Innospec (NASDAQ:IOSP) Share Price Crosses Above 200-Day Moving Average – What’s Next?

Shares of Innospec Inc. (NASDAQ:IOSP) crossed 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.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Wall Street Zen cut shares of Innospec from a “strong-buy” rating to a “buy” rating in a 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 set a $110.00 price target on shares of Innospec in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Hold rating. According to data from MarketBeat, the company currently has an average rating of “Hold”.

Innospec Stock Up 0.2%

The company has a market cap of $2.38 billion, a price-to-earnings ratio of 19.76, a price-to-earnings-growth ratio of 2.57 and a beta of 0.90. The company has a fifty day simple moving average of $94.76 and a two-hundred day simple moving average of $85.58.

Innospec (NASDAQ:IOSP) last announced its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $1.27 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.22. The business had revenue of $491.40 million during the quarter, compared to analysts’ expectations of $457.25 million. Innospec had a return on equity of 9.22% and a net margin of 6.60%. The business’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter last year, the business posted $1.26 earnings per share. On average, research analysts predict that Innospec Inc. will post 5.03 EPS for the current year.

Hedge Funds Weigh In On Innospec

Hedge funds have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC increased its holdings in shares of Innospec by 94.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 675 shares of the specialty chemicals company’s stock valued at $64,000 after acquiring an additional 327 shares during the last quarter. Allworth Financial LP raised its position in shares of Innospec by 40.9% during the 2nd quarter. Allworth Financial LP now owns 1,310 shares of the specialty chemicals company’s stock valued at $107,000 after acquiring an additional 380 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in shares of Innospec by 125.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 728 shares of the specialty chemicals company’s stock valued at $56,000 after acquiring an additional 405 shares in the last quarter. Meeder Asset Management Inc. bought a new position in Innospec during the second quarter worth $36,000. Finally, First Trust Advisors LP lifted its stake in Innospec by 3.6% during the first quarter. First Trust Advisors LP now owns 12,716 shares of the specialty chemicals company’s stock worth $929,000 after purchasing an additional 440 shares during the last quarter. 96.64% of the stock is currently owned by hedge funds and other institutional investors.

About Innospec

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.