Innospec (NASDAQ:IOSP) Upgraded to “Strong-Buy” at StockNews.com

StockNews.com upgraded shares of Innospec (NASDAQ:IOSP) from a buy rating to a strong-buy rating in a research report report published on Tuesday.

Innospec Stock Performance

Shares of IOSP opened at $116.31 on Tuesday. The company’s 50-day simple moving average is $115.23 and its 200-day simple moving average is $117.64. Innospec has a 1 year low of $103.97 and a 1 year high of $133.71. The stock has a market capitalization of $2.90 billion, a PE ratio of 20.30 and a beta of 1.09.

Innospec (NASDAQ:IOSP) last released its earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.35 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.35. The company had revenue of $443.40 million for the quarter, compared to analyst estimates of $442.13 million. Innospec had a net margin of 7.68% and a return on equity of 13.33%. The firm’s quarterly revenue was down 4.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.59 EPS. On average, sell-side analysts predict that Innospec will post 5.88 earnings per share for the current year.

Innospec Increases Dividend

The business also recently disclosed a Semi-Annual dividend, which was paid on Tuesday, November 26th. Stockholders of record on Monday, November 18th were paid a $0.79 dividend. This represents a dividend yield of 1.3%. The ex-dividend date was Monday, November 18th. This is a boost from Innospec’s previous Semi-Annual dividend of $0.72. Innospec’s dividend payout ratio (DPR) is presently 27.57%.

Insider Buying and Selling

In other news, Director Milton C. Blackmore sold 1,035 shares of Innospec stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $122.92, for a total transaction of $127,222.20. Following the completion of the sale, the director now directly owns 9,028 shares of the company’s stock, valued at approximately $1,109,721.76. The trade was a 10.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.35% of the company’s stock.

Institutional Trading of Innospec

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC increased its holdings in shares of Innospec by 239.6% in the 2nd quarter. CWM LLC now owns 635 shares of the specialty chemicals company’s stock valued at $78,000 after acquiring an additional 448 shares during the last quarter. Blue Trust Inc. increased its stake in Innospec by 503.9% in the third quarter. Blue Trust Inc. now owns 779 shares of the specialty chemicals company’s stock valued at $96,000 after purchasing an additional 650 shares during the last quarter. nVerses Capital LLC increased its stake in Innospec by 200.0% in the third quarter. nVerses Capital LLC now owns 900 shares of the specialty chemicals company’s stock valued at $102,000 after purchasing an additional 600 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in Innospec during the second quarter worth approximately $184,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Innospec during the 3rd quarter worth approximately $215,000. 96.64% of the stock is currently owned by institutional investors and hedge funds.

About Innospec

Innospec Inc develops, manufactures, blends, markets, and supplies specialty chemicals in the United States, rest of North America, the United Kingdom, rest of Europe, and internationally. The company's Fuel Specialties segment offers a range of specialty chemical products that are used as additives in additives in diesel, jet, marine, fuel oil and other fuels.