Innospec Inc. (NASDAQ:IOSP) Position Increased by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its stake in Innospec Inc. (NASDAQ:IOSP - Free Report) by 1.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 237,616 shares of the specialty chemicals company's stock after acquiring an additional 2,633 shares during the quarter. Bank of New York Mellon Corp owned about 0.95% of Innospec worth $26,152,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hudson Edge Investment Partners Inc. boosted its stake in shares of Innospec by 4.9% during the 4th quarter. Hudson Edge Investment Partners Inc. now owns 4,923 shares of the specialty chemicals company's stock worth $542,000 after purchasing an additional 230 shares during the last quarter. Principal Financial Group Inc. boosted its position in Innospec by 3.5% during the fourth quarter. Principal Financial Group Inc. now owns 129,448 shares of the specialty chemicals company's stock worth $14,247,000 after acquiring an additional 4,376 shares during the last quarter. State of New Jersey Common Pension Fund D grew its stake in Innospec by 3.3% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 17,989 shares of the specialty chemicals company's stock worth $1,980,000 after acquiring an additional 580 shares during the period. New York State Teachers Retirement System raised its holdings in Innospec by 1.4% in the 4th quarter. New York State Teachers Retirement System now owns 14,981 shares of the specialty chemicals company's stock valued at $1,649,000 after acquiring an additional 200 shares during the last quarter. Finally, Pacer Advisors Inc. purchased a new position in shares of Innospec during the 4th quarter worth $53,457,000. Hedge funds and other institutional investors own 96.64% of the company's stock.

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Insiders Place Their Bets

In related news, SVP Corbin Barnes sold 598 shares of the firm's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $103.06, for a total transaction of $61,629.88. Following the completion of the sale, the senior vice president now directly owns 8,051 shares of the company's stock, valued at approximately $829,736.06. This trade represents a 6.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Milton C. Blackmore sold 652 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 transaction of $67,351.60. Following the completion of the transaction, the director now owns 8,376 shares in the company, valued at $865,240.80. This represents a 7.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,696 shares of company stock worth $794,853 over the last quarter. 1.35% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Separately, StockNews.com upgraded Innospec from a "hold" rating to a "buy" rating in a research note on Thursday, March 6th.

Innospec Stock Down 0.9 %

Shares of IOSP stock traded down $0.87 during trading hours on Thursday, hitting $96.76. 172,248 shares of the company were exchanged, compared to its average volume of 158,216. The firm has a fifty day moving average of $108.21 and a 200 day moving average of $111.65. Innospec Inc. has a 1 year low of $96.39 and a 1 year high of $133.71. The firm has a market cap of $2.42 billion, a PE ratio of 68.14 and a beta of 1.08.

Innospec (NASDAQ:IOSP - Get Free Report) last issued its earnings results on Tuesday, February 18th. The specialty chemicals company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.05. Innospec had a return on equity of 12.27% and a net margin of 1.93%. The business had revenue of $466.80 million for the quarter, compared to analyst estimates of $447.43 million. Analysts expect that Innospec Inc. will post 6.18 earnings per share for the current year.

Innospec announced that its board has initiated a stock repurchase program on Monday, March 10th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the specialty chemicals company to repurchase up to 2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its shares are undervalued.

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.