Algert Global LLC boosted its stake in Innospec Inc. (NASDAQ:IOSP) by 23.5% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,698 shares of the company’s stock after buying an additional 3,365 shares during the period. Algert Global LLC’s holdings in Innospec were worth $1,076,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC boosted its stake in Innospec by 2,913.8% in the second quarter. Tower Research Capital LLC TRC now owns 2,411 shares of the company’s stock valued at $111,000 after buying an additional 2,331 shares during the last quarter. PineBridge Investments L.P. boosted its position in shares of Innospec by 3.6% in the second quarter. PineBridge Investments L.P. now owns 3,039 shares of the company’s stock valued at $140,000 after buying an additional 106 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Innospec by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 3,385 shares of the company’s stock valued at $156,000 after buying an additional 411 shares in the last quarter. Mason Street Advisors LLC bought a new position in shares of Innospec during the second quarter valued at $216,000. Finally, Pacad Investment Ltd. bought a new position in shares of Innospec during the first quarter valued at $217,000. 88.71% of the stock is owned by institutional investors and hedge funds.
Innospec Inc. (NASDAQ:IOSP) opened at 61.39 on Friday. The stock has a 50 day moving average price of $59.74 and a 200 day moving average price of $52.01. Innospec Inc. has a 52 week low of $41.61 and a 52 week high of $62.33. The company has a market cap of $1.47 billion, a price-to-earnings ratio of 13.08 and a beta of 1.49.
Innospec (NASDAQ:IOSP) last released its earnings results on Tuesday, August 2nd. The company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.15. The company earned $228 million during the quarter, compared to analyst estimates of $230.30 million. Innospec had a return on equity of 17.55% and a net margin of 12.22%. Innospec’s quarterly revenue was down 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.02 earnings per share. On average, equities analysts forecast that Innospec Inc. will post $3.66 earnings per share for the current year.
Several brokerages have weighed in on IOSP. Zacks Investment Research cut Innospec from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 5th. CJS Securities raised Innospec from a “market perform” rating to an “outperform” rating and set a $63.00 price objective for the company in a report on Friday, August 5th. Finally, Monness Crespi & Hardt raised Innospec from a “neutral” rating to a “buy” rating and set a $60.00 price objective for the company in a report on Thursday, August 4th.
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.