Equities Analysts Set Expectations for Innospec Inc.’s Q1 2024 Earnings (NASDAQ:IOSP)

Innospec Inc. (NASDAQ:IOSP) – Equities research analysts at Seaport Res Ptn boosted their Q1 2024 earnings per share estimates for Innospec in a research report issued to clients and investors on Wednesday, April 17th. Seaport Res Ptn analyst M. Harrison now expects that the specialty chemicals company will post earnings of $1.68 per share for the quarter, up from their prior forecast of $1.67. The consensus estimate for Innospec’s current full-year earnings is $6.77 per share. Seaport Res Ptn also issued estimates for Innospec’s Q2 2024 earnings at $1.57 EPS, Q3 2024 earnings at $1.70 EPS, Q4 2024 earnings at $1.82 EPS, FY2024 earnings at $6.78 EPS and FY2025 earnings at $7.48 EPS.

Innospec (NASDAQ:IOSP) last released its quarterly earnings results on Tuesday, February 13th. The specialty chemicals company reported $1.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.25. Innospec had a return on equity of 13.69% and a net margin of 7.14%. The business had revenue of $494.70 million during the quarter, compared to analysts’ expectations of $479.47 million. During the same period in the previous year, the business posted $1.20 earnings per share. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year.

Innospec Stock Up 1.2 %

Innospec stock opened at $122.28 on Thursday. The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of 21.95 and a beta of 1.10. Innospec has a 12-month low of $91.74 and a 12-month high of $131.18. The stock has a 50-day simple moving average of $124.29 and a 200 day simple moving average of $115.19.

Hedge Funds Weigh In On Innospec

Institutional investors have recently modified their holdings of the stock. Belpointe Asset Management LLC grew its position in shares of Innospec by 226.2% during the 1st quarter. Belpointe Asset Management LLC now owns 274 shares of the specialty chemicals company’s stock worth $28,000 after buying an additional 190 shares during the period. TFO Wealth Partners LLC grew its position in shares of Innospec by 29,800.0% during the 4th quarter. TFO Wealth Partners LLC now owns 299 shares of the specialty chemicals company’s stock worth $37,000 after buying an additional 298 shares during the period. GAMMA Investing LLC acquired a new position in shares of Innospec during the 4th quarter worth about $44,000. Captrust Financial Advisors grew its position in shares of Innospec by 74.7% during the 1st quarter. Captrust Financial Advisors now owns 498 shares of the specialty chemicals company’s stock worth $46,000 after buying an additional 213 shares during the period. Finally, Point72 Middle East FZE acquired a new position in shares of Innospec during the 4th quarter worth about $57,000. 96.64% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Leslie J. Parrette acquired 410 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was purchased at an average cost of $123.96 per share, with a total value of $50,823.60. Following the acquisition, the director now owns 3,620 shares of the company’s stock, valued at approximately $448,735.20. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Innospec news, CEO Patrick Williams sold 9,667 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $124.37, for a total transaction of $1,202,284.79. Following the completion of the sale, the chief executive officer now directly owns 174,334 shares of the company’s stock, valued at approximately $21,681,919.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Leslie J. Parrette acquired 410 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were purchased at an average cost of $123.96 per share, with a total value of $50,823.60. Following the completion of the acquisition, the director now directly owns 3,620 shares in the company, valued at approximately $448,735.20. The disclosure for this purchase can be found here. In the last three months, insiders sold 36,500 shares of company stock valued at $4,532,959. 1.52% of the stock is currently owned by insiders.

Innospec Company Profile

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.