Assenagon Asset Management S.A. Sells 218,102 Shares of Innospec Inc. $IOSP

Key Points

• Assenagon Asset Management cut its Innospec stake by 44.4%, selling 218,102 shares and retaining 272,782 shares valued at approximately $22.2 million. Institutional investors collectively own 96.64% of the company.
• Innospec beat quarterly expectations, reporting $1.27 in EPS versus the $1.05 consensus and revenue of $491.4 million, up 11.8% year over year.
• Analyst sentiment remains mixed but has improved, with Seaport Research Partners maintaining a “Buy” rating and a $110 price target; MarketBeat’s overall consensus rating is “Hold.”

Assenagon Asset Management S.A. reduced its position in Innospec Inc. (NASDAQ:IOSP - Free Report) by 44.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 272,782 shares of the specialty chemicals company's stock after selling 218,102 shares during the period. Assenagon Asset Management S.A. owned about 1.11% of Innospec worth $22,202,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its stake in Innospec by 1,159.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 529 shares of the specialty chemicals company's stock valued at $44,000 after acquiring an additional 487 shares during the period. Hantz Financial Services Inc. grew its position in Innospec by 271.0% during the fourth quarter. Hantz Financial Services Inc. now owns 575 shares of the specialty chemicals company's stock valued at $44,000 after buying an additional 420 shares during the period. Danske Bank A S purchased a new stake in Innospec during the third quarter valued at approximately $46,000. Caitong International Asset Management Co. Ltd increased its holdings in Innospec by 316.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 662 shares of the specialty chemicals company's stock valued at $51,000 after buying an additional 503 shares during the last quarter. Finally, Rockefeller Capital Management L.P. raised its position in Innospec by 125.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 728 shares of the specialty chemicals company's stock worth $56,000 after acquiring an additional 405 shares during the period. 96.64% of the stock is owned by institutional investors.

Innospec Price Performance

Innospec stock opened at $92.44 on Monday. The stock has a market cap of $2.28 billion, a P/E ratio of 18.87, a PEG ratio of 2.45 and a beta of 0.93. Innospec Inc. has a 1 year low of $65.51 and a 1 year high of $94.17. The firm's 50 day moving average price is $83.78 and its 200-day moving average price is $79.73.

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 for the quarter, topping analysts' consensus estimates of $1.05 by $0.22. Innospec had a net margin of 6.60% and a return on equity of 9.22%. The firm had revenue of $491.40 million during the quarter, compared to analyst estimates of $457.25 million. During the same quarter in the prior year, the business earned $1.26 earnings per share. Innospec's revenue for the quarter was up 11.8% on a year-over-year basis. As a group, equities analysts expect that Innospec Inc. will post 5.03 EPS for the current year.

Analyst Ratings Changes

IOSP has been the subject of a number of recent research reports. Weiss Ratings raised shares of Innospec from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday. Seaport Research Partners restated a "buy" rating and issued a $110.00 price target on shares of Innospec in a research report on Thursday. Wall Street Zen raised Innospec from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Finally, Zacks Research raised Innospec from a "strong sell" rating to a "hold" rating in a research report on Friday, April 24th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Innospec currently has an average rating of "Hold".

About Innospec

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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