Innospec (NASDAQ:IOSP) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of Innospec (NASDAQ:IOSP) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Innospec Inc. is an international specialty chemicals company. Innospec manufactures and supplies a wide range of specialty chemicals to markets in the Americas, Europe, the Middle East, Africa and Asia-Pacific. The Fuel Specialties business specializes in manufacturing and supplying fuel additives that improve fuel efficiency, boost engine performance and reduce harmful emissions. Oilfield Services provides specialty chemicals to all elements of the oil & gas exploration and production industry. The Performance Chemicals business creates innovative technology-based solutions for the customers in the Personal Care, Home Care, Agrochemical, Mining and Industrial markets. Octane Additives produces octane improvers to enhance gasoline. “

A number of other analysts have also recently issued reports on IOSP. TheStreet upgraded shares of Innospec from a c+ rating to a b- rating in a research note on Friday, November 27th. BidaskClub upgraded shares of Innospec from a hold rating to a buy rating in a research note on Thursday, January 7th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Innospec has a consensus rating of Buy and an average target price of $102.50.

NASDAQ IOSP opened at $98.69 on Wednesday. The stock has a market capitalization of $2.43 billion, a PE ratio of 66.23 and a beta of 1.34. The company has a 50 day moving average price of $89.48 and a two-hundred day moving average price of $77.19. Innospec has a 12-month low of $56.71 and a 12-month high of $107.85.

Innospec (NASDAQ:IOSP) last posted its earnings results on Tuesday, November 3rd. The specialty chemicals company reported $0.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.33. The firm had revenue of $265.10 million during the quarter, compared to analysts’ expectations of $277.60 million. Innospec had a net margin of 2.92% and a return on equity of 9.14%. The company’s revenue was down 28.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.40 earnings per share. On average, analysts expect that Innospec will post 2.73 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the company. Point72 Hong Kong Ltd acquired a new stake in shares of Innospec in the third quarter worth $31,000. QV Investors Inc. acquired a new stake in shares of Innospec in the third quarter worth $45,000. US Bancorp DE raised its stake in Innospec by 20.3% during the 3rd quarter. US Bancorp DE now owns 1,532 shares of the specialty chemicals company’s stock valued at $97,000 after purchasing an additional 258 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in Innospec by 115.1% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,469 shares of the specialty chemicals company’s stock valued at $192,000 after purchasing an additional 1,321 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new position in Innospec during the 2nd quarter valued at $212,000. Institutional investors and hedge funds own 86.60% of the company’s stock.

About Innospec

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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