Zacks Investment Research Downgrades Innospec Inc. (IOSP) to Hold
Innospec Inc. (NASDAQ:IOSP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday. They presently have a $63.00 price objective on the specialty chemicals company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.10% from the company’s previous close.
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. “
Several other research analysts also recently issued reports on the stock. BidaskClub downgraded shares of Innospec from a “hold” rating to a “sell” rating in a research report on Thursday, June 22nd. Monness Crespi & Hardt upgraded shares of Innospec from a “neutral” rating to a “buy” rating and set a $65.00 price target on the stock in a research report on Tuesday, August 22nd. Finally, ValuEngine downgraded shares of Innospec from a “buy” rating to a “hold” rating in a research report on Monday, August 7th.
Innospec (IOSP) opened at 56.15 on Tuesday. The firm’s 50-day moving average is $58.25 and its 200 day moving average is $62.63. Innospec has a 1-year low of $54.10 and a 1-year high of $74.75. The firm has a market cap of $1.36 billion, a PE ratio of 17.88 and a beta of 1.18.
Innospec (NASDAQ:IOSP) last issued its earnings results on Tuesday, August 8th. The specialty chemicals company reported $1.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.08. The company had revenue of $326.30 million for the quarter. Innospec had a net margin of 7.22% and a return on equity of 14.77%. On average, equities analysts forecast that Innospec will post $4.28 earnings per share for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in IOSP. Strs Ohio lifted its position in Innospec by 85.5% during the 1st quarter. Strs Ohio now owns 12,800 shares of the specialty chemicals company’s stock valued at $828,000 after purchasing an additional 5,900 shares during the period. Great West Life Assurance Co. Can lifted its position in Innospec by 7.4% during the 1st quarter. Great West Life Assurance Co. Can now owns 33,995 shares of the specialty chemicals company’s stock valued at $2,199,000 after purchasing an additional 2,353 shares during the period. Comerica Bank lifted its position in Innospec by 4.5% during the 1st quarter. Comerica Bank now owns 26,662 shares of the specialty chemicals company’s stock valued at $1,774,000 after purchasing an additional 1,139 shares during the period. UBS Asset Management Americas Inc. lifted its position in Innospec by 28.1% during the 1st quarter. UBS Asset Management Americas Inc. now owns 14,097 shares of the specialty chemicals company’s stock valued at $913,000 after purchasing an additional 3,091 shares during the period. Finally, Karp Capital Management Corp acquired a new position in Innospec during the 1st quarter valued at about $419,000. Institutional investors own 91.70% of the company’s stock.
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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