Intech Investment Management LLC lifted its position in Innospec Inc. (NASDAQ:IOSP - Free Report) by 159.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,845 shares of the specialty chemicals company's stock after acquiring an additional 10,345 shares during the period. Intech Investment Management LLC owned 0.07% of Innospec worth $1,854,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in IOSP. Thrivent Financial for Lutherans raised its holdings in Innospec by 0.3% in the third quarter. Thrivent Financial for Lutherans now owns 59,602 shares of the specialty chemicals company's stock worth $6,740,000 after purchasing an additional 195 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Innospec in the 3rd quarter worth about $3,726,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Innospec in the 3rd quarter worth about $254,000. Moran Wealth Management LLC lifted its position in Innospec by 1.2% during the 3rd quarter. Moran Wealth Management LLC now owns 47,612 shares of the specialty chemicals company's stock valued at $5,384,000 after acquiring an additional 545 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Innospec by 3.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 336,522 shares of the specialty chemicals company's stock worth $38,057,000 after acquiring an additional 11,479 shares in the last quarter. Hedge funds and other institutional investors own 96.64% of the company's stock.
Analyst Ratings Changes
Separately, StockNews.com raised shares of Innospec from a "hold" rating to a "buy" rating in a research note on Monday.
Read Our Latest Research Report on IOSP
Innospec Stock Performance
Shares of Innospec stock traded down $0.92 during midday trading on Tuesday, hitting $97.36. The company had a trading volume of 280,259 shares, compared to its average volume of 128,352. Innospec Inc. has a 52-week low of $95.17 and a 52-week high of $133.71. The stock has a market capitalization of $2.43 billion, a P/E ratio of 68.56 and a beta of 1.08. The company has a 50 day moving average of $106.74 and a 200 day moving average of $110.81.
Innospec (NASDAQ:IOSP - Get Free Report) last released its earnings results on Tuesday, February 18th. The specialty chemicals company reported $1.41 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.05. Innospec had a return on equity of 12.27% and a net margin of 1.93%. The firm had revenue of $466.80 million for the quarter, compared to analysts' expectations of $447.43 million. Equities research analysts forecast that Innospec Inc. will post 6.18 EPS for the current year.
Innospec declared that its Board of Directors has initiated a share repurchase plan 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 purchase up to 2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its stock is undervalued.
Insider Activity at Innospec
In related news, VP Philip John Boon sold 3,754 shares of the business's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $103.30, for a total value of $387,788.20. Following the completion of the transaction, the vice president now directly owns 20,079 shares in the company, valued at $2,074,160.70. The trade was a 15.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Corbin Barnes sold 598 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the senior vice president now directly owns 8,051 shares in the company, valued at $829,736.06. This trade represents a 6.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,696 shares of company stock valued at $794,853. 1.52% of the stock is owned by insiders.
Innospec Company Profile
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Free Report)
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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