Innospec Inc. (IOSP) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Innospec Inc. (NASDAQ:IOSP) from a buy rating to a hold rating in a research report released on Tuesday. Zacks Investment Research currently has $63.00 price target 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. “

A number of other equities analysts also recently commented on IOSP. BidaskClub downgraded Innospec from a hold rating to a sell rating in a research note on Thursday, June 22nd. ValuEngine downgraded Innospec from a buy rating to a hold rating in a research note on Monday, August 7th. Finally, Monness Crespi & Hardt upgraded Innospec from a neutral rating to a buy rating and set a $65.00 target price for the company in a research note on Tuesday, August 22nd.

Innospec (NASDAQ:IOSP) opened at 56.15 on Tuesday. The stock has a market capitalization of $1.36 billion, a P/E ratio of 17.88 and a beta of 1.18. Innospec has a 52 week low of $54.10 and a 52 week high of $74.75. The stock’s 50 day moving average price is $58.49 and its 200-day moving average price is $62.72.

Innospec (NASDAQ:IOSP) last issued its earnings results on Tuesday, August 8th. The specialty chemicals company reported $1.16 EPS for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.08. Innospec had a return on equity of 14.77% and a net margin of 7.22%. The company had revenue of $326.30 million during the quarter. Equities research analysts expect that Innospec will post $4.28 earnings per share for the current year.

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A number of hedge funds have recently modified their holdings of IOSP. SG Americas Securities LLC acquired a new position in Innospec in the second quarter valued at approximately $106,000. Ameritas Investment Partners Inc. acquired a new position in shares of Innospec during the first quarter worth approximately $132,000. Victory Capital Management Inc. boosted its position in shares of Innospec by 18.1% during the first quarter. Victory Capital Management Inc. now owns 2,311 shares of the specialty chemicals company’s stock worth $150,000 after buying an additional 354 shares during the period. Pinebridge Investments L.P. boosted its position in shares of Innospec by 1.3% during the second quarter. Pinebridge Investments L.P. now owns 3,180 shares of the specialty chemicals company’s stock worth $209,000 after buying an additional 41 shares during the period. Finally, Amalgamated Bank boosted its position in shares of Innospec by 1.8% during the second quarter. Amalgamated Bank now owns 3,257 shares of the specialty chemicals company’s stock worth $213,000 after buying an additional 57 shares during the period. Institutional investors own 91.70% of the company’s stock.

About Innospec

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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