Innospec Inc. $IOSP Stock: Allspring Global Investments Holdings LLC Reduces Stake

Key Points

• Allspring Global Investments cut its Innospec stake by 38.6% in the third quarter, selling 731,050 shares and ending the period with 1,161,421 shares, valued at about $110.5 million.
• Analyst views were mixed, but MarketBeat reported a consensus rating of Hold; Seaport Research Partners maintained a Buy rating with a $110 price target.
• Innospec’s quarterly EPS of $1.29 beat the $1.26 estimate, while revenue of $473.6 million fell short of expectations. Revenue rose 7.2% year over year.

Allspring Global Investments Holdings LLC lessened its stake in shares of Innospec Inc. (NASDAQ:IOSP - Free Report) by 38.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,161,421 shares of the specialty chemicals company's stock after selling 731,050 shares during the quarter. Allspring Global Investments Holdings LLC owned about 4.72% of Innospec worth $110,532,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Root Financial Partners LLC bought a new stake in Innospec during the third quarter worth approximately $30,000. Meeder Asset Management Inc. acquired a new position in Innospec in the second quarter worth approximately $36,000. State of Wyoming bought a new position in shares of Innospec in the third quarter valued at $46,000. Farther Finance Advisors LLC increased its holdings in shares of Innospec by 94.0% in the third quarter. Farther Finance Advisors LLC now owns 675 shares of the specialty chemicals company's stock valued at $64,000 after buying an additional 327 shares in the last quarter. Finally, Rockefeller Capital Management L.P. increased its holdings in shares of Innospec by 125.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 728 shares of the specialty chemicals company's stock valued at $56,000 after buying an additional 405 shares in the last quarter. 96.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on IOSP. Wall Street Zen lowered Innospec from a "strong-buy" rating to a "buy" rating in a research report on Saturday, September 26th. Weiss Ratings cut Innospec from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, November 4th. Finally, Seaport Research Partners restated a "buy" rating and set a $110.00 price objective on shares of Innospec in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold".

Innospec Trading Up 2.6%

Shares of Innospec stock opened at $80.21 on Tuesday. Innospec Inc. has a 1 year low of $65.51 and a 1 year high of $102.00. The company has a market cap of $1.98 billion, a P/E ratio of 15.78, a P/E/G ratio of 2.15 and a beta of 0.88. The stock has a 50-day moving average price of $94.99 and a 200 day moving average price of $84.58.

Innospec (NASDAQ:IOSP - Get Free Report) last released its earnings results on Tuesday, November 3rd. The specialty chemicals company reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.03. The company had revenue of $473.60 million for the quarter, compared to analysts' expectations of $479.17 million. Innospec had a return on equity of 9.36% and a net margin of 7.49%. The business's revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.12 EPS. On average, equities analysts forecast that Innospec Inc. will post 5.03 earnings per share for the current fiscal year.

About Innospec

Innospec Inc is a global specialty chemicals company that develops and manufactures products for customers in the fuels, oilfield and performance chemicals markets. Its Fuel Specialties business supplies additives for fuels and lubricants, while its Oilfield Services business provides chemical products and services used in oil and gas operations.

Through its Performance Chemicals business, Innospec makes specialty ingredients for applications including personal care, home care and agriculture.

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