Shares of Innospec Inc. (NASDAQ:IOSP - Get Free Report) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $94.77 and last traded at $95.07, with a volume of 52903 shares. The stock had previously closed at $97.39.
Analyst Upgrades and Downgrades
Separately, StockNews.com raised Innospec from a "hold" rating to a "buy" rating in a research note on Monday, March 24th.
View Our Latest Research Report on Innospec
Innospec Price Performance
The company has a market capitalization of $2.37 billion, a PE ratio of 66.58 and a beta of 1.08. The company has a 50 day moving average of $104.63 and a two-hundred day moving average of $110.37.
Innospec (NASDAQ:IOSP - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The specialty chemicals company reported $1.41 EPS for the quarter, beating analysts' consensus estimates of $1.36 by $0.05. The company had revenue of $466.80 million during 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%. On average, equities analysts anticipate that Innospec Inc. will post 6.18 EPS for the current year.
Innospec announced that its board has initiated a stock 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 buy up to 2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its stock is undervalued.
Insider Activity at Innospec
In other Innospec news, Director Milton C. Blackmore sold 652 shares of the business's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $103.30, for a total value of $67,351.60. Following the completion of the transaction, the director now directly owns 8,376 shares in the company, valued at approximately $865,240.80. The trade was a 7.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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 transaction of $387,788.20. Following the sale, the vice president now directly owns 20,079 shares in the company, valued at approximately $2,074,160.70. This represents a 15.75 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,696 shares of company stock valued at $794,853. Corporate insiders own 1.52% of the company's stock.
Institutional Trading of Innospec
Institutional investors and hedge funds have recently made changes to their positions in the business. Pacer Advisors Inc. acquired a new stake in shares of Innospec in the 4th quarter worth $53,457,000. Raymond James Financial Inc. purchased a new position in Innospec in the fourth quarter valued at approximately $20,992,000. Norges Bank acquired a new position in Innospec in the fourth quarter valued at $11,312,000. JPMorgan Chase & Co. increased 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 purchasing an additional 52,640 shares during the period. Finally, Barclays PLC lifted its position in Innospec by 357.1% during the 3rd quarter. Barclays PLC now owns 44,559 shares of the specialty chemicals company's stock worth $5,039,000 after acquiring an additional 34,811 shares during the period. 96.64% of the stock is currently owned by hedge funds and other 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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