Fifth Third Bancorp Buys 12,251 Shares of Innospec Inc. $IOSP

Key Points

• Fifth Third Bancorp increased its Innospec stake by 5,303.5% in the first quarter, acquiring 12,251 additional shares and bringing its total holdings to 12,482 shares valued at approximately $911,000.
• Innospec reported quarterly EPS of $1.05, beating estimates of $1.02, while revenue rose 2.8% year over year to $453.2 million. The company also paid a $0.92-per-share dividend.
• Innospec shares opened at $84.76, with a market capitalization of about $2.09 billion. Despite some analyst upgrades, the stock carries an overall “Hold” consensus rating.

Fifth Third Bancorp raised its stake in Innospec Inc. (NASDAQ:IOSP - Free Report) by 5,303.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,482 shares of the specialty chemicals company's stock after acquiring an additional 12,251 shares during the period. Fifth Third Bancorp owned about 0.05% of Innospec worth $911,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. SG Americas Securities LLC raised its stake in shares of Innospec by 291.0% in the fourth quarter. SG Americas Securities LLC now owns 75,814 shares of the specialty chemicals company's stock valued at $5,803,000 after acquiring an additional 56,425 shares during the last quarter. CM Management LLC grew its position in Innospec by 66.7% during the 4th quarter. CM Management LLC now owns 20,000 shares of the specialty chemicals company's stock worth $1,531,000 after acquiring an additional 8,000 shares during the last quarter. Western Standard LLC grew its position 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 during the last quarter. ZWJ Investment Counsel Inc. increased its holdings in Innospec by 110.9% during the 4th quarter. ZWJ Investment Counsel Inc. now owns 94,535 shares of the specialty chemicals company's stock valued at $7,236,000 after purchasing an additional 49,705 shares in the last quarter. Finally, Medina Value Partners LLC increased its holdings in Innospec by 60.5% during the 4th quarter. Medina Value Partners LLC now owns 378,769 shares of the specialty chemicals company's stock valued at $28,991,000 after purchasing an additional 142,813 shares in the last quarter. 96.64% of the stock is currently owned by institutional investors and hedge funds.

Innospec Price Performance

Shares of Innospec stock opened at $84.76 on Monday. The firm has a 50 day simple moving average of $82.29 and a 200 day simple moving average of $79.19. Innospec Inc. has a fifty-two week low of $65.51 and a fifty-two week high of $92.14. The firm has a market cap of $2.09 billion, a P/E ratio of 18.47, a P/E/G ratio of 2.34 and a beta of 0.93.

Innospec (NASDAQ:IOSP - Get Free Report) last posted its quarterly earnings data on Friday, May 8th. The specialty chemicals company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.03. The firm had revenue of $453.20 million for the quarter, compared to the consensus estimate of $432.14 million. Innospec had a return on equity of 9.32% and a net margin of 6.38%.The business's revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.42 EPS. On average, sell-side analysts expect that Innospec Inc. will post 4.84 EPS for the current year.

Innospec Announces Dividend

The company also recently declared a dividend, which was paid on Friday, May 29th. Stockholders of record on Tuesday, May 19th were paid a dividend of $0.92 per share. This represents a dividend yield of 239.0%. The ex-dividend date of this dividend was Tuesday, May 19th. Innospec's dividend payout ratio is 40.09%.

Analysts Set New Price Targets

IOSP has been the topic of a number of recent analyst reports. Wall Street Zen raised Innospec from a "hold" rating to a "buy" rating in a research note on Saturday, July 18th. Weiss Ratings upgraded Innospec from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, July 1st. Finally, Zacks Research raised Innospec from a "strong sell" rating to a "hold" rating in a report on Friday, April 24th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has an average rating of "Hold".

Innospec 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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