ProShare Advisors LLC Lowers Holdings in Innospec Inc. (NASDAQ:IOSP)

ProShare Advisors LLC reduced its position in shares of Innospec Inc. (NASDAQ:IOSP) by 23.6% during the 2nd quarter, HoldingsChannel reports. The firm owned 3,843 shares of the specialty chemicals company’s stock after selling 1,187 shares during the period. ProShare Advisors LLC’s holdings in Innospec were worth $475,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Hancock Whitney Corp increased its stake in shares of Innospec by 48.6% during the second quarter. Hancock Whitney Corp now owns 5,153 shares of the specialty chemicals company’s stock valued at $637,000 after buying an additional 1,686 shares during the period. Intech Investment Management LLC purchased a new position in Innospec during the 2nd quarter valued at about $405,000. XTX Topco Ltd bought a new stake in shares of Innospec in the 2nd quarter valued at about $371,000. Renaissance Technologies LLC purchased a new stake in shares of Innospec in the 2nd quarter worth approximately $1,137,000. Finally, Inspire Advisors LLC lifted its position in shares of Innospec by 1.6% in the 2nd quarter. Inspire Advisors LLC now owns 6,819 shares of the specialty chemicals company’s stock worth $843,000 after purchasing an additional 110 shares during the period. 96.64% of the stock is currently owned by hedge funds and other institutional investors.

Innospec Trading Down 0.9 %

IOSP opened at $113.09 on Tuesday. Innospec Inc. has a 12 month low of $95.69 and a 12 month high of $133.71. The stock has a fifty day moving average price of $113.94 and a 200-day moving average price of $121.25. The firm has a market cap of $2.82 billion, a price-to-earnings ratio of 19.20 and a beta of 1.08.

Innospec (NASDAQ:IOSP) last released its quarterly 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. Innospec had a net margin of 7.90% and a return on equity of 14.15%. The business had revenue of $435.00 million during the quarter, compared to analyst estimates of $468.73 million. During the same period in the prior year, the firm posted $1.28 earnings per share. The company’s quarterly revenue was down 9.5% on a year-over-year basis. On average, equities research analysts forecast that Innospec Inc. will post 5.95 EPS for the current year.

Wall Street Analyst Weigh In

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

Insider Activity at Innospec

In other Innospec news, CFO Ian Cleminson sold 3,398 shares of Innospec stock in a transaction on Monday, August 26th. The shares were sold at an average price of $114.74, for a total value of $389,886.52. Following the transaction, the chief financial officer now directly owns 12,996 shares of the company’s stock, valued at $1,491,161.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.52% of the stock is currently owned by corporate insiders.

About Innospec

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.