Innospec (NASDAQ:IOSP - Get Free Report) was downgraded by stock analysts at StockNews.com from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Wednesday.
Innospec Trading Down 1.9 %
NASDAQ:IOSP traded down $1.67 on Wednesday, hitting $84.16. 100,647 shares of the company's stock traded hands, compared to its average volume of 141,842. The firm has a 50-day moving average price of $103.13 and a 200-day moving average price of $109.92. The company has a market cap of $2.11 billion, a PE ratio of 59.24 and a beta of 1.03. Innospec has a 1 year low of $70.00 and a 1 year high of $133.71.
Innospec (NASDAQ:IOSP - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $466.80 million for 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%. On average, research analysts forecast that Innospec will post 6.18 EPS for the current fiscal year.
Innospec declared that its board has approved a stock buyback 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 shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.
Insider Buying and Selling at Innospec
In related news, VP Philip John Boon sold 3,754 shares of the firm's stock in a transaction that occurred 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 directly owns 20,079 shares of the company's stock, valued at approximately $2,074,160.70. This trade represents a 15.75 % decrease in their position. The sale was disclosed in a legal filing 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 that occurred on Friday, February 21st. The stock was sold at an average price of $103.30, for a total value of $67,351.60. Following the completion of the sale, the director now owns 8,376 shares of the company's stock, valued at approximately $865,240.80. This trade represents a 7.22 % decrease in their ownership of the stock. 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 three months. Corporate insiders own 1.52% of the company's stock.
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of IOSP. Pacer Advisors Inc. bought a new position in Innospec during the fourth quarter worth $53,457,000. Raymond James Financial Inc. bought a new stake in Innospec during the 4th quarter worth about $20,992,000. Norges Bank bought a new stake in shares of Innospec during the fourth quarter worth approximately $11,312,000. JPMorgan Chase & Co. boosted its stake in Innospec by 24.6% in the third quarter. JPMorgan Chase & Co. now owns 266,688 shares of the specialty chemicals company's stock valued at $30,160,000 after acquiring an additional 52,640 shares during the last quarter. Finally, Barclays PLC raised its position in shares of Innospec by 357.1% during the 3rd quarter. Barclays PLC now owns 44,559 shares of the specialty chemicals company's stock valued at $5,039,000 after acquiring an additional 34,811 shares during the last quarter. Institutional investors own 96.64% of the company's stock.
About Innospec
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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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