Bank of America Corp DE Cuts Position in Innospec Inc. $IOSP

Key Points

• Bank of America cut its Innospec stake by 9.8% in the first quarter, selling 31,592 shares and retaining 290,766 shares worth approximately $21.2 million. Institutional investors and hedge funds collectively own 96.64% of IOSP.
• Other major investors increased their positions substantially, including Assenagon Asset Management, Western Standard, Goldman Sachs and Millennium Management.
• Innospec beat quarterly earnings and revenue estimates, reporting $1.27 EPS and $491.4 million in revenue, while analysts’ average rating remains “Hold” despite Seaport Research Partners maintaining a $110 price target.

Bank of America Corp DE reduced its holdings in shares of Innospec Inc. (NASDAQ:IOSP - Free Report) by 9.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 290,766 shares of the specialty chemicals company's stock after selling 31,592 shares during the quarter. Bank of America Corp DE owned 1.18% of Innospec worth $21,232,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Assenagon Asset Management S.A. raised its position 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 during the period. Western Standard LLC grew its holdings in Innospec by 894.0% during the 4th quarter. Western Standard LLC now owns 268,367 shares of the specialty chemicals company's stock worth $20,541,000 after acquiring an additional 241,367 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Innospec by 71.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 484,968 shares of the specialty chemicals company's stock worth $37,119,000 after purchasing an additional 202,325 shares during the last quarter. Millennium Management LLC lifted its position in shares of Innospec by 8,176.5% during the first quarter. Millennium Management LLC now owns 170,414 shares of the specialty chemicals company's stock worth $16,147,000 after purchasing an additional 168,355 shares during the last quarter. Finally, Medina Value Partners LLC grew its stake in Innospec by 60.5% in the fourth quarter. Medina Value Partners LLC now owns 378,769 shares of the specialty chemicals company's stock worth $28,991,000 after purchasing an additional 142,813 shares in the last quarter. Institutional investors and hedge funds own 96.64% of the company's stock.

Analysts Set New Price Targets

IOSP has been the topic of several research reports. Weiss Ratings raised Innospec from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 6th. Zacks Research upgraded shares of Innospec from a "strong sell" rating to a "hold" rating in a research note on Friday, April 24th. Wall Street Zen upgraded Innospec from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Finally, Seaport Research Partners reaffirmed a "buy" rating and issued a $110.00 target price on shares of Innospec in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Innospec presently has an average rating of "Hold".

Innospec Trading Down 0.3%

IOSP opened at $93.56 on Wednesday. The business's 50 day moving average is $85.49 and its 200-day moving average is $80.39. The stock has a market cap of $2.30 billion, a PE ratio of 19.09, a price-to-earnings-growth ratio of 2.49 and a beta of 0.93. Innospec Inc. has a twelve month low of $65.51 and a twelve month high of $94.67.

Innospec (NASDAQ:IOSP - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $1.27 earnings per share (EPS) for the quarter, topping 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 business had revenue of $491.40 million during the quarter, compared to analyst estimates of $457.25 million. During the same period in the prior year, the company posted $1.26 EPS. The business's revenue for the quarter was up 11.8% compared to the same quarter last year. As a group, analysts forecast that Innospec Inc. will post 5.03 EPS for the current year.

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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