Hsbc Holdings PLC Purchases Shares of 23,693 Innospec Inc. $IOSP

Hsbc Holdings PLC purchased a new position in Innospec Inc. (NASDAQ:IOSP) in the second quarter, HoldingsChannel.com reports. The firm purchased 23,693 shares of the specialty chemicals company’s stock, valued at approximately $1,936,000.

Several other institutional investors have also recently made changes to their positions in IOSP. Baird Financial Group Inc. grew its stake in shares of Innospec by 11.5% during the 1st quarter. Baird Financial Group Inc. now owns 2,170 shares of the specialty chemicals company’s stock valued at $206,000 after acquiring an additional 223 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Innospec by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,833 shares of the specialty chemicals company’s stock worth $1,405,000 after acquiring an additional 645 shares during the period. Millennium Management LLC raised its stake in Innospec by 8,176.5% during the 1st quarter. Millennium Management LLC now owns 170,414 shares of the specialty chemicals company’s stock worth $16,147,000 after acquiring an additional 168,355 shares during the period. NewEdge Advisors LLC lifted its holdings in Innospec by 37.4% during the first quarter. NewEdge Advisors LLC now owns 4,567 shares of the specialty chemicals company’s stock valued at $433,000 after purchasing an additional 1,243 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Innospec by 6.4% during the first quarter. Goldman Sachs Group Inc. now owns 132,399 shares of the specialty chemicals company’s stock valued at $12,545,000 after purchasing an additional 8,014 shares in the last quarter. Institutional investors own 96.64% of the company’s stock.

Analyst Upgrades and Downgrades

IOSP has been the subject of a number of analyst reports. Seaport Research Partners reissued a “buy” rating and issued a $110.00 price objective on shares of Innospec in a research note on Thursday, August 6th. Wall Street Zen upgraded shares of Innospec from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings raised shares of Innospec from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

Innospec Stock Performance

Shares of IOSP opened at $95.38 on Monday. The business’s 50 day moving average is $87.14 and its 200 day moving average is $80.95. Innospec Inc. has a 12-month low of $65.51 and a 12-month high of $96.68. The company has a market capitalization of $2.35 billion, a PE ratio of 19.47, a price-to-earnings-growth ratio of 2.53 and a beta of 0.93.

Innospec (NASDAQ:IOSP) last released its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.22. Innospec had a net margin of 6.60% and a return on equity of 9.22%. The firm had revenue of $491.40 million for the quarter, compared to analysts’ expectations of $457.25 million. During the same quarter last year, the business posted $1.26 earnings per share. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. Equities research analysts predict that Innospec Inc. will post 5.03 earnings per share for the current year.

Innospec Profile

Innospec Incorporated (NASDAQ: IOSP) is a global specialty chemicals company headquartered in Cleveland, Ohio. The company operates through three principal business segments: Fuel Specialties, Oilfield Services, and Performance Chemicals. In the Fuel Specialties segment, Innospec develops and supplies additives designed to enhance octane levels, improve combustion efficiency, reduce emissions and prevent deposit formation in gasoline and diesel engines. Its Oilfield Services division provides chemical technologies—such as surfactants, corrosion inhibitors and demulsifiers—to support exploration, drilling, production optimization and enhanced oil recovery operations.