Geode Capital Management LLC raised its stake in shares of Innospec Inc. (NASDAQ:IOSP) by 4.9% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 200,856 shares of the specialty chemicals company’s stock after buying an additional 9,461 shares during the period. Geode Capital Management LLC owned about 0.83% of Innospec worth $13,005,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the stock. Teachers Advisors LLC boosted its stake in shares of Innospec by 371.2% in the fourth quarter. Teachers Advisors LLC now owns 193,724 shares of the specialty chemicals company’s stock valued at $13,270,000 after buying an additional 152,609 shares during the last quarter. Meritage Portfolio Management raised its position in Innospec by 1.3% in the first quarter. Meritage Portfolio Management now owns 41,235 shares of the specialty chemicals company’s stock valued at $2,670,000 after buying an additional 514 shares during the period. Comerica Bank raised its position in Innospec by 4.5% in the first quarter. Comerica Bank now owns 26,662 shares of the specialty chemicals company’s stock valued at $1,774,000 after buying an additional 1,139 shares during the period. Norges Bank purchased a new position in Innospec during the fourth quarter valued at $26,408,000. Finally, Guyasuta Investment Advisors Inc. raised its position in Innospec by 6.8% in the first quarter. Guyasuta Investment Advisors Inc. now owns 15,635 shares of the specialty chemicals company’s stock valued at $1,012,000 after buying an additional 1,000 shares during the period. Institutional investors and hedge funds own 90.28% of the company’s stock.
Shares of Innospec Inc. (NASDAQ IOSP) opened at 63.10 on Thursday. The stock’s 50 day moving average is $64.68 and its 200-day moving average is $65.18. Innospec Inc. has a 12-month low of $49.54 and a 12-month high of $74.75. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 19.36 and a beta of 1.15.
Innospec (NASDAQ:IOSP) last issued its earnings results on Tuesday, May 9th. The specialty chemicals company reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.14. Innospec had a return on equity of 14.63% and a net margin of 8.24%. The company had revenue of $294.30 million for the quarter, compared to analyst estimates of $287 million. During the same period in the prior year, the firm posted $0.93 EPS. The business’s revenue was up 38.8% compared to the same quarter last year. Equities analysts anticipate that Innospec Inc. will post $4.10 EPS for the current fiscal year.
IOSP has been the subject of several recent research reports. BidaskClub lowered shares of Innospec from a “hold” rating to a “sell” rating in a report on Thursday, June 22nd. Zacks Investment Research lowered shares of Innospec from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 12th.
About Innospec
Innospec Inc is a specialty chemicals company engaged in developing, manufacturing, blending, marketing and supplying of specialty chemicals for use as fuel additives and ingredients for personal care, home care, agrochemical, mining and other applications and oilfield chemicals. The Company operates through four business segments: Fuel Specialties, Performance Chemicals, Oilfield Services and Octane Additives.
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