Allspring Global Investments Holdings LLC Acquires 78,360 Shares of Innospec Inc. $IOSP

Key Points

• Allspring Global Investments Holdings LLC has increased its stake in Innospec Inc. by 3.3% during the 2nd quarter, now holding approximately 9.95% of the company, which is valued at around $216 million.
• Innospec's stock has seen a 3.1% decline recently, with its current price at $73.92, compared to a 52-week high of $128.35.
• Analysts have recently upgraded their ratings on Innospec, changing from "hold" to "buy," indicating a positive shift in outlook for the company's stock.

Allspring Global Investments Holdings LLC increased its holdings in Innospec Inc. (NASDAQ:IOSP - Free Report) by 3.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,483,185 shares of the specialty chemicals company's stock after acquiring an additional 78,360 shares during the quarter. Allspring Global Investments Holdings LLC owned about 9.95% of Innospec worth $216,211,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of IOSP. Nuveen LLC bought a new position in shares of Innospec in the 1st quarter worth about $42,966,000. Financial Harvest LLC bought a new position in shares of Innospec in the 1st quarter worth about $41,107,000. Brown Advisory Inc. bought a new position in shares of Innospec in the 1st quarter worth about $31,212,000. Victory Capital Management Inc. increased its stake in shares of Innospec by 20.0% in the 1st quarter. Victory Capital Management Inc. now owns 1,106,482 shares of the specialty chemicals company's stock worth $104,839,000 after acquiring an additional 184,262 shares in the last quarter. Finally, Millennium Management LLC increased its stake in shares of Innospec by 8,176.5% in the 1st quarter. Millennium Management LLC now owns 170,414 shares of the specialty chemicals company's stock worth $16,147,000 after acquiring an additional 168,355 shares in the last quarter. 96.64% of the stock is currently owned by institutional investors.

Innospec Stock Down 3.1%

Shares of NASDAQ IOSP opened at $73.92 on Monday. The firm's 50-day moving average price is $81.86 and its 200-day moving average price is $85.21. The company has a market cap of $1.84 billion, a PE ratio of 94.77 and a beta of 1.04. Innospec Inc. has a 52-week low of $73.72 and a 52-week high of $128.35.

Innospec (NASDAQ:IOSP - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The specialty chemicals company reported $1.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.17 by $0.09. The firm had revenue of $439.70 million for the quarter, compared to the consensus estimate of $440.70 million. Innospec had a net margin of 1.08% and a return on equity of 10.89%. The business's quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.39 EPS. As a group, equities research analysts anticipate that Innospec Inc. will post 6.18 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Innospec from a "hold" rating to a "buy" rating in a research note on Saturday. Zacks Research upgraded shares of Innospec from a "strong sell" rating to a "hold" rating in a research note on Monday, October 6th. Finally, Weiss Ratings upgraded shares of Innospec from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy".

Innospec 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.

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