Innophos (NASDAQ:IPHS) Upgraded to “Buy” by Zacks Investment Research

Innophos (NASDAQ:IPHS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has a $31.00 price objective on the specialty chemicals company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.52% from the stock’s current price.

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. “

Several other equities research analysts have also weighed in on IPHS. BidaskClub upgraded Zai Lab from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 28th. TheStreet lowered ZovioInc . from a “c-” rating to a “d” rating in a research note on Thursday, May 23rd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $31.00.

IPHS traded up $0.01 on Wednesday, hitting $27.55. 141 shares of the stock traded hands, compared to its average volume of 72,542. Innophos has a 52 week low of $22.57 and a 52 week high of $50.40. The company has a quick ratio of 1.49, a current ratio of 3.14 and a debt-to-equity ratio of 0.95. The company has a market cap of $539.15 million, a price-to-earnings ratio of 12.08 and a beta of 1.41. The business has a fifty day moving average of $27.82.

Innophos (NASDAQ:IPHS) last issued its quarterly earnings results on Tuesday, April 30th. The specialty chemicals company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.14. Innophos had a return on equity of 13.09% and a net margin of 4.30%. The firm had revenue of $191.41 million for the quarter, compared to analyst estimates of $199.90 million. During the same period in the previous year, the company posted $0.61 earnings per share. The company’s quarterly revenue was down 6.8% compared to the same quarter last year. On average, research analysts forecast that Innophos will post 2.36 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc grew its stake in shares of Innophos by 75.0% in the 1st 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 period. Public Employees Retirement System of Ohio grew its stake in shares of Innophos by 14.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 2,708 shares of the specialty chemicals company’s stock valued at $66,000 after purchasing an additional 334 shares during the period. BNP Paribas Arbitrage SA grew its stake in shares of Innophos by 87.6% in the 1st quarter. BNP Paribas Arbitrage SA now owns 5,504 shares of the specialty chemicals company’s stock valued at $166,000 after purchasing an additional 2,570 shares during the period. Metropolitan Life Insurance Co. NY grew its stake in shares of Innophos by 353.5% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 6,403 shares of the specialty chemicals company’s stock valued at $157,000 after purchasing an additional 4,991 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Innophos in the 1st quarter valued at approximately $203,000. Institutional investors own 93.43% of the company’s stock.

About Innophos

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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