Innophos (NASDAQ:IPHS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday, Zacks.com reports. The brokerage presently has a $31.00 price target on the specialty chemicals company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.52% from the company’s previous close.
According to Zacks, “Innophos, Inc., is one of the leading North American manufacturers of specialty phosphates, serving a diverse range of customers across multiple applications, geographies and channels. Innophos offers a broad suite of products used in a wide variety of food and beverage, consumer products, pharmaceutical and industrial applications. Innophos’ market-leading positions derive from its experience and dedication to customer service and innovation. “
A number of other analysts have also recently issued reports on the company. BidaskClub raised Zai Lab from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 28th. TheStreet cut ZovioInc . from a “c-” rating to a “d” rating in a research report on Thursday, May 23rd. Two research analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $31.00.
Innophos (NASDAQ:IPHS) last issued its quarterly earnings results on Tuesday, April 30th. The specialty chemicals company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.14. The business had revenue of $191.41 million for the quarter, compared to the consensus estimate of $199.90 million. Innophos had a return on equity of 13.09% and a net margin of 4.30%. Innophos’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.61 earnings per share. On average, equities research analysts expect that Innophos will post 2.36 EPS for the current year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Versant Capital Management Inc boosted its position in Innophos by 75.0% during the first quarter. Versant Capital Management Inc now owns 1,612 shares of the specialty chemicals company’s stock valued at $48,000 after purchasing an additional 691 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of Innophos by 14.1% in the fourth quarter. Public Employees Retirement System of Ohio now owns 2,708 shares of the specialty chemicals company’s stock worth $66,000 after buying an additional 334 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its position in shares of Innophos by 353.5% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 6,403 shares of the specialty chemicals company’s stock worth $157,000 after buying an additional 4,991 shares during the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of Innophos by 87.6% in the first quarter. BNP Paribas Arbitrage SA now owns 5,504 shares of the specialty chemicals company’s stock worth $166,000 after buying an additional 2,570 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Innophos in the first quarter worth about $203,000. 93.43% of the stock is owned by hedge funds and other institutional investors.
Innophos Holdings, Inc, together with its subsidiaries, produces specialty ingredients with applications in food, health, nutrition, and industrial markets. It operates through three segments: Food, Health and Nutrition; Industrial Specialties; and Other. The company's specialty ingredients include specialty phosphate salts and specialty phosphoric acids, as well as other mineral, enzyme, and botanical based specialty ingredients that are used as flavor enhancers in beverages; electrolytes in sports drinks; texture modifiers in cheeses; leavening agents in baked goods; calcium and phosphorus fortification in food and beverages; moisture and color retention in seafood, poultry, and meat; excipients in vitamins, minerals, nutritional supplements, and pharmaceuticals; and abrasives in toothpaste.
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