Proficio Capital Partners LLC acquired a new stake in shares of Innospec Inc. (NASDAQ:IOSP - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 14,748 shares of the specialty chemicals company's stock, valued at approximately $1,623,000. Proficio Capital Partners LLC owned about 0.06% of Innospec as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also made changes to their positions in the stock. Pacer Advisors Inc. acquired a new stake in Innospec during the fourth quarter valued at approximately $53,457,000. JPMorgan Chase & Co. raised its holdings in shares of Innospec by 24.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 266,688 shares of the specialty chemicals company's stock worth $30,160,000 after buying an additional 52,640 shares in the last quarter. Edgestream Partners L.P. bought a new position in shares of Innospec during the 3rd quarter worth approximately $5,486,000. Barclays PLC boosted its stake in Innospec by 357.1% in the 3rd quarter. Barclays PLC now owns 44,559 shares of the specialty chemicals company's stock valued at $5,039,000 after buying an additional 34,811 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Innospec in the 3rd quarter valued at $3,726,000. Institutional investors and hedge funds own 96.64% of the company's stock.
Innospec Trading Down 2.4 %
IOSP stock traded down $2.41 during trading on Friday, hitting $96.01. The company had a trading volume of 1,456,569 shares, compared to its average volume of 126,937. The company has a fifty day moving average price of $106.94 and a two-hundred day moving average price of $110.87. The company has a market cap of $2.40 billion, a P/E ratio of 67.61 and a beta of 1.08. Innospec Inc. has a fifty-two week low of $95.17 and a fifty-two week high of $133.71.
Innospec (NASDAQ:IOSP - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The specialty chemicals company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.36 by $0.05. The business had revenue of $466.80 million for the quarter, compared to analyst estimates of $447.43 million. Innospec had a return on equity of 12.27% and a net margin of 1.93%. On average, analysts expect that Innospec Inc. will post 6.18 earnings per share for the current year.
Innospec declared that its Board of Directors has initiated a stock repurchase plan on Monday, March 10th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the specialty chemicals company to reacquire up to 2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its stock is undervalued.
Insiders Place Their Bets
In other Innospec news, VP Philip John Boon sold 3,754 shares of the business's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $103.30, for a total value of $387,788.20. Following the transaction, the vice president now owns 20,079 shares of the company's stock, valued at approximately $2,074,160.70. The trade was a 15.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Corbin Barnes sold 2,692 shares of the business's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $103.30, for a total value of $278,083.60. Following the completion of the transaction, the senior vice president now directly owns 8,051 shares in the company, valued at approximately $831,668.30. This represents a 25.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,696 shares of company stock valued at $794,853. 1.52% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
Separately, StockNews.com lowered Innospec from a "buy" rating to a "hold" rating in a research note on Friday, March 14th.
Read Our Latest Stock Report on Innospec
Innospec Company Profile
(
Free Report)
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.
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