Geode Capital Management LLC Boosts Position in Innospec Inc. (NASDAQ:IOSP)

Geode Capital Management LLC increased its position in shares of Innospec Inc. (NASDAQ:IOSP - Free Report) by 3.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 677,283 shares of the specialty chemicals company's stock after purchasing an additional 24,843 shares during the period. Geode Capital Management LLC owned 2.72% of Innospec worth $76,606,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC grew its position in Innospec by 4.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,405,770 shares of the specialty chemicals company's stock valued at $272,069,000 after acquiring an additional 105,311 shares in the last quarter. Wasatch Advisors LP raised its holdings in shares of Innospec by 0.6% in the third quarter. Wasatch Advisors LP now owns 1,805,546 shares of the specialty chemicals company's stock worth $204,189,000 after acquiring an additional 11,231 shares during the last quarter. State Street Corp lifted its stake in shares of Innospec by 2.1% during the 3rd quarter. State Street Corp now owns 996,281 shares of the specialty chemicals company's stock worth $112,669,000 after purchasing an additional 20,744 shares during the period. Victory Capital Management Inc. boosted its position in shares of Innospec by 4.8% in the third quarter. Victory Capital Management Inc. now owns 908,032 shares of the specialty chemicals company's stock worth $102,689,000 after acquiring an additional 41,449 shares during the last quarter. Finally, Royce & Associates LP increased its position in Innospec by 9.3% during the 3rd quarter. Royce & Associates LP now owns 835,333 shares of the specialty chemicals company's stock worth $94,468,000 after purchasing an additional 70,902 shares in the last quarter. Hedge funds and other institutional investors own 96.64% of the company's stock.

Insider Buying and Selling at Innospec

In other Innospec news, Director Milton C. Blackmore sold 1,035 shares of the company's stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $122.92, for a total transaction of $127,222.20. Following the transaction, the director now owns 9,028 shares in the company, valued at approximately $1,109,721.76. This represents a 10.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.52% of the company's stock.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Innospec from a "strong-buy" rating to a "buy" rating in a research note on Wednesday.

Innospec Trading Up 0.5 %

Shares of NASDAQ IOSP traded up $0.54 during midday trading on Friday, reaching $109.71. The company's stock had a trading volume of 815,787 shares, compared to its average volume of 111,774. Innospec Inc. has a one year low of $103.97 and a one year high of $133.71. The company has a market cap of $2.74 billion, a price-to-earnings ratio of 19.15 and a beta of 1.09. The company has a 50 day moving average price of $115.50 and a 200 day moving average price of $116.96.

Innospec (NASDAQ:IOSP - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.35 earnings per share for the quarter, meeting analysts' consensus estimates of $1.35. Innospec had a return on equity of 13.33% and a net margin of 7.68%. The firm had revenue of $443.40 million for the quarter, compared to analysts' expectations of $442.13 million. During the same period in the prior year, the business posted $1.59 earnings per share. The business's revenue was down 4.5% compared to the same quarter last year. Research analysts anticipate that Innospec Inc. will post 5.88 earnings per share for the current fiscal year.

Innospec Increases Dividend

The business also recently declared a Semi-Annual dividend, which was paid on Tuesday, November 26th. Investors of record on Monday, November 18th were paid a $0.79 dividend. This is a boost from Innospec's previous Semi-Annual dividend of $0.72. This represents a dividend yield of 1.3%. The ex-dividend date of this dividend was Monday, November 18th. Innospec's payout ratio is 27.57%.

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.