State of Tennessee Treasury Department Has $1.32 Million Stake in Innospec Inc. (IOSP)
State of Tennessee Treasury Department reduced its position in Innospec Inc. (NASDAQ:IOSP) by 5.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,328 shares of the specialty chemicals company’s stock after selling 1,348 shares during the period. State of Tennessee Treasury Department owned about 0.09% of Innospec worth $1,315,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the company. Pinebridge Investments L.P. increased its position in shares of Innospec by 1.3% in the second quarter. Pinebridge Investments L.P. now owns 3,180 shares of the specialty chemicals company’s stock worth $209,000 after acquiring an additional 41 shares in the last quarter. Amalgamated Bank increased its position in shares of Innospec by 1.8% in the second quarter. Amalgamated Bank now owns 3,257 shares of the specialty chemicals company’s stock worth $213,000 after acquiring an additional 57 shares in the last quarter. Arizona State Retirement System increased its position in shares of Innospec by 0.8% in the second quarter. Arizona State Retirement System now owns 12,600 shares of the specialty chemicals company’s stock worth $826,000 after acquiring an additional 100 shares in the last quarter. Loews Corp increased its position in shares of Innospec by 2.0% in the second quarter. Loews Corp now owns 5,192 shares of the specialty chemicals company’s stock worth $340,000 after acquiring an additional 100 shares in the last quarter. Finally, Suntrust Banks Inc. increased its position in shares of Innospec by 4.0% in the second quarter. Suntrust Banks Inc. now owns 3,996 shares of the specialty chemicals company’s stock worth $261,000 after acquiring an additional 155 shares in the last quarter. 89.02% of the stock is currently owned by institutional investors and hedge funds.
In related news, VP Brian Watt sold 440 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $70.17, for a total transaction of $30,874.80. Following the completion of the sale, the vice president now directly owns 30,730 shares in the company, valued at $2,156,324.10. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.02% of the company’s stock.
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Shares of Innospec Inc. (IOSP) opened at $71.65 on Thursday. The company has a current ratio of 2.24, a quick ratio of 1.35 and a debt-to-equity ratio of 0.30. The company has a market cap of $1,708.94, a P/E ratio of 16.66 and a beta of 1.16. Innospec Inc. has a fifty-two week low of $54.10 and a fifty-two week high of $74.75.
Innospec (NASDAQ:IOSP) last posted its quarterly earnings results on Tuesday, November 7th. The specialty chemicals company reported $1.00 EPS for the quarter, topping the consensus estimate of $0.85 by $0.15. The business had revenue of $332.40 million during the quarter, compared to analysts’ expectations of $309.40 million. Innospec had a net margin of 7.45% and a return on equity of 15.05%. The firm’s quarterly revenue was up 61.8% compared to the same quarter last year. During the same period last year, the company posted $0.78 earnings per share. analysts anticipate that Innospec Inc. will post 4.3 EPS for the current year.
The business also recently declared a semiannual dividend, which will be paid on Monday, November 27th. Investors of record on Thursday, November 16th will be issued a dividend of $0.39 per share. This is a boost from Innospec’s previous semiannual dividend of $0.38. This represents a dividend yield of 1.12%. The ex-dividend date is Wednesday, November 15th. Innospec’s dividend payout ratio (DPR) is currently 21.61%.
Several research analysts have recently weighed in on IOSP shares. Monness Crespi & Hardt raised shares of Innospec from a “neutral” rating to a “buy” rating and set a $65.00 target price on the stock in a research report on Tuesday, August 22nd. Zacks Investment Research raised shares of Innospec from a “hold” rating to a “buy” rating and set a $76.00 target price on the stock in a research report on Friday, November 10th. ValuEngine upgraded shares of Innospec from a “hold” rating to a “buy” rating in a report on Thursday, November 9th. KeyCorp restated an “overweight” rating on shares of Innospec in a report on Thursday, November 9th. Finally, BidaskClub cut shares of Innospec from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. Innospec currently has an average rating of “Hold” and an average price target of $70.50.
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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