Innophos (NASDAQ:IPHS) has come back strong from an awful 2015, with the shares up more than 90% over the last year after a nearly 50% drop in 2015 brought about by a run of weak performance tied to iffy demand and more import competition. New management is targeting common-sense drivers for internal self-improvement, but the company's end markets remain soft and pricing is still weak. While I do think there is room for meaningful margin improvement from here, it's hard not to see today's price as an ample reflection of those expected improvements.
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Self-Improvement Not Quite Enough For Innophos