Assenagon Asset Management S.A. Buys 46,851 Shares of Innospec Inc. $IOSP

Key Points

• Assenagon Asset Management increased its Innospec stake by 17.2% in the third quarter, buying 46,851 shares to own 319,633 shares valued at approximately $30.5 million. Institutional investors collectively hold 96.64% of the company.
• Innospec reported quarterly EPS of $1.27, beating estimates of $1.05, while revenue reached $491.4 million and rose 11.8% year over year. Analysts forecast full-year EPS of $5.01.
• The stock opened at $96.81, near its 12-month high of $100.48. Analyst sentiment remains a consensus “Hold,” although Seaport Research Partners reiterated a “Buy” rating with a $110 price target.

Assenagon Asset Management S.A. increased its stake in shares of Innospec Inc. (NASDAQ:IOSP - Free Report) by 17.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 319,633 shares of the specialty chemicals company's stock after buying an additional 46,851 shares during the period. Assenagon Asset Management S.A. owned about 1.30% of Innospec worth $30,467,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. ZWJ Investment Counsel Inc. raised its holdings in shares of Innospec by 5.9% in the 3rd quarter. ZWJ Investment Counsel Inc. now owns 114,933 shares of the specialty chemicals company's stock worth $10,955,000 after purchasing an additional 6,431 shares during the period. Farther Finance Advisors LLC increased its position in Innospec by 94.0% in the third quarter. Farther Finance Advisors LLC now owns 675 shares of the specialty chemicals company's stock worth $64,000 after buying an additional 327 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of Innospec in the second quarter valued at $207,000. Integrated Wealth Concepts LLC bought a new stake in shares of Innospec in the second quarter valued at $135,000. Finally, NewEdge Advisors LLC raised its stake in shares of Innospec by 30.9% in the second quarter. NewEdge Advisors LLC now owns 11,286 shares of the specialty chemicals company's stock valued at $919,000 after buying an additional 2,661 shares during the period. Hedge funds and other institutional investors own 96.64% of the company's stock.

Innospec Trading Up 0.2%

IOSP opened at $96.81 on Friday. Innospec Inc. has a 12 month low of $65.51 and a 12 month high of $100.48. The company has a market cap of $2.38 billion, a PE ratio of 19.76, a price-to-earnings-growth ratio of 2.57 and a beta of 0.90. The company has a 50 day moving average of $94.85 and a 200 day moving average of $85.66.

Innospec (NASDAQ:IOSP - Get Free Report) last issued its earnings results on Tuesday, August 4th. The specialty chemicals company reported $1.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.22. The business had revenue of $491.40 million for the quarter, compared to analysts' expectations of $457.25 million. Innospec had a net margin of 6.60% and a return on equity of 9.22%. The business's revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.26 EPS. Research analysts forecast that Innospec Inc. will post 5.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on IOSP. Weiss Ratings raised Innospec from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, October 8th. Wall Street Zen lowered Innospec from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 26th. Finally, Seaport Research Partners reissued a "buy" rating and issued a $110.00 price objective on shares of Innospec in a report on Thursday, August 6th. Two analysts have rated the stock with a Hold rating. According to MarketBeat.com, the stock has a consensus rating of "Hold".

About Innospec

Innospec Inc NASDAQ: IOSP is a global specialty chemicals company that develops, manufactures and supplies products for the energy, transportation, personal care and industrial markets. Its offerings are designed to improve fuel performance, support industrial processes and enhance the properties of a wide range of consumer and commercial products.

The company operates through businesses focused on fuel specialties, performance chemicals and oilfield services. Its products include fuel additives, surfactants, specialty polymers and other performance chemicals used in fuel and refinery applications, home and personal care products, agriculture, construction, mining and industrial manufacturing.

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