Innospec (NASDAQ:IOSP) Sees Strong Trading Volume - Here's Why

Shares of Innospec Inc. (NASDAQ:IOSP - Get Free Report) saw strong trading volume on Monday . 131,503 shares were traded during mid-day trading, an increase of 4% from the previous session's volume of 127,023 shares.The stock last traded at $98.51 and had previously closed at $96.01.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Innospec from a "hold" rating to a "buy" rating in a report on Monday.

Innospec Trading Down 2.2 %

The business's 50-day simple moving average is $105.86 and its 200 day simple moving average is $110.57. The company has a market capitalization of $2.38 billion, a P/E ratio of 67.06 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, topping the consensus estimate of $1.36 by $0.05. The firm had revenue of $466.80 million for the quarter, compared to analysts' expectations of $447.43 million. Innospec had a return on equity of 12.27% and a net margin of 1.93%. As a group, sell-side analysts predict that Innospec Inc. will post 6.18 EPS for the current fiscal year.

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Innospec announced that its Board of Directors has authorized 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Activity at Innospec

In other Innospec news, Director Milton C. Blackmore sold 652 shares of the company's stock in a transaction 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 transaction, the director now owns 8,376 shares of the company's stock, valued at approximately $865,240.80. This represents a 7.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Corbin Barnes sold 598 shares of the firm's stock in a transaction on Monday, February 24th. The stock was 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 approximately $829,736.06. This represents a 6.91 % 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. 1.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Innospec

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Murphy & Mullick Capital Management Corp purchased a new position in Innospec in the 4th quarter worth about $106,000. Covestor Ltd increased its position in shares of Innospec by 13.9% in the fourth quarter. Covestor Ltd now owns 967 shares of the specialty chemicals company's stock worth $106,000 after acquiring an additional 118 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Innospec by 54.2% during the fourth quarter. Blue Trust Inc. now owns 1,201 shares of the specialty chemicals company's stock valued at $136,000 after acquiring an additional 422 shares during the period. KBC Group NV raised its holdings in shares of Innospec by 82.3% during the fourth quarter. KBC Group NV now owns 1,236 shares of the specialty chemicals company's stock valued at $136,000 after acquiring an additional 558 shares during the period. Finally, Smartleaf Asset Management LLC lifted its position in shares of Innospec by 91.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,802 shares of the specialty chemicals company's stock valued at $198,000 after acquiring an additional 863 shares in the last quarter. 96.64% of the stock is owned by institutional investors and hedge funds.

Innospec Company Profile

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.