Innospec Inc. (NASDAQ:IOSP - Get Free Report)'s share price reached a new 52-week low on Thursday . The company traded as low as $88.25 and last traded at $89.43, with a volume of 73992 shares traded. The stock had previously closed at $95.65.
Analyst Ratings Changes
Separately, StockNews.com lowered Innospec from a "buy" rating to a "hold" rating in a report on Wednesday, April 2nd.
Check Out Our Latest Stock Report on Innospec
Innospec Stock Performance
The company has a market cap of $2.09 billion, a PE ratio of 58.73 and a beta of 1.03. The stock's 50-day simple moving average is $101.28 and its 200 day simple moving average is $109.33.
Innospec (NASDAQ:IOSP - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The specialty chemicals company reported $1.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.36 by $0.05. The business 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, sell-side analysts predict that Innospec Inc. will post 6.18 EPS for the current fiscal year.
Innospec announced that its board has approved a stock repurchase plan on Monday, March 10th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the specialty chemicals company to repurchase up to 2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.
Insider Activity at Innospec
In other Innospec news, SVP Corbin Barnes sold 2,692 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $103.30, for a total value of $278,083.60. Following the completion of the transaction, the senior vice president now directly owns 8,051 shares of the company's stock, valued at approximately $831,668.30. This trade represents a 25.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Philip John Boon sold 3,754 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 $387,788.20. Following the sale, the vice president now directly owns 20,079 shares in the company, valued at $2,074,160.70. This trade represents a 15.75 % 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 three months. 1.52% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Innospec
Hedge funds have recently bought and sold shares of the company. HighTower Advisors LLC grew its holdings in Innospec by 5.2% in the third quarter. HighTower Advisors LLC now owns 3,103 shares of the specialty chemicals company's stock valued at $350,000 after purchasing an additional 154 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Innospec in the 3rd quarter worth about $215,000. State Street Corp grew its stake in Innospec by 2.1% in the 3rd quarter. State Street Corp now owns 996,281 shares of the specialty chemicals company's stock valued at $112,669,000 after acquiring an additional 20,744 shares during the last quarter. Wolverine Trading LLC purchased a new position in Innospec during the 3rd quarter valued at about $285,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in Innospec during the third quarter worth about $1,204,000. 96.64% of the stock is owned by hedge funds and other institutional investors.
Innospec Company Profile
(
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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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