Innospec Inc. (IOSP) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Innospec Inc. (NASDAQ:IOSP) from a hold rating to a buy rating in a research report sent to investors on Friday morning. Zacks Investment Research currently has $76.00 price objective 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. “
IOSP has been the topic of several other research reports. ValuEngine raised Innospec from a hold rating to a buy rating in a research report on Thursday. KeyCorp reissued an overweight rating on shares of Innospec in a research report on Thursday. Monness Crespi & Hardt lowered Innospec from a buy rating to a neutral rating in a research report on Thursday. Finally, BidaskClub lowered Innospec from a sell rating to a strong sell rating in a research report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. Innospec currently has an average rating of Hold and an average target price of $70.50.
Shares of Innospec (NASDAQ:IOSP) traded down $1.90 during midday trading on Friday, hitting $65.85. The stock had a trading volume of 113,200 shares, compared to its average volume of 87,854. The company has a quick ratio of 1.32, a current ratio of 2.24 and a debt-to-equity ratio of 0.30. Innospec has a 1-year low of $54.10 and a 1-year high of $74.75. The firm has a market cap of $1,589.49, a price-to-earnings ratio of 15.49 and a beta of 1.16.
Innospec (NASDAQ:IOSP) last issued its earnings results on Tuesday, November 7th. The specialty chemicals company reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.15. Innospec had a return on equity of 15.05% and a net margin of 7.45%. The business had revenue of $332.40 million for the quarter, compared to analyst estimates of $309.40 million. During the same quarter last year, the company earned $0.78 EPS. The business’s quarterly revenue was up 61.8% on a year-over-year basis. sell-side analysts forecast that Innospec will post 4.3 earnings per share for the current year.
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The company also recently declared a semiannual dividend, which will be paid on Monday, November 27th. Investors of record on Thursday, November 16th will be paid a dividend of $0.39 per share. This represents a yield of 1.12%. The ex-dividend date of this dividend is Wednesday, November 15th. This is an increase from Innospec’s previous semiannual dividend of $0.38. Innospec’s dividend payout ratio (DPR) is currently 21.05%.
A number of large investors have recently added to or reduced their stakes in IOSP. BlackRock Inc. grew its stake in Innospec by 29,556.5% during the 1st quarter. BlackRock Inc. now owns 2,971,282 shares of the specialty chemicals company’s stock worth $192,389,000 after buying an additional 2,961,263 shares during the last quarter. Principal Financial Group Inc. grew its stake in Innospec by 115.7% during the 2nd quarter. Principal Financial Group Inc. now owns 424,284 shares of the specialty chemicals company’s stock worth $27,812,000 after buying an additional 227,605 shares during the last quarter. Westwood Holdings Group Inc. purchased a new position in Innospec during the 2nd quarter worth approximately $9,334,000. Lazard Asset Management LLC grew its stake in Innospec by 25.3% during the 2nd quarter. Lazard Asset Management LLC now owns 663,360 shares of the specialty chemicals company’s stock worth $43,483,000 after buying an additional 134,020 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in Innospec by 6.1% during the 1st quarter. Vanguard Group Inc. now owns 2,103,188 shares of the specialty chemicals company’s stock worth $136,181,000 after buying an additional 120,723 shares during the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.
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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