Innospec (NASDAQ:IOSP) Stock Gets Downgrade from Zacks Research

Key Points

• Zacks Research downgraded Innospec from “hold” to “strong sell”; MarketBeat’s consensus rating is “Reduce,” with other analysts offering mixed views.
• Innospec reported quarterly EPS of $1.29, beating the $1.26 consensus, while revenue of $473.6 million fell short of expectations. Revenue rose 7.2% year over year.
• Shares opened at $77.72, below the 50-day moving average of $94.67; the stock’s 52-week range is $65.51 to $102.00.

Innospec (NASDAQ:IOSP - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Monday, Zacks reports.

A number of other research firms have also recently commented on IOSP. Wall Street Zen cut Innospec from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 26th. Seaport Research Partners reaffirmed a "buy" rating and issued a $110.00 price objective on shares of Innospec in a research note on Thursday, August 6th. Finally, Weiss Ratings cut Innospec from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, November 4th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Innospec presently has a consensus rating of "Reduce".

Innospec Price Performance

Shares of NASDAQ IOSP opened at $77.72 on Monday. The stock has a market cap of $1.91 billion, a PE ratio of 13.71, a price-to-earnings-growth ratio of 2.13 and a beta of 0.88. Innospec has a 1 year low of $65.51 and a 1 year high of $102.00. The firm has a fifty day moving average price of $94.67 and a 200-day moving average price of $84.56.

Innospec (NASDAQ:IOSP - Get Free Report) last released its earnings results on Tuesday, November 3rd. The specialty chemicals company reported $1.29 earnings per share for the quarter, beating analysts' consensus estimates of $1.26 by $0.03. The company had revenue of $473.60 million for the quarter, compared to analysts' expectations of $479.17 million. Innospec had a net margin of 7.49% and a return on equity of 9.36%. Innospec's revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.12 EPS. On average, research analysts expect that Innospec will post 5.03 EPS for the current year.

Hedge Funds Weigh In On Innospec

Several institutional investors have recently added to or reduced their stakes in IOSP. Root Financial Partners LLC purchased a new stake in shares of Innospec during the 3rd quarter worth approximately $30,000. Meeder Asset Management Inc. purchased a new stake in Innospec during the second quarter valued at $36,000. State of Wyoming purchased a new stake in Innospec during the third quarter valued at $46,000. Farther Finance Advisors LLC lifted its position in Innospec by 94.0% during the third quarter. Farther Finance Advisors LLC now owns 675 shares of the specialty chemicals company's stock valued at $64,000 after purchasing an additional 327 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in Innospec during the second quarter valued at $62,000. Hedge funds and other institutional investors own 96.64% of the company's stock.

About Innospec

Innospec Inc. is a global specialty chemicals company that develops and manufactures products for customers in the fuels, oilfield and performance chemicals markets. Its Fuel Specialties business supplies additives for fuels and lubricants, while its Oilfield Services business provides chemical products and services used in oil and gas operations. Through its Performance Chemicals business, Innospec makes specialty ingredients for applications including personal care, home care and agriculture. Its products are used by industrial and consumer-products manufacturers around the world.

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