Edgestream Partners L.P. Lowers Holdings in Innospec Inc. (NASDAQ:IOSP)

Edgestream Partners L.P. lowered its stake in shares of Innospec Inc. (NASDAQ:IOSP - Free Report) by 73.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,048 shares of the specialty chemicals company's stock after selling 35,464 shares during the period. Edgestream Partners L.P. owned approximately 0.05% of Innospec worth $1,436,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in IOSP. Raymond James Financial Inc. acquired a new stake in Innospec in the fourth quarter valued at approximately $20,992,000. Proficio Capital Partners LLC bought a new stake in Innospec during the 4th quarter valued at $1,623,000. Victory Capital Management Inc. increased its stake in Innospec by 1.6% during the 4th quarter. Victory Capital Management Inc. now owns 922,220 shares of the specialty chemicals company's stock valued at $101,500,000 after purchasing an additional 14,188 shares in the last quarter. Keybank National Association OH raised its holdings in Innospec by 6.4% during the fourth quarter. Keybank National Association OH now owns 5,429 shares of the specialty chemicals company's stock worth $598,000 after buying an additional 326 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Innospec by 4.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 352,577 shares of the specialty chemicals company's stock valued at $38,805,000 after buying an additional 16,055 shares in the last quarter. Institutional investors own 96.64% of the company's stock.

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Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Innospec from a "buy" rating to a "hold" rating in a report on Friday.

Innospec Stock Performance

NASDAQ:IOSP traded up $1.29 during trading on Friday, reaching $98.09. The company's stock had a trading volume of 450,300 shares, compared to its average volume of 166,402. Innospec Inc. has a 12 month low of $96.39 and a 12 month high of $133.71. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of 69.08 and a beta of 1.08. The firm has a 50 day moving average of $107.99 and a 200-day moving average of $111.55.

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

Innospec announced that its board has initiated a share repurchase plan on Monday, March 10th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the specialty chemicals company to repurchase up to 2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Insider Transactions at Innospec

In related news, Director Milton C. Blackmore sold 652 shares of the company's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $103.30, for a total transaction of $67,351.60. Following the sale, the director now directly owns 8,376 shares in the company, valued at approximately $865,240.80. This represents a 7.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Corbin Barnes sold 2,692 shares of Innospec stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $103.30, for a total transaction of $278,083.60. Following the completion of the transaction, the senior vice president now owns 8,051 shares of the company's stock, valued at $831,668.30. This represents a 25.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,696 shares of company stock worth $794,853 in the last quarter. Insiders own 1.35% of the company's stock.

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.