Innospec (NASDAQ:IOSP) Sets New 12-Month High – Here’s What Happened

Innospec Inc. (NASDAQ:IOSP) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $97.20 and last traded at $95.8390, with a volume of 5030 shares trading hands. The stock had previously closed at $96.08.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Seaport Research Partners restated a “buy” rating and set a $110.00 target price on shares of Innospec in a research report on Thursday, August 6th. Wall Street Zen upgraded Innospec from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Finally, Weiss Ratings raised Innospec from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold”.

Innospec Stock Up 0.2%

The stock has a market cap of $2.37 billion, a price-to-earnings ratio of 19.58, a PEG ratio of 2.45 and a beta of 0.93. The stock’s fifty day moving average is $90.98 and its 200-day moving average is $82.31.

Innospec (NASDAQ:IOSP) last posted its earnings results on Tuesday, August 4th. The specialty chemicals company reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.22. The firm had revenue of $491.40 million for the quarter, compared to analyst estimates of $457.25 million. Innospec had a return on equity of 9.22% and a net margin of 6.60%.The company’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.26 earnings per share. As a group, equities research analysts predict that Innospec Inc. will post 5.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Innospec

Several hedge funds have recently made changes to their positions in the business. Sequoia Financial Advisors LLC bought a new stake in shares of Innospec in the second quarter worth $207,000. Integrated Wealth Concepts LLC acquired a new stake in Innospec in the 2nd quarter valued at about $135,000. NewEdge Advisors LLC increased its holdings in shares of Innospec by 30.9% during the 2nd quarter. NewEdge Advisors LLC now owns 11,286 shares of the specialty chemicals company’s stock worth $919,000 after acquiring an additional 2,661 shares during the last quarter. Allworth Financial LP increased its holdings in shares of Innospec by 40.9% in the second quarter. Allworth Financial LP now owns 1,310 shares of the specialty chemicals company’s stock valued at $107,000 after purchasing an additional 380 shares during the last quarter. Finally, Nykredit A S bought a new position in Innospec in the 2nd quarter valued at about $81,000. 96.64% of the stock is owned by institutional investors.

Innospec Company Profile

Innospec Inc (NASDAQ: IOSP) is a global specialty chemicals company that develops, manufactures and supplies products used in the energy, transportation, personal care, household, agriculture and industrial markets. Its offerings are designed to improve product performance, support manufacturing processes and address specialized customer requirements.

The company operates through businesses focused on fuel specialties, performance chemicals and oilfield services. Its products include fuel additives and performance-enhancing chemicals for gasoline, diesel and other fuels, as well as ingredients and formulations used in personal care, home care, crop protection, construction, mining and other industrial applications.