BlackRock Inc. Acquires New Holdings in Innospec Inc. $IOSP

Key Points

• BlackRock acquired 4.38 million shares of Innospec in the second quarter, worth approximately $356.6 million, giving it an estimated 17.79% stake.
• Institutional ownership is substantial at 96.64%, with several hedge funds—including Assenagon, Western Standard, Goldman Sachs and Millennium Management—also increasing their positions.
• Innospec exceeded quarterly expectations, reporting $1.27 in EPS and $491.4 million in revenue, while revenue rose 11.8% year over year. Analysts maintain a consensus “Hold” rating, despite some recent rating upgrades.

BlackRock Inc. acquired a new position in Innospec Inc. (NASDAQ:IOSP - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 4,381,323 shares of the specialty chemicals company's stock, valued at approximately $356,596,000. BlackRock Inc. owned approximately 17.79% of Innospec as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Assenagon Asset Management S.A. boosted its position in Innospec by 175.5% during 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 Innospec by 894.0% in the fourth quarter. Western Standard LLC now owns 268,367 shares of the specialty chemicals company's stock valued at $20,541,000 after purchasing an additional 241,367 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Innospec by 71.6% in 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 in the last quarter. Millennium Management LLC raised its holdings in Innospec by 8,176.5% in 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 in the last quarter. Finally, Medina Value Partners LLC lifted its position in shares of Innospec by 60.5% during the fourth quarter. Medina Value Partners LLC now owns 378,769 shares of the specialty chemicals company's stock valued at $28,991,000 after buying an additional 142,813 shares during the last quarter. Hedge funds and other institutional investors own 96.64% of the company's stock.

Wall Street Analyst Weigh In

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

Innospec Price Performance

Shares of IOSP stock opened at $94.36 on Wednesday. The stock's fifty day moving average price is $86.38 and its 200 day moving average price is $80.75. Innospec Inc. has a 1-year low of $65.51 and a 1-year high of $95.00. The company has a market cap of $2.32 billion, a price-to-earnings ratio of 19.26, a price-to-earnings-growth ratio of 2.51 and a beta of 0.93.

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

Innospec Company 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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