Prudential Financial Inc. decreased its stake in Innospec Inc. (NASDAQ:IOSP) by 10.7% during the second quarter, Holdings Channel reports. The institutional investor owned 158,170 shares of the company’s stock after selling 18,870 shares during the period. Prudential Financial Inc. owned about 0.66% of Innospec worth $7,274,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the company. Eagle Asset Management Inc. boosted its stake in shares of Innospec by 311.7% in the second quarter. Eagle Asset Management Inc. now owns 214,979 shares of the company’s stock valued at $9,886,000 after buying an additional 162,756 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Innospec by 110.2% in the second quarter. JPMorgan Chase & Co. now owns 265,051 shares of the company’s stock valued at $12,190,000 after buying an additional 138,957 shares in the last quarter. Hillcrest Asset Management LLC purchased a new stake in shares of Innospec during the first quarter valued at $5,484,000. Renaissance Technologies LLC boosted its stake in shares of Innospec by 48.6% in the first quarter. Renaissance Technologies LLC now owns 278,400 shares of the company’s stock valued at $12,071,000 after buying an additional 91,005 shares in the last quarter. Finally, Bank of Montreal Can purchased a new stake in shares of Innospec during the second quarter valued at $2,771,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.
Innospec Inc. (NASDAQ:IOSP) opened at 60.92 on Friday. The stock’s 50 day moving average is $59.52 and its 200-day moving average is $51.41. Innospec Inc. has a 12 month low of $41.61 and a 12 month high of $62.11. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of 12.98 and a beta of 1.49.
Innospec (NASDAQ:IOSP) last posted its earnings results on Tuesday, August 2nd. The company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.15. The company earned $228 million during the quarter, compared to analysts’ expectations of $230.30 million. Innospec had a net margin of 12.22% and a return on equity of 17.55%. Innospec’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.02 EPS. Equities analysts anticipate that Innospec Inc. will post $3.66 earnings per share for the current fiscal year.
IOSP has been the topic of several research analyst reports. Monness Crespi & Hardt raised shares of Innospec from a “neutral” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Thursday, August 4th. Zacks Investment Research cut shares of Innospec from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Finally, CJS Securities raised shares of Innospec from a “market perform” rating to an “outperform” rating and set a $63.00 price objective on the stock in a research note on Friday, August 5th.
Innospec Company Profile
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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