Raymond James Financial Inc. Sells 3,520 Shares of Innospec Inc. $IOSP

Key Points

• Raymond James Financial Inc. reduced its holdings in Innospec Inc. by 1.8% in Q1, owning 187,216 shares valued at approximately $17.7 million after selling 3,520 shares.
• Innospec's shares were downgraded from a "buy" to a "hold" rating by Wall Street Zen, although the stock still has a consensus rating of "Strong Buy" based on other analysts' evaluations.
• The company reported earnings of $1.26 per share for the last quarter, surpassing analysts' expectations, with revenues of $439.7 million, showing a year-over-year growth of 1.1%.

Raymond James Financial Inc. cut its stake in shares of Innospec Inc. (NASDAQ:IOSP - Free Report) by 1.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 187,216 shares of the specialty chemicals company's stock after selling 3,520 shares during the period. Raymond James Financial Inc. owned about 0.75% of Innospec worth $17,739,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of IOSP. Nuveen LLC acquired a new position in shares of Innospec during the first quarter worth $42,966,000. Financial Harvest LLC acquired a new position in shares of Innospec during the first quarter worth $41,107,000. Brown Advisory Inc. acquired a new stake in Innospec in the first quarter valued at $31,212,000. Victory Capital Management Inc. increased its holdings in Innospec by 20.0% in the first quarter. Victory Capital Management Inc. now owns 1,106,482 shares of the specialty chemicals company's stock valued at $104,839,000 after purchasing an additional 184,262 shares during the period. Finally, Westwood Holdings Group Inc. increased its holdings in Innospec by 28.3% in the first quarter. Westwood Holdings Group Inc. now owns 382,410 shares of the specialty chemicals company's stock valued at $36,233,000 after purchasing an additional 84,314 shares during the period. 96.64% of the stock is currently owned by institutional investors and hedge funds.

Innospec Price Performance

NASDAQ IOSP traded down $0.50 on Tuesday, reaching $87.09. The company had a trading volume of 118,104 shares, compared to its average volume of 175,223. The firm has a market cap of $2.16 billion, a price-to-earnings ratio of 111.65 and a beta of 1.11. The business has a 50 day moving average of $84.61 and a two-hundred day moving average of $89.25. Innospec Inc. has a fifty-two week low of $74.10 and a fifty-two week high of $128.35.

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

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded Innospec from a "buy" rating to a "hold" rating in a report on Tuesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, According to MarketBeat, the stock presently 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.