Wedbush Securities Inc. decreased its holdings in Innospec Inc. (NASDAQ:IOSP) by 4.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,197 shares of the specialty chemicals company’s stock after selling 160 shares during the period. Wedbush Securities Inc.’s holdings in Innospec were worth $292,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in IOSP. Norges Bank bought a new stake in Innospec in the fourth quarter valued at approximately $19,046,000. Janus Henderson Group PLC raised its stake in Innospec by 103.1% in the second quarter. Janus Henderson Group PLC now owns 420,997 shares of the specialty chemicals company’s stock valued at $38,412,000 after buying an additional 213,673 shares during the period. Royce & Associates LP raised its stake in Innospec by 72.5% in the first quarter. Royce & Associates LP now owns 366,108 shares of the specialty chemicals company’s stock valued at $30,515,000 after buying an additional 153,879 shares during the period. BlackRock Inc. raised its stake in Innospec by 3.6% in the first quarter. BlackRock Inc. now owns 4,135,907 shares of the specialty chemicals company’s stock valued at $344,728,000 after buying an additional 142,191 shares during the period. Finally, Geode Capital Management LLC raised its stake in Innospec by 7.6% in the fourth quarter. Geode Capital Management LLC now owns 281,594 shares of the specialty chemicals company’s stock valued at $17,391,000 after buying an additional 19,803 shares during the period. Hedge funds and other institutional investors own 94.32% of the company’s stock.
In other news, VP Catherine Hessner sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $83.64, for a total value of $167,280.00. Following the transaction, the vice president now owns 20,923 shares of the company’s stock, valued at $1,749,999.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 4,300 shares of company stock worth $356,236 in the last ninety days. 1.62% of the stock is owned by company insiders.
Innospec (NASDAQ:IOSP) last posted its earnings results on Tuesday, August 6th. The specialty chemicals company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.10 by $0.02. Innospec had a return on equity of 15.11% and a net margin of 6.10%. The company had revenue of $362.40 million for the quarter, compared to the consensus estimate of $371.20 million. During the same quarter in the prior year, the business earned $0.80 earnings per share. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, equities analysts predict that Innospec Inc. will post 5.15 earnings per share for the current fiscal year.
Several analysts have issued reports on the company. ValuEngine lowered Innospec from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. BidaskClub lowered Innospec from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Finally, Zacks Investment Research downgraded Innospec from a “buy” rating to a “hold” rating in a research report on Saturday, July 13th.
Innospec Inc develops, manufactures, blends, markets, and supplies specialty chemicals worldwide. It operates through four segments: Fuel Specialties, Performance Chemicals, Oilfield Services, and Octane Additives. The Fuel Specialties segment offers a range of specialty chemical products used as additives in various fuels.
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