Rhumbline Advisers Increases Stake in Innospec Inc. $IOSP

Key Points

• Rhumbline Advisers increased its stake in Innospec Inc. by 9.3%, bringing its total ownership to 77,760 shares valued at approximately $7.37 million.
• Multiple hedge funds, including Vanguard Group and Victory Capital Management, have also increased their holdings in Innospec, reflecting overall strong institutional interest with 96.64% of the stock owned by institutional investors.
• Analysts upgraded Innospec from a "hold" to a "buy" rating, contributing to a positive outlook with a consensus "Strong Buy" rating as per recent evaluations.

Rhumbline Advisers lifted its stake in shares of Innospec Inc. (NASDAQ:IOSP - Free Report) by 9.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 77,760 shares of the specialty chemicals company's stock after buying an additional 6,602 shares during the quarter. Rhumbline Advisers owned about 0.31% of Innospec worth $7,368,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Innospec by 0.9% during the first quarter. Vanguard Group Inc. now owns 3,210,768 shares of the specialty chemicals company's stock valued at $304,220,000 after buying an additional 30,031 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Innospec by 0.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,404,825 shares of the specialty chemicals company's stock valued at $227,352,000 after buying an additional 19,018 shares during the period. Victory Capital Management Inc. increased its position in shares of Innospec by 20.0% during 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 buying an additional 184,262 shares during the period. Nuveen LLC purchased a new position in shares of Innospec during the first quarter valued at about $42,966,000. Finally, Financial Harvest LLC purchased a new stake in Innospec in the first quarter worth about $41,107,000. Hedge funds and other institutional investors own 96.64% of the company's stock.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of Innospec from a "hold" rating to a "buy" rating in a report on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, Innospec has an average rating of "Strong Buy".

Innospec Stock Performance

Shares of IOSP opened at $83.65 on Friday. The stock has a market cap of $2.08 billion, a PE ratio of 107.24 and a beta of 1.11. Innospec Inc. has a fifty-two week low of $74.10 and a fifty-two week high of $128.35. The firm's 50-day simple moving average is $84.46 and its two-hundred day simple moving average is $88.39.

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

Innospec Company Profile

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.

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