PDT Partners LLC Acquires New Holdings in Innospec Inc. $IOSP

Key Points

• PDT Partners acquired 31,176 shares of Innospec during the second quarter, representing an approximately $2.54 million stake and 0.13% ownership. Institutional investors collectively own 96.64% of the company.
• Innospec exceeded quarterly expectations, reporting $1.27 EPS versus the $1.05 consensus and revenue of $491.4 million, up 11.8% year over year.
• Analyst sentiment remains mixed: Wall Street Zen upgraded the stock to “strong buy,” while the broader consensus is “Hold”; Seaport Research Partners maintained a “Buy” rating with a $110 price target.

PDT Partners LLC acquired a new stake in shares of Innospec Inc. (NASDAQ:IOSP - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 31,176 shares of the specialty chemicals company's stock, valued at approximately $2,537,000. PDT Partners LLC owned approximately 0.13% of Innospec as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. State of Wyoming boosted its position in Innospec by 27.5% during the 2nd quarter. State of Wyoming now owns 801 shares of the specialty chemicals company's stock worth $67,000 after buying an additional 173 shares during the period. California State Teachers Retirement System raised its stake in shares of Innospec by 0.8% during the second quarter. California State Teachers Retirement System now owns 23,062 shares of the specialty chemicals company's stock valued at $1,939,000 after acquiring an additional 179 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Innospec by 0.7% during the third quarter. Franklin Resources Inc. now owns 27,868 shares of the specialty chemicals company's stock worth $2,150,000 after purchasing an additional 196 shares during the period. Amundi grew its stake in shares of Innospec by 5.0% in the third quarter. Amundi now owns 4,490 shares of the specialty chemicals company's stock worth $354,000 after purchasing an additional 214 shares during the last quarter. Finally, Inspire Investing LLC grew its stake in shares of Innospec by 3.6% in the fourth quarter. Inspire Investing LLC now owns 6,086 shares of the specialty chemicals company's stock worth $466,000 after purchasing an additional 214 shares during the last quarter. Institutional investors own 96.64% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on IOSP. Wall Street Zen upgraded Innospec from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. Seaport Research Partners reaffirmed a "buy" rating and issued a $110.00 price objective on shares of Innospec in a research note on Thursday, August 6th. Finally, Weiss Ratings upgraded shares of Innospec from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Innospec currently has a consensus rating of "Hold".

Innospec Stock Performance

IOSP stock opened at $95.66 on Thursday. The stock's 50 day simple moving average is $86.63 and its 200 day simple moving average is $80.82. Innospec Inc. has a fifty-two week low of $65.51 and a fifty-two week high of $96.14. The company has a market cap of $2.36 billion, a P/E ratio of 19.52, a price-to-earnings-growth ratio of 2.50 and a beta of 0.93.

Innospec (NASDAQ:IOSP - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.22. Innospec had a return on equity of 9.22% and a net margin of 6.60%.The business had revenue of $491.40 million for the quarter, compared to analyst estimates of $457.25 million. During the same quarter in the prior year, the company earned $1.26 earnings per share. The company's quarterly revenue was up 11.8% on a year-over-year basis. Equities analysts predict that Innospec Inc. will post 5.03 earnings per share for the current year.

About Innospec

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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