Innospec Inc. (NASDAQ:IOSP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
According to Zacks, “Octel Corp. is a major manufacturer and distributor of fuel additives and other specialty chemicals. Their products are sold globally, primarily to oil refineries. Principal product lines are lead alkyl antiknock compound, other petroleum additives and performance chemicals. “
Several other research analysts have also issued reports on IOSP. Monness Crespi & Hardt upped their target price on Innospec from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, November 4th. CJS Securities raised Innospec from a “market perform” rating to an “outperform” rating and set a $63.00 price objective on the stock in a report on Friday, August 5th.
Shares of Innospec (NASDAQ:IOSP) traded down 0.37% on Wednesday, reaching $66.60. The company’s stock had a trading volume of 35,124 shares. Innospec has a 12-month low of $41.61 and a 12-month high of $67.25. The stock has a market cap of $1.60 billion, a PE ratio of 17.95 and a beta of 1.32. The firm has a 50 day moving average price of $61.02 and a 200-day moving average price of $54.98.
Innospec (NASDAQ:IOSP) last announced its earnings results on Wednesday, November 2nd. The company reported $0.78 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.01. Innospec had a return on equity of 15.53% and a net margin of 10.17%. The company had revenue of $205.50 million for the quarter, compared to analyst estimates of $232.15 million. During the same period in the prior year, the company posted $1.45 EPS. The firm’s quarterly revenue was down 19.2% compared to the same quarter last year. Equities research analysts expect that Innospec will post $3.72 EPS for the current year.
The company also recently announced a semiannual dividend, which was paid on Thursday, November 24th. Stockholders of record on Tuesday, November 15th were given a $0.34 dividend. This represents a dividend yield of 1.23%. The ex-dividend date of this dividend was Thursday, November 10th. This is an increase from Innospec’s previous semiannual dividend of $0.33. Innospec’s dividend payout ratio (DPR) is 18.38%.
In related news, Director Hugh Aldous sold 672 shares of Innospec stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $63.15, for a total transaction of $42,436.80. Following the transaction, the director now owns 15,060 shares in the company, valued at $951,039. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Ian Malcolm Mcrobbie sold 20,614 shares of Innospec stock in a transaction that occurred on Tuesday, November 22nd. The stock was sold at an average price of $66.27, for a total value of $1,366,089.78. Following the transaction, the vice president now owns 42,543 shares in the company, valued at approximately $2,819,324.61. The disclosure for this sale can be found here. 2.56% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in the company. Bank of Montreal Can acquired a new stake in Innospec during the second quarter valued at about $2,771,000. Eagle Asset Management Inc. boosted its stake in Innospec by 311.7% in the second quarter. Eagle Asset Management Inc. now owns 214,979 shares of the company’s stock valued at $9,886,000 after buying an additional 162,756 shares during the period. James Investment Research Inc. boosted its stake in Innospec by 9.6% in the second quarter. James Investment Research Inc. now owns 454,639 shares of the company’s stock valued at $20,909,000 after buying an additional 39,930 shares during the period. Capstone Asset Management Co. boosted its stake in Innospec by 8.7% in the second quarter. Capstone Asset Management Co. now owns 9,510 shares of the company’s stock valued at $437,000 after buying an additional 760 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its stake in Innospec by 104.9% in the second quarter. BNP Paribas Arbitrage SA now owns 7,791 shares of the company’s stock valued at $358,000 after buying an additional 3,988 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.
Innospec Inc develops, manufactures, blends, markets and supplies fuel additives, oilfield chemicals, personal care and fragrance ingredients and other specialty chemicals. The Company operates in three segments: Fuel Specialties, Performance Chemicals and Octane Additives. The Company’s products are sold to oil and gas exploration and production companies, oil refineries, personal care and fragrance companies, and other chemical and industrial companies.