Innospec (NASDAQ:IOSP) Sets New 12-Month High - Here's Why

Key Points

• Innospec shares reached a new 52-week high, trading as high as $100.48 and last changing hands near $100.50, above the previous close of $98.64.
• The company reported stronger-than-expected quarterly results, with EPS of $1.27 versus the $1.05 consensus estimate and revenue of $491.4 million, up 11.8% year over year.
• Analysts have a consensus “Hold” rating, although Seaport Research Partners maintained a “Buy” rating with a $110 price target; institutional investors own 96.64% of the stock.

Innospec Inc. (NASDAQ:IOSP - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday. The stock traded as high as $100.48 and last traded at $100.50, with a volume of 34,566 shares changing hands. The stock had previously closed at $98.64.

Wall Street Analysts Forecast Growth

IOSP has been the topic of a number of recent analyst reports. Wall Street Zen cut shares of Innospec from a "strong-buy" rating to a "buy" rating in a research report on Saturday, September 26th. Weiss Ratings upgraded shares of Innospec from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, October 8th. Finally, Seaport Research Partners reissued a "buy" rating and issued a $110.00 price target on shares of Innospec in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, Innospec currently has a consensus rating of "Hold".

Innospec Price Performance

The business has a 50 day simple moving average of $95.37 and a 200 day simple moving average of $86.64. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of 20.35, a PEG ratio of 2.63 and a beta of 0.90.

Innospec (NASDAQ:IOSP - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.22. The firm had revenue of $491.40 million for the quarter, compared to the consensus estimate of $457.25 million. Innospec had a return on equity of 9.22% and a net margin of 6.60%. The company's quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.26 EPS. On average, equities research analysts predict that Innospec Inc. will post 5.01 EPS for the current year.

Institutional Investors Weigh In On Innospec

Large investors have recently modified their holdings of the company. Root Financial Partners LLC purchased a new position in Innospec in the third quarter valued at about $30,000. Farther Finance Advisors LLC increased its holdings in Innospec by 94.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 675 shares of the specialty chemicals company's stock worth $64,000 after purchasing an additional 327 shares during the last quarter. Allworth Financial LP increased its holdings in Innospec by 40.9% during the 2nd quarter. Allworth Financial LP now owns 1,310 shares of the specialty chemicals company's stock worth $107,000 after purchasing an additional 380 shares during the last quarter. Rockefeller Capital Management L.P. raised its position in shares of Innospec by 125.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 728 shares of the specialty chemicals company's stock valued at $56,000 after purchasing an additional 405 shares in the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in shares of Innospec in the 2nd quarter valued at approximately $36,000. 96.64% of the stock is owned by hedge funds and other institutional investors.

Innospec Company Profile

Innospec Inc NASDAQ: IOSP is a global specialty chemicals company that develops, manufactures and markets products used in the fuel, oilfield, personal care and industrial markets. The company serves customers through a portfolio of chemical additives, formulations and technical services designed to improve product performance, efficiency and reliability.

Innospec operates through businesses focused on fuel specialties, performance chemicals and oilfield services. Its fuel-related products include fuel additives for gasoline, diesel, marine and other applications, including detergents, lubricity improvers, cetane improvers and other performance-enhancing formulations.

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