First Citizens Bank & Trust Co. cut its stake in shares of Innospec Inc. (NASDAQ:IOSP) by 8.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,139 shares of the company’s stock after selling 786 shares during the period. First Citizens Bank & Trust Co.’s holdings in Innospec were worth $374,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Eagle Asset Management Inc. increased its stake in shares of 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 in the last quarter. Hillcrest Asset Management LLC purchased a new stake in shares of Innospec during the first quarter valued at $5,484,000. Renaissance Technologies LLC increased its stake in shares of Innospec by 48.6% in the first quarter. Renaissance Technologies LLC now owns 278,400 shares of the company’s stock valued at $12,071,000 after buying an additional 91,005 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Innospec during the second quarter valued at $2,771,000. Finally, James Investment Research Inc. increased its stake in shares of 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 in the last quarter. 88.69% of the stock is currently owned by institutional investors and hedge funds.
Innospec Inc. (NASDAQ:IOSP) traded up 1.03% on Tuesday, reaching $61.96. 95,075 shares of the company traded hands. The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of 13.20 and a beta of 1.49. The stock has a 50 day moving average of $59.87 and a 200-day moving average of $52.38. Innospec Inc. has a 1-year low of $41.61 and a 1-year high of $62.33.
Innospec (NASDAQ:IOSP) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $1.03 EPS for the quarter, topping 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 net margin of 12.22% and a return on equity of 17.55%. The firm’s revenue was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.02 EPS. On average, equities analysts anticipate that Innospec Inc. will post $3.66 EPS for the current year.
IOSP has been the topic of several recent analyst reports. Monness Crespi & Hardt raised shares of Innospec from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a research note on Thursday, August 4th. Zacks Investment Research downgraded shares of Innospec from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 5th. Finally, CJS Securities raised shares of Innospec from a “market perform” rating to an “outperform” rating and set a $63.00 target price on the stock in a research note on Friday, August 5th.
Innospec Company Profile
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.
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