Short Interest in Innospec Inc. (NASDAQ:IOSP) Rises By 5.9%

Innospec Inc. (NASDAQ:IOSP) saw a large increase in short interest during the month of July. As of July 31st, there was short interest totalling 221,900 shares, an increase of 5.9% from the July 15th total of 209,600 shares. Based on an average daily trading volume, of 127,600 shares, the days-to-cover ratio is currently 1.7 days. Approximately 0.9% of the company’s stock are short sold.

Innospec Trading Up 1.6 %

Innospec stock traded up $1.75 during midday trading on Monday, hitting $110.54. The stock had a trading volume of 82,006 shares, compared to its average volume of 105,604. The stock has a market cap of $2.76 billion, a P/E ratio of 18.77 and a beta of 1.10. The business has a fifty day moving average price of $121.97 and a 200 day moving average price of $123.66. Innospec has a 12 month low of $95.69 and a 12 month high of $133.71.

Innospec (NASDAQ:IOSP) last posted its earnings results on Tuesday, August 6th. The specialty chemicals company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.37 by $0.02. The company had revenue of $435.00 million during the quarter, compared to analyst estimates of $468.73 million. Innospec had a return on equity of 14.15% and a net margin of 7.90%. The business’s revenue was down 9.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.28 earnings per share. On average, equities analysts anticipate that Innospec will post 5.95 EPS for the current fiscal year.

Hedge Funds Weigh In On Innospec

Several hedge funds and other institutional investors have recently made changes to their positions in IOSP. Norges Bank acquired a new stake in Innospec in the fourth quarter worth approximately $25,925,000. Assenagon Asset Management S.A. raised its stake in Innospec by 98.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 120,082 shares of the specialty chemicals company’s stock valued at $14,841,000 after purchasing an additional 59,554 shares during the period. Vanguard Group Inc. increased its stake in shares of Innospec by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 2,953,918 shares of the specialty chemicals company’s stock worth $364,041,000 after acquiring an additional 12,562 shares during the last quarter. Evoke Wealth LLC acquired a new position in shares of Innospec in the fourth quarter worth $3,866,000. Finally, Summit Global Investments acquired a new position in shares of Innospec in the fourth quarter worth $1,057,000. 96.64% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Innospec from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th.

Innospec Company Profile

Innospec Inc develops, manufactures, blends, markets, and supplies specialty chemicals in the United States, rest of North America, the United Kingdom, rest of Europe, and internationally. The company's Fuel Specialties segment offers a range of specialty chemical products that are used as additives in additives in diesel, jet, marine, fuel oil and other fuels.