Legal & General Group Plc Purchases Shares of 58,841 Innospec Inc. $IOSP

Legal & General Group Plc purchased a new position in Innospec Inc. (NASDAQ:IOSP) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 58,841 shares of the specialty chemicals company’s stock, valued at approximately $4,789,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of IOSP. Meeder Asset Management Inc. purchased a new stake in shares of Innospec during the second quarter worth about $36,000. Hantz Financial Services Inc. increased its holdings in Innospec by 271.0% during the 4th quarter. Hantz Financial Services Inc. now owns 575 shares of the specialty chemicals company’s stock valued at $44,000 after purchasing an additional 420 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Innospec by 1,159.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 529 shares of the specialty chemicals company’s stock valued at $44,000 after purchasing an additional 487 shares during the period. Danske Bank A S bought a new position in Innospec during the 3rd quarter valued at approximately $46,000. Finally, Caitong International Asset Management Co. Ltd raised its position in Innospec by 316.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 662 shares of the specialty chemicals company’s stock valued at $51,000 after purchasing an additional 503 shares during the last quarter. 96.64% of the stock is owned by institutional investors.

Innospec Price Performance

Shares of IOSP opened at $93.12 on Friday. The company has a 50-day simple moving average of $88.00 and a two-hundred day simple moving average of $81.12. The firm has a market capitalization of $2.29 billion, a PE ratio of 19.00, a price-to-earnings-growth ratio of 2.49 and a beta of 0.93. Innospec Inc. has a one year low of $65.51 and a one year high of $96.68.

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 analysts’ consensus estimates of $1.05 by $0.22. Innospec had a return on equity of 9.22% and a net margin of 6.60%.The firm had revenue of $491.40 million for the quarter, compared to the consensus estimate of $457.25 million. During the same quarter in the prior year, the business earned $1.26 EPS. The business’s revenue for the quarter was up 11.8% on a year-over-year basis. Analysts expect that Innospec Inc. will post 5.03 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Weiss Ratings upgraded Innospec from a “hold (c-)” rating to a “hold (c)” rating 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, Seaport Research Partners reiterated a “buy” rating and issued a $110.00 price target on shares of Innospec in a report on Thursday, August 6th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Innospec currently has an average rating of “Hold”.

Innospec Company Profile

Innospec Incorporated (NASDAQ: IOSP) is a global specialty chemicals company headquartered in Cleveland, Ohio. The company operates through three principal business segments: Fuel Specialties, Oilfield Services, and Performance Chemicals. In the Fuel Specialties segment, Innospec develops and supplies additives designed to enhance octane levels, improve combustion efficiency, reduce emissions and prevent deposit formation in gasoline and diesel engines. Its Oilfield Services division provides chemical technologies—such as surfactants, corrosion inhibitors and demulsifiers—to support exploration, drilling, production optimization and enhanced oil recovery operations.