Zacks Investment Research upgraded shares of Innospec Inc. (NASDAQ:IOSP) from a hold rating to a buy rating in a research note issued to investors on Friday morning. The firm currently has $76.00 price objective 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. “
Other analysts have also recently issued research reports about the stock. ValuEngine cut shares of Innospec from a buy rating to a hold rating in a research report on Monday, August 7th. BidaskClub cut shares of Innospec from a sell rating to a strong sell rating in a research report on Thursday, July 27th. Monness Crespi & Hardt cut shares of Innospec from a buy rating to a neutral rating in a research report on Thursday, November 9th. Finally, KeyCorp restated an overweight rating on shares of Innospec in a research report on Thursday, November 9th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Innospec has a consensus rating of Hold and an average target price of $70.50.
Shares of Innospec (NASDAQ:IOSP) opened at $67.25 on Friday. Innospec has a 52 week low of $54.10 and a 52 week high of $74.75. The company has a quick ratio of 1.35, a current ratio of 2.24 and a debt-to-equity ratio of 0.30. The stock has a market cap of $1,589.46, a P/E ratio of 15.49 and a beta of 1.16.
Innospec (NASDAQ:IOSP) last posted its quarterly earnings data on Tuesday, November 7th. The specialty chemicals company reported $1.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.15. The firm had revenue of $332.40 million for the quarter, compared to analysts’ expectations of $309.40 million. Innospec had a net margin of 7.45% and a return on equity of 15.05%. The business’s quarterly revenue was up 61.8% on a year-over-year basis. During the same quarter last year, the company posted $0.78 EPS. equities analysts anticipate that Innospec will post 4.3 earnings per share for the current fiscal year.
The firm also recently announced a semiannual dividend, which will be paid on Monday, November 27th. Investors of record on Thursday, November 16th will be given a $0.39 dividend. This represents a yield of 1.12%. The ex-dividend date is Wednesday, November 15th. This is a boost from Innospec’s previous semiannual dividend of $0.38. Innospec’s dividend payout ratio (DPR) is presently 21.05%.
Large investors have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in Innospec in the 2nd quarter worth $106,000. Victory Capital Management Inc. raised its position in Innospec by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 2,720 shares of the specialty chemicals company’s stock worth $178,000 after purchasing an additional 409 shares during the period. Pinebridge Investments L.P. raised its position in Innospec by 1.3% in the 2nd quarter. Pinebridge Investments L.P. now owns 3,180 shares of the specialty chemicals company’s stock worth $209,000 after purchasing an additional 41 shares during the period. Amalgamated Bank raised its position in Innospec by 1.8% in the 2nd quarter. Amalgamated Bank now owns 3,257 shares of the specialty chemicals company’s stock worth $213,000 after purchasing an additional 57 shares during the period. Finally, Tudor Investment Corp ET AL purchased a new position in Innospec in the 1st quarter worth $240,000. Institutional investors own 88.80% of the company’s stock.
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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