Innospec (NASDAQ:IOSP) Sets New 52-Week High - Here's What Happened

Key Points

• Innospec shares reached a new 52-week high of $94.56 during Tuesday trading, closing near $94.09 and well above its 50-day and 200-day moving averages.
• The specialty chemicals company beat quarterly expectations, reporting adjusted earnings of $1.27 per share versus the $1.05 estimate and revenue of $491.4 million, up 11.8% year over year.
• Analyst sentiment remains mixed but improved, with Seaport Research Partners maintaining a buy rating and $110 price target while the overall consensus rating is Hold; institutional investors own 96.64% of the stock.

Innospec Inc. (NASDAQ:IOSP - Get Free Report)'s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $94.56 and last traded at $94.09, with a volume of 33628 shares trading hands. The stock had previously closed at $92.89.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on IOSP. Weiss Ratings upgraded shares of Innospec from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday. Seaport Research Partners reiterated a "buy" rating and set a $110.00 price target on shares of Innospec in a research note on Thursday. Zacks Research raised shares of Innospec from a "strong sell" rating to a "hold" rating in a research report on Friday, April 24th. Finally, Wall Street Zen raised Innospec from a "buy" rating to a "strong-buy" rating in a report on Saturday. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has a consensus rating of "Hold".

Innospec Stock Performance

The company's 50 day simple moving average is $84.00 and its 200-day simple moving average is $79.83. The firm has a market capitalization of $2.30 billion, a PE ratio of 19.17, a PEG ratio of 2.45 and a beta of 0.93.

Innospec (NASDAQ:IOSP - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $1.27 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.22. The firm had revenue of $491.40 million during the quarter, compared to analyst estimates of $457.25 million. Innospec had a return on equity of 9.22% and a net margin of 6.60%.The business's quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.26 earnings per share. On average, equities research analysts forecast that Innospec Inc. will post 5.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Innospec

Several hedge funds and other institutional investors have recently modified their holdings of IOSP. State of Wyoming increased its holdings in Innospec by 27.5% during the second quarter. State of Wyoming now owns 801 shares of the specialty chemicals company's stock valued at $67,000 after buying an additional 173 shares during the last quarter. California State Teachers Retirement System grew its stake in shares of Innospec by 0.8% during the 2nd 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 period. Franklin Resources Inc. increased its holdings in Innospec by 0.7% in the 3rd quarter. Franklin Resources Inc. now owns 27,868 shares of the specialty chemicals company's stock worth $2,150,000 after acquiring an additional 196 shares in the last quarter. Amundi raised its stake in Innospec by 5.0% during the 3rd quarter. Amundi now owns 4,490 shares of the specialty chemicals company's stock worth $354,000 after acquiring an additional 214 shares during the period. Finally, Inspire Investing LLC raised its holdings in Innospec by 3.6% during the fourth quarter. Inspire Investing LLC now owns 6,086 shares of the specialty chemicals company's stock valued at $466,000 after acquiring an additional 214 shares during the period. 96.64% of the stock is owned by institutional investors.

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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