Summit Global Investments Makes New $1.05 Million Investment in Innospec Inc. $IOSP

Summit Global Investments purchased a new position in shares of Innospec Inc. (NASDAQ:IOSP) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 14,430 shares of the specialty chemicals company’s stock, valued at approximately $1,054,000. Summit Global Investments owned approximately 0.06% of Innospec as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IOSP. Allworth Financial LP boosted its position in Innospec by 31.0% during the third quarter. Allworth Financial LP now owns 588 shares of the specialty chemicals company’s stock worth $45,000 after purchasing an additional 139 shares during the period. State of Wyoming raised its position in shares of Innospec by 27.5% in the second quarter. State of Wyoming now owns 801 shares of the specialty chemicals company’s stock valued at $67,000 after purchasing an additional 173 shares during the period. California State Teachers Retirement System lifted its stake in shares of Innospec by 0.8% in the second quarter. California State Teachers Retirement System now owns 23,062 shares of the specialty chemicals company’s stock worth $1,939,000 after buying an additional 179 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Innospec by 0.7% in the third quarter. Franklin Resources Inc. now owns 27,868 shares of the specialty chemicals company’s stock worth $2,150,000 after buying an additional 196 shares during the last quarter. Finally, Amundi boosted its holdings in shares of Innospec by 5.0% during the 3rd quarter. Amundi now owns 4,490 shares of the specialty chemicals company’s stock worth $354,000 after buying an additional 214 shares during the period. 96.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on IOSP. Zacks Research upgraded Innospec from a “strong sell” rating to a “hold” rating in a research note on Friday, April 24th. Weiss Ratings upgraded Innospec from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, July 1st. Finally, Wall Street Zen upgraded Innospec from a “hold” rating to a “buy” rating in a research note on Saturday. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

Innospec Price Performance

Innospec stock opened at $84.50 on Wednesday. The company has a market capitalization of $2.08 billion, a PE ratio of 18.41, a price-to-earnings-growth ratio of 2.32 and a beta of 0.93. Innospec Inc. has a one year low of $65.51 and a one year high of $92.14. The business has a 50 day simple moving average of $81.96 and a 200 day simple moving average of $79.03.

Innospec (NASDAQ:IOSP) last announced its quarterly earnings results on Friday, May 8th. The specialty chemicals company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.03. Innospec had a return on equity of 9.32% and a net margin of 6.38%.The firm had revenue of $453.20 million for the quarter, compared to analysts’ expectations of $432.14 million. During the same period in the prior year, the business posted $1.42 earnings per share. The business’s revenue was up 2.8% compared to the same quarter last year. Equities analysts anticipate that Innospec Inc. will post 4.84 earnings per share for the current fiscal year.

Innospec Announces Dividend

The company also recently announced a dividend, which was paid on Friday, May 29th. Stockholders of record on Tuesday, May 19th were paid a $0.92 dividend. This represents a dividend yield of 239.0%. The ex-dividend date was Tuesday, May 19th. Innospec’s payout ratio is currently 40.09%.

Innospec Company Profile

Innospec Incorporated (NASDAQ: IOSP) is a global specialty chemicals company headquartered in Cleveland, Ohio. The company operates through three principal business segments: Fuel Specialties, Oilfield Services, and Performance Chemicals. In the Fuel Specialties segment, Innospec develops and supplies additives designed to enhance octane levels, improve combustion efficiency, reduce emissions and prevent deposit formation in gasoline and diesel engines. Its Oilfield Services division provides chemical technologies—such as surfactants, corrosion inhibitors and demulsifiers—to support exploration, drilling, production optimization and enhanced oil recovery operations.