Innospec (NASDAQ:IOSP) Stock Breaks Above 200 Day Moving Average - What's Next?

Key Points

• Innospec shares broke above their 200-day moving average, reaching $97.66 and closing near $97.10, compared with a 200-day average of $85.41.
• The company’s latest quarterly results exceeded expectations: EPS was $1.27 versus a $1.05 consensus estimate, while revenue rose 11.8% year over year to $491.4 million.
• Analysts maintain a consensus “Hold” rating, despite one firm reiterating a $110 price target; institutional investors own approximately 96.64% of the stock.

Innospec Inc. (NASDAQ:IOSP - Get Free Report) passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $85.41 and traded as high as $97.66. Innospec shares last traded at $97.10, with a volume of 150,923 shares.

Analyst Upgrades and Downgrades

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

Innospec Stock Performance

The stock's 50-day simple moving average is $94.66 and its 200-day simple moving average is $85.41. The firm has a market capitalization of $2.39 billion, a PE ratio of 19.82, a P/E/G ratio of 2.58 and a beta of 0.90.

Innospec (NASDAQ:IOSP - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $1.27 EPS for the quarter, topping the consensus estimate of $1.05 by $0.22. Innospec had a net margin of 6.60% and a return on equity of 9.22%. The business had revenue of $491.40 million during the quarter, compared to analyst estimates of $457.25 million. During the same period in the prior year, the business earned $1.26 EPS. The company's revenue for the quarter was up 11.8% on a year-over-year basis. As a group, analysts predict that Innospec Inc. will post 5.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Innospec

A number of institutional investors have recently bought and sold shares of IOSP. BlackRock Inc. purchased a new position in Innospec during the 2nd quarter valued at about $356,596,000. Assenagon Asset Management S.A. boosted its stake in Innospec by 175.5% during the first quarter. Assenagon Asset Management S.A. now owns 490,884 shares of the specialty chemicals company's stock worth $35,844,000 after acquiring an additional 312,680 shares in the last quarter. Western Standard LLC purchased a new stake in Innospec in the second quarter worth about $19,276,000. Bank of America Corp DE purchased a new stake in Innospec in the second quarter worth about $19,187,000. Finally, Bank of New York Mellon Corp purchased a new stake in Innospec in the second quarter worth about $11,172,000. 96.64% of the stock is owned by institutional investors.

Innospec Company Profile

Innospec Inc NASDAQ: IOSP is a global specialty chemicals company that develops, manufactures and supplies products for the energy, transportation, personal care and industrial markets. Its offerings are designed to improve fuel performance, support industrial processes and enhance the properties of a wide range of consumer and commercial products.

The company operates through businesses focused on fuel specialties, performance chemicals and oilfield services. Its products include fuel additives, surfactants, specialty polymers and other performance chemicals used in fuel and refinery applications, home and personal care products, agriculture, construction, mining and industrial manufacturing.

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