Bank of America Corp DE Acquires New Holdings in Innospec Inc. $IOSP

Key Points

• Bank of America acquired 235,742 Innospec shares in the second quarter, worth approximately $19.2 million and representing about 0.96% of the company. Institutional investors collectively own 96.64% of Innospec.
• Innospec reported quarterly EPS of $1.27, beating estimates by $0.22, while revenue rose 11.8% year over year to $491.4 million, above expectations.
• Analyst sentiment remains mixed: Wall Street Zen upgraded the stock to “strong buy” and Seaport set a $110 price target, but the overall consensus rating is still “Hold.”

Bank of America Corp DE bought a new position in shares of Innospec Inc. (NASDAQ:IOSP - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 235,742 shares of the specialty chemicals company's stock, valued at approximately $19,187,000. Bank of America Corp DE owned approximately 0.96% of Innospec at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Innospec during the 2nd quarter worth approximately $356,596,000. Assenagon Asset Management S.A. raised its stake in Innospec by 175.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 490,884 shares of the specialty chemicals company's stock valued at $35,844,000 after acquiring an additional 312,680 shares during the last quarter. Western Standard LLC purchased a new stake in shares of Innospec during the second quarter worth approximately $19,276,000. Medina Value Partners LLC lifted its stake in shares of Innospec by 60.5% in the 4th quarter. Medina Value Partners LLC now owns 378,769 shares of the specialty chemicals company's stock worth $28,991,000 after acquiring an additional 142,813 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in Innospec in the second quarter valued at about $11,172,000. 96.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on IOSP shares. Wall Street Zen upgraded shares of Innospec from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Seaport Research Partners reissued a "buy" rating and set a $110.00 price target on shares of Innospec in a research note on Thursday, August 6th. Finally, Weiss Ratings raised Innospec from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, Innospec currently has a consensus rating of "Hold".

Innospec Stock Performance

Innospec stock opened at $96.87 on Friday. The company has a market cap of $2.39 billion, a price-to-earnings ratio of 19.77, a PEG ratio of 2.55 and a beta of 0.93. The firm has a 50 day moving average price of $91.48 and a 200 day moving average price of $82.64. Innospec Inc. has a 1 year low of $65.51 and a 1 year high of $98.00.

Innospec (NASDAQ:IOSP - Get Free Report) last posted its quarterly 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. Innospec had a return on equity of 9.22% and a net margin of 6.60%.The firm had revenue of $491.40 million during the quarter, compared to the consensus estimate of $457.25 million. During the same quarter in the previous year, the business earned $1.26 earnings per share. The firm's quarterly revenue was up 11.8% compared to the same quarter last year. Sell-side analysts predict that Innospec Inc. will post 5.03 EPS for the current year.

Innospec Company Profile

Innospec Inc NASDAQ: IOSP is a global specialty chemicals company that develops, manufactures and supplies products used in the energy, transportation, personal care, household, agriculture and industrial markets. Its offerings are designed to improve product performance, support manufacturing processes and address specialized customer requirements.

The company operates through businesses focused on fuel specialties, performance chemicals and oilfield services. Its products include fuel additives and performance-enhancing chemicals for gasoline, diesel and other fuels, as well as ingredients and formulations used in personal care, home care, crop protection, construction, mining and other industrial applications.

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