Wealth Enhancement Advisory Services LLC Makes New Investment in Innospec Inc. $IOSP

Key Points

• Wealth Enhancement Advisory Services LLC recently acquired a new stake in Innospec Inc., purchasing 3,893 shares valued at approximately $345,000 during the second quarter.
• Innospec reported $1.26 earnings per share for the latest quarter, exceeding analysts' expectations of $1.17, but its revenue of $439.70 million slightly fell short of estimates.
• Shares of Innospec have seen mixed analyst ratings, with one analyst rating it as a Strong Buy and another as a Sell, leading to an overall average rating of "Moderate Buy."

Wealth Enhancement Advisory Services LLC purchased a new stake in Innospec Inc. (NASDAQ:IOSP - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,893 shares of the specialty chemicals company's stock, valued at approximately $345,000.

A number of other hedge funds also recently made changes to their positions in IOSP. Nuveen LLC purchased a new stake in shares of Innospec during the first quarter valued at approximately $42,966,000. Financial Harvest LLC acquired a new position in shares of Innospec during the first quarter valued at $41,107,000. Brown Advisory Inc. acquired a new stake in Innospec in the first quarter worth about $31,212,000. Victory Capital Management Inc. boosted its stake in 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 in the last quarter. Finally, Millennium Management LLC raised its position in Innospec by 8,176.5% in the first quarter. Millennium Management LLC now owns 170,414 shares of the specialty chemicals company's stock worth $16,147,000 after acquiring an additional 168,355 shares in the last quarter. Hedge funds and other institutional investors own 96.64% of the company's stock.

Innospec Stock Down 0.9%

Shares of Innospec stock opened at $78.10 on Wednesday. Innospec Inc. has a 12-month low of $74.10 and a 12-month high of $128.35. The stock has a market cap of $1.94 billion, a P/E ratio of 100.13 and a beta of 1.04. The business's 50 day moving average is $82.07 and its 200-day moving average is $85.75.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Wall Street Zen downgraded Innospec from a "buy" rating to a "hold" rating in a report on Saturday, September 20th. Weiss Ratings reissued a "sell (d+)" rating on shares of Innospec in a report on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy".

Innospec 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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