Allspring Global Investments Holdings LLC Has $170.45 Million Stake in Innospec Inc. $IOSP

Key Points

• Allspring Global Investments trimmed its Innospec stake by 1.7% in the first quarter, but still held 2.32 million shares valued at about $170.5 million, representing 9.3% of the company.
• Innospec beat earnings expectations in its latest quarterly report, posting $1.05 EPS versus $1.02 expected and revenue of $453.2 million, while revenue rose 2.8% year over year.
• The company paid a $0.92 dividend and has a consensus Wall Street rating of “Hold”, with analysts noting mixed but stable sentiment around the stock.

Allspring Global Investments Holdings LLC lowered its stake in Innospec Inc. (NASDAQ:IOSP - Free Report) by 1.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,315,942 shares of the specialty chemicals company's stock after selling 40,561 shares during the quarter. Allspring Global Investments Holdings LLC owned 9.30% of Innospec worth $170,453,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of IOSP. Assenagon Asset Management S.A. increased its stake in Innospec by 175.5% in the first quarter. Assenagon Asset Management S.A. now owns 490,884 shares of the specialty chemicals company's stock valued at $35,844,000 after purchasing an additional 312,680 shares in the last quarter. Western Standard LLC grew its stake in shares of Innospec by 894.0% in the 4th quarter. Western Standard LLC now owns 268,367 shares of the specialty chemicals company's stock valued at $20,541,000 after buying an additional 241,367 shares during the period. Goldman Sachs Group Inc. increased its position in Innospec by 71.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 484,968 shares of the specialty chemicals company's stock valued at $37,119,000 after buying an additional 202,325 shares in the last quarter. Millennium Management LLC raised its stake in Innospec by 8,176.5% during the 1st quarter. Millennium Management LLC now owns 170,414 shares of the specialty chemicals company's stock worth $16,147,000 after buying an additional 168,355 shares during the period. Finally, Medina Value Partners LLC raised its stake in Innospec by 60.5% during the 4th quarter. Medina Value Partners LLC now owns 378,769 shares of the specialty chemicals company's stock worth $28,991,000 after buying an additional 142,813 shares during the period. Institutional investors own 96.64% of the company's stock.

Innospec Stock Performance

Shares of IOSP stock opened at $85.46 on Friday. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 18.62, a P/E/G ratio of 2.31 and a beta of 0.93. Innospec Inc. has a 52 week low of $65.51 and a 52 week high of $92.14. The firm's 50-day simple moving average is $81.74 and its two-hundred day simple moving average is $78.89.

Innospec (NASDAQ:IOSP - Get Free Report) last released its earnings results on Friday, May 8th. The specialty chemicals company reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.03. The firm had revenue of $453.20 million during the quarter, compared to the consensus estimate of $432.14 million. Innospec had a net margin of 6.38% and a return on equity of 9.32%. The company's revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.42 EPS. Analysts forecast that Innospec Inc. will post 4.8 earnings per share for the current year.

Innospec Announces Dividend

The company also recently announced a dividend, which was paid on Friday, May 29th. Shareholders of record on Tuesday, May 19th were given a $0.92 dividend. This represents a yield of 239.0%. The ex-dividend date of this dividend was Tuesday, May 19th. Innospec's dividend payout ratio (DPR) is currently 40.09%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on IOSP. Zacks Research upgraded Innospec from a "strong sell" rating to a "hold" rating in a report on Friday, April 24th. Wall Street Zen cut Innospec from a "buy" rating to a "hold" rating in a report on Saturday, June 27th. Finally, Weiss Ratings raised shares of Innospec from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, July 1st. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Innospec presently has a consensus rating of "Hold".

Innospec Profile

Innospec Incorporated NASDAQ: IOSP is a global specialty chemicals company headquartered in Cleveland, Ohio. The company operates through three principal business segments: Fuel Specialties, Oilfield Services, and Performance Chemicals. In the Fuel Specialties segment, Innospec develops and supplies additives designed to enhance octane levels, improve combustion efficiency, reduce emissions and prevent deposit formation in gasoline and diesel engines. Its Oilfield Services division provides chemical technologies—such as surfactants, corrosion inhibitors and demulsifiers—to support exploration, drilling, production optimization and enhanced oil recovery operations.

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