Engineers Gate Manager LP Sells 58,342 Shares of Innospec Inc. $IOSP

Key Points

• Engineers Gate Manager LP cut its Innospec stake by 90.2% in the second quarter, selling 58,342 shares and retaining 6,340 shares valued at approximately $516,000. Institutional investors collectively own 96.64% of IOSP.
• Innospec reported quarterly EPS of $1.27, beating estimates of $1.05, while revenue rose 11.8% year over year to $491.4 million, above expectations of $457.25 million.
• IOSP opened at $96.60, near its 52-week high of $98.00. Analyst sentiment is mixed, with an overall “Hold” rating, although Seaport Research Partners maintained a “Buy” rating and a $110 price target.

Engineers Gate Manager LP trimmed its position in shares of Innospec Inc. (NASDAQ:IOSP - Free Report) by 90.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,340 shares of the specialty chemicals company's stock after selling 58,342 shares during the quarter. Engineers Gate Manager LP's holdings in Innospec were worth $516,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of IOSP. Allworth Financial LP grew its stake in Innospec by 49.7% during the 4th quarter. Allworth Financial LP now owns 880 shares of the specialty chemicals company's stock valued at $67,000 after purchasing an additional 292 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of Innospec by 125.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 728 shares of the specialty chemicals company's stock worth $56,000 after purchasing an additional 405 shares during the period. Hantz Financial Services Inc. boosted its position in Innospec by 271.0% in 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 last quarter. Meeder Asset Management Inc. purchased a new stake in Innospec in the second quarter valued at approximately $36,000. Finally, First Trust Advisors LP increased its holdings in Innospec by 3.6% in the 1st quarter. First Trust Advisors LP now owns 12,716 shares of the specialty chemicals company's stock worth $929,000 after buying an additional 440 shares during the period. 96.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on IOSP. Seaport Research Partners reissued a "buy" rating and set a $110.00 price target on shares of Innospec in a research report on Thursday, August 6th. Weiss Ratings upgraded shares of Innospec from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 6th. Finally, Wall Street Zen upgraded 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, Based on data from MarketBeat, the company currently has an average rating of "Hold".

Innospec Price Performance

IOSP opened at $96.60 on Thursday. The firm has a fifty day moving average price of $91.25 and a 200 day moving average price of $82.46. Innospec Inc. has a 1 year low of $65.51 and a 1 year high of $98.00. The stock has a market cap of $2.38 billion, a P/E ratio of 19.71, a P/E/G ratio of 2.55 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 earnings per share 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 company had revenue of $491.40 million during the quarter, compared to analysts' expectations of $457.25 million. During the same quarter in the prior year, the firm posted $1.26 EPS. Innospec's quarterly revenue was up 11.8% compared to the same quarter last year. Equities analysts expect 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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