Innospec (NASDAQ:IOSP) Rating Increased to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Innospec from a “hold” to a “buy,” adding to a series of mixed analyst views that still leave the stock with an average Hold rating.
• Innospec recently reported Q1 earnings and revenue that topped estimates, with EPS of $1.05 versus $1.02 expected and revenue of $453.2 million versus $432.14 million estimated.
• The stock was trading at $84.25 on Friday, near its 52-week range of $65.51 to $92.14, while institutional investors continue to hold the vast majority of shares.

Innospec (NASDAQ:IOSP - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

Other analysts have also issued research reports about the company. Zacks Research upgraded Innospec from a "strong sell" rating to a "hold" rating in a report on Friday, April 24th. Weiss Ratings upgraded Innospec from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, July 1st. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Innospec currently has an average rating of "Hold".

Innospec Stock Performance

NASDAQ:IOSP opened at $84.25 on Friday. Innospec has a one year low of $65.51 and a one year high of $92.14. The firm has a market cap of $2.08 billion, a P/E ratio of 18.36, a P/E/G ratio of 2.36 and a beta of 0.93. The firm has a 50-day simple moving average of $81.82 and a 200-day simple moving average of $78.93.

Innospec (NASDAQ:IOSP - Get Free Report) last released its quarterly earnings data on Friday, May 8th. The specialty chemicals company reported $1.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.03. The firm had revenue of $453.20 million for the quarter, compared to the consensus estimate of $432.14 million. Innospec had a net margin of 6.38% and a return on equity of 9.32%. The company's quarterly revenue was up 2.8% on a year-over-year basis. During the same period last year, the firm earned $1.42 earnings per share. On average, research analysts predict that Innospec will post 4.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Innospec

Hedge funds and other institutional investors have recently bought and sold shares of the company. Baird Financial Group Inc. grew its holdings in Innospec by 11.5% in the first quarter. Baird Financial Group Inc. now owns 2,170 shares of the specialty chemicals company's stock worth $206,000 after purchasing an additional 223 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Innospec by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,833 shares of the specialty chemicals company's stock valued at $1,405,000 after purchasing an additional 645 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Innospec by 8,176.5% during the 1st quarter. Millennium Management LLC now owns 170,414 shares of the specialty chemicals company's stock valued at $16,147,000 after purchasing an additional 168,355 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of Innospec by 37.4% in the 1st quarter. NewEdge Advisors LLC now owns 4,567 shares of the specialty chemicals company's stock worth $433,000 after purchasing an additional 1,243 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Innospec by 6.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 132,399 shares of the specialty chemicals company's stock worth $12,545,000 after purchasing an additional 8,014 shares in the last quarter. Hedge funds and other institutional investors own 96.64% of the company's stock.

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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