Innospec Inc. (NASDAQ:IOSP) was the target of a large drop in short interest in the month of June. As of June 15th, there was short interest totalling 374,900 shares, a drop of 5.3% from the May 15th total of 395,800 shares. Based on an average daily volume of 91,100 shares, the days-to-cover ratio is presently 4.1 days. Currently, 1.6% of the shares of the stock are sold short.
IOSP has been the topic of several recent analyst reports. ValuEngine raised Zogenix from a “buy” rating to a “strong-buy” rating in a report on Thursday, June 27th. BidaskClub raised Westport Fuel Systems from a “hold” rating to a “buy” rating in a report on Friday, July 12th. Finally, Zacks Investment Research raised Vistra Energy from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a report on Saturday, July 13th.
IOSP traded down $0.58 on Friday, hitting $91.23. 69,449 shares of the company were exchanged, compared to its average volume of 138,807. The stock’s fifty day moving average price is $88.14. The company has a quick ratio of 1.45, a current ratio of 2.28 and a debt-to-equity ratio of 0.25. Innospec has a 12 month low of $53.07 and a 12 month high of $95.28. The company has a market capitalization of $2.23 billion, a PE ratio of 18.89 and a beta of 1.31.
In other Innospec news, VP Brian Watt sold 2,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $82.01, for a total value of $164,020.00. Following the completion of the transaction, the vice president now owns 30,992 shares in the company, valued at approximately $2,541,653.92. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders sold 4,300 shares of company stock valued at $356,236. 1.62% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of IOSP. Avestar Capital LLC bought a new stake in shares of Innospec during the first quarter valued at approximately $66,000. Grandfield & Dodd LLC purchased a new position in Innospec during the first quarter valued at $200,000. Campbell & CO Investment Adviser LLC purchased a new position in Innospec during the second quarter valued at $201,000. First Citizens Bank & Trust Co. purchased a new position in Innospec during the first quarter valued at $202,000. Finally, O Shares Investment Advisers LLC purchased a new position in shares of Innospec in the first quarter worth $220,000. Hedge funds and other institutional investors own 93.34% of the company’s stock.
Innospec Company Profile
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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