP) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.15. During the same quarter in the previous year, the company posted $1.02 EPS. The firm earned $228 million during the quarter, compared to the consensus estimate of $230.30 million. The firm’s revenue was down 6.1% on a year-over-year basis. Analysts anticipate that Innospec Inc. will post $3.55 EPS for the current year.
A number of hedge funds and institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its position in shares of Innospec by 10.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,120,831 shares of the company’s stock valued at $60,873,000 after buying an additional 102,451 shares during the last quarter. WBI Investments Inc. bought a new position in Innospec during the fourth quarter worth $6,179,000. Schroder Investment Management Group bought a new position in Innospec during the fourth quarter worth $8,255,000. 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 in the last quarter. Finally, Bank of Montreal Can raised its position in Innospec by 559.6% in the fourth quarter. Bank of Montreal Can now owns 61,958 shares of the company’s stock worth $3,365,000 after buying an additional 52,565 shares in the last quarter.
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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