Geode Capital Management LLC grew its stake in Innospec Inc. (NASDAQ:IOSP - Free Report) by 2.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 692,071 shares of the specialty chemicals company's stock after acquiring an additional 14,788 shares during the quarter. Geode Capital Management LLC owned about 2.77% of Innospec worth $76,184,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Pacer Advisors Inc. purchased a new position in shares of Innospec during the 4th quarter worth $53,457,000. Raymond James Financial Inc. purchased a new position in Innospec during the fourth quarter worth about $20,992,000. Norges Bank acquired a new stake in Innospec in the 4th quarter worth about $11,312,000. JPMorgan Chase & Co. boosted its stake in 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 during the last quarter. Finally, Barclays PLC grew its holdings 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 during the period. Institutional investors and hedge funds own 96.64% of the company's stock.
Innospec Trading Down 0.0 %
Shares of Innospec stock traded down $0.03 during trading hours on Thursday, reaching $85.46. The stock had a trading volume of 28,828 shares, compared to its average volume of 146,054. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of 60.18 and a beta of 1.03. Innospec Inc. has a 1 year low of $80.32 and a 1 year high of $133.71. The firm has a 50 day simple moving average of $97.71 and a two-hundred day simple moving average of $108.17.
Innospec (NASDAQ:IOSP - Get Free Report) last posted its earnings results on Tuesday, February 18th. The specialty chemicals company reported $1.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.36 by $0.05. The firm had revenue of $466.80 million during the quarter, compared to the consensus estimate of $447.43 million. Innospec had a net margin of 1.93% and a return on equity of 12.27%. Sell-side analysts forecast that Innospec Inc. will post 6.18 EPS for the current year.
Innospec announced that its Board of Directors has initiated a stock buyback plan on Monday, March 10th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the specialty chemicals company to reacquire up to 2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.
Insider Transactions at Innospec
In related news, VP Philip John Boon sold 3,754 shares of the 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 completion of the sale, the vice president now directly owns 20,079 shares in the company, valued at approximately $2,074,160.70. This represents a 15.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Corbin Barnes sold 2,692 shares of the firm's stock in a transaction dated Friday, February 21st. The shares were 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 $831,668.30. This trade represents a 25.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,696 shares of company stock valued at $794,853 over the last 90 days. Corporate insiders own 1.31% of the company's stock.
Wall Street Analysts Forecast Growth
Separately, StockNews.com lowered shares of Innospec from a "buy" rating to a "hold" rating in a report on Wednesday, April 2nd.
View Our Latest 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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