Innospec (NASDAQ:IOSP - Get Free Report) was downgraded by StockNews.com from a "buy" rating to a "hold" rating in a note issued to investors on Friday.
Innospec Stock Performance
Innospec stock traded up $1.29 during trading on Friday, reaching $98.09. 450,300 shares of the company's stock were exchanged, compared to its average volume of 166,402. The company's 50-day moving average is $107.99 and its two-hundred day moving average is $111.55. Innospec has a 52-week low of $96.39 and a 52-week 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.
Innospec (NASDAQ:IOSP - Get Free Report) last announced its earnings results on Tuesday, February 18th. The specialty chemicals company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.36 by $0.05. The business had revenue of $466.80 million for the quarter, compared to the consensus estimate of $447.43 million. Innospec had a return on equity of 12.27% and a net margin of 1.93%. Analysts anticipate that Innospec will post 6.18 EPS for the current year.
Innospec declared that its board has authorized a share repurchase 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 purchase up to 2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its stock is undervalued.
Insider Activity
In related news, SVP Corbin Barnes sold 598 shares of the company's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $103.06, for a total value of $61,629.88. Following the sale, the senior vice president now directly owns 8,051 shares of the company's stock, valued at $829,736.06. This represents a 6.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Milton C. Blackmore sold 652 shares of the business's stock in a transaction dated 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 sale, the director now directly owns 8,376 shares of the company's stock, valued at $865,240.80. The trade was a 7.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,696 shares of company stock worth $794,853 over the last ninety days. Corporate insiders own 1.35% of the company's stock.
Institutional Trading of Innospec
Hedge funds and other institutional investors have recently bought and sold shares of the company. Wasatch Advisors LP grew its position in shares of Innospec by 0.6% in the 3rd 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 in the last quarter. State Street Corp raised its holdings in shares of Innospec by 2.1% during the third 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. lifted its position in shares of Innospec by 1.6% in the 4th quarter. Victory Capital Management Inc. now owns 922,220 shares of the specialty chemicals company's stock worth $101,500,000 after buying an additional 14,188 shares during the last quarter. Royce & Associates LP grew its position in shares of Innospec by 9.3% during the 3rd quarter. Royce & Associates LP now owns 835,333 shares of the specialty chemicals company's stock valued at $94,468,000 after buying an additional 70,902 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Innospec by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 692,071 shares of the specialty chemicals company's stock worth $76,184,000 after acquiring an additional 14,788 shares during the period. 96.64% of the stock is owned by institutional investors.
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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