Innospec (NASDAQ:IOSP) Stock Passes Above 200 Day Moving Average – Here’s What Happened

Shares of Innospec Inc. (NASDAQ:IOSP) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $81.62 and traded as high as $93.33. Innospec shares last traded at $91.96, with a volume of 152,909 shares trading hands.

Analysts Set New Price Targets

IOSP has been the subject of several recent analyst reports. Weiss Ratings upgraded Innospec from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Seaport Research Partners restated a “buy” rating and issued a $110.00 target price on shares of Innospec in a research note on Thursday, August 6th. Finally, Wall Street Zen raised shares of Innospec from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Innospec has an average rating of “Hold”.

Innospec Price Performance

The company has a market cap of $2.30 billion, a price-to-earnings ratio of 19.04, a price-to-earnings-growth ratio of 2.44 and a beta of 0.93. The business has a 50 day simple moving average of $89.76 and a 200 day simple moving average of $81.72.

Innospec (NASDAQ:IOSP) last announced its earnings results on Tuesday, August 4th. The specialty chemicals company reported $1.27 earnings per share for the quarter, beating 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 company had revenue of $491.40 million during the quarter, compared to analyst estimates of $457.25 million. During the same period last year, the company posted $1.26 earnings per share. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Innospec Inc. will post 5.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Innospec

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership boosted its stake in shares of Innospec by 196.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 18,497 shares of the specialty chemicals company’s stock valued at $1,351,000 after purchasing an additional 12,259 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Innospec during the 2nd quarter worth approximately $356,596,000. PDT Partners LLC bought a new stake in shares of Innospec during the second quarter worth approximately $2,537,000. Hsbc Holdings PLC bought a new stake in shares of Innospec during the second quarter worth approximately $1,936,000. Finally, First Wilshire Securities Management Inc. lifted its holdings in Innospec by 47.2% in the first quarter. First Wilshire Securities Management Inc. now owns 148,072 shares of the specialty chemicals company’s stock valued at $10,812,000 after buying an additional 47,498 shares during the period. Institutional investors and hedge funds own 96.64% of the company’s stock.

About Innospec

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.