Dynamic Technology Lab Private Ltd Purchases Shares of 10,185 Innospec Inc. $IOSP

Key Points

• Dynamic Technology Lab Private Ltd acquired 10,185 shares of Innospec Inc. valued at approximately $965,000 during the first quarter, highlighting growing interest in the specialty chemicals company.
• Innospec reported a quarterly earnings per share of $1.26, beating the consensus estimate of $1.17, despite a slight year-over-year revenue increase of 1.1% to $439.70 million.
• Analysts have raised Innospec's rating from "hold" to "buy," with a consensus rating of "Strong Buy," indicating positive sentiment towards the stock's future performance.

Dynamic Technology Lab Private Ltd bought a new position in Innospec Inc. (NASDAQ:IOSP - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 10,185 shares of the specialty chemicals company's stock, valued at approximately $965,000.

Several other hedge funds have also recently added to or reduced their stakes in IOSP. Vanguard Group Inc. grew its holdings in shares of Innospec by 0.9% during the first quarter. Vanguard Group Inc. now owns 3,210,768 shares of the specialty chemicals company's stock worth $304,220,000 after buying an additional 30,031 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Innospec by 0.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,404,825 shares of the specialty chemicals company's stock worth $227,352,000 after purchasing an additional 19,018 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Innospec by 20.0% during the first quarter. Victory Capital Management Inc. now owns 1,106,482 shares of the specialty chemicals company's stock worth $104,839,000 after purchasing an additional 184,262 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Innospec by 1.0% in the 4th quarter. Janus Henderson Group PLC now owns 467,938 shares of the specialty chemicals company's stock worth $51,502,000 after acquiring an additional 4,527 shares during the period. Finally, Nuveen LLC bought a new position in Innospec in the 1st quarter valued at about $42,966,000. 96.64% of the stock is currently owned by hedge funds and other institutional investors.

Innospec Trading Up 0.7%

Shares of Innospec stock traded up $0.57 on Thursday, reaching $83.65. 189,799 shares of the company were exchanged, compared to its average volume of 200,084. Innospec Inc. has a one year low of $74.10 and a one year high of $128.35. The company has a 50-day moving average of $84.56 and a 200 day moving average of $88.51. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of 107.24 and a beta of 1.11.

Innospec (NASDAQ:IOSP - Get Free Report) last released its earnings results on Tuesday, August 5th. The specialty chemicals company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.09. The company had revenue of $439.70 million for the quarter, compared to analyst estimates of $440.70 million. Innospec had a return on equity of 10.89% and a net margin of 1.08%.Innospec's quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.39 EPS. Analysts predict that Innospec Inc. will post 6.18 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Innospec from a "hold" rating to a "buy" rating in a research report on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, the company currently has an average rating of "Strong Buy".

About Innospec

Innospec Inc develops, manufactures, blends, markets, and supplies specialty chemicals in the United States, rest of North America, the United Kingdom, rest of Europe, and internationally. The company's Fuel Specialties segment offers a range of specialty chemical products that are used as additives in additives in diesel, jet, marine, fuel oil and other fuels.