Municipal Employees Retirement System of Michigan boosted its stake in shares of Innospec Inc. (NASDAQ:IOSP) by 14.1% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 9,700 shares of the specialty chemicals company’s stock after buying an additional 1,200 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Innospec were worth $885,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Avestar Capital LLC acquired a new position in Innospec during the first quarter valued at approximately $66,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Innospec during the second quarter valued at approximately $108,000. Campbell & CO Investment Adviser LLC acquired a new position in Innospec during the second quarter valued at approximately $201,000. Csenge Advisory Group acquired a new position in Innospec during the second quarter valued at approximately $208,000. Finally, Grandfield & Dodd LLC acquired a new position in Innospec during the first quarter valued at approximately $200,000. 94.32% of the stock is owned by hedge funds and other institutional investors.
NASDAQ:IOSP opened at $84.47 on Friday. The company has a quick ratio of 1.32, a current ratio of 2.14 and a debt-to-equity ratio of 0.19. The stock’s 50 day moving average price is $91.28 and its two-hundred day moving average price is $84.38. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of 17.49 and a beta of 1.29. Innospec Inc. has a 12-month low of $53.07 and a 12-month high of $96.23.
Innospec (NASDAQ:IOSP) last released its quarterly earnings data on Tuesday, August 6th. The specialty chemicals company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.02. The firm had revenue of $362.40 million for the quarter, compared to analyst estimates of $371.20 million. Innospec had a return on equity of 15.11% and a net margin of 6.10%. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.80 earnings per share. Equities research analysts expect that Innospec Inc. will post 5.15 EPS for the current year.
Several research analysts recently commented on IOSP shares. ValuEngine cut Innospec from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Zacks Investment Research cut Innospec from a “buy” rating to a “hold” rating in a research report on Saturday, July 13th. Finally, BidaskClub cut Innospec from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th.
In other Innospec news, VP Catherine Hessner sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $83.64, for a total value of $167,280.00. Following the sale, the vice president now owns 20,923 shares in the company, valued at $1,749,999.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 4,300 shares of company stock worth $356,236 in the last 90 days. Corporate insiders own 1.62% of the company’s stock.
Innospec Inc develops, manufactures, blends, markets, and supplies specialty chemicals worldwide. It operates through four segments: Fuel Specialties, Performance Chemicals, Oilfield Services, and Octane Additives. The Fuel Specialties segment offers a range of specialty chemical products used as additives in various fuels.
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