Raymond James Financial Inc. purchased a new stake in Innospec Inc. (NASDAQ:IOSP - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 190,735 shares of the specialty chemicals company's stock, valued at approximately $20,992,000. Raymond James Financial Inc. owned 0.76% of Innospec at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Wasatch Advisors LP grew its holdings in Innospec by 0.6% in the 3rd quarter. Wasatch Advisors LP now owns 1,805,546 shares of the specialty chemicals company's stock valued at $204,189,000 after buying an additional 11,231 shares during the period. State Street Corp grew its holdings 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 buying an additional 20,744 shares during the period. Victory Capital Management Inc. grew its holdings in Innospec by 1.6% in the 4th quarter. Victory Capital Management Inc. now owns 922,220 shares of the specialty chemicals company's stock valued at $101,500,000 after buying an additional 14,188 shares during the period. Geode Capital Management LLC grew its holdings in Innospec by 3.8% in the 3rd quarter. Geode Capital Management LLC now owns 677,283 shares of the specialty chemicals company's stock valued at $76,606,000 after buying an additional 24,843 shares during the period. Finally, Pacer Advisors Inc. purchased a new stake in shares of Innospec during the 4th quarter worth about $53,457,000. Hedge funds and other institutional investors own 96.64% of the company's stock.
Insider Buying and Selling
In related news, SVP Corbin Barnes sold 598 shares of the business's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $103.06, for a total transaction of $61,629.88. Following the transaction, the senior vice president now directly owns 8,051 shares of the company's stock, valued at approximately $829,736.06. The trade was a 6.91 % decrease in their position. The transaction was disclosed in a legal 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 transaction, 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 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. Corporate insiders own 1.52% of the company's stock.
Analysts Set New Price Targets
Separately, StockNews.com cut Innospec from a "buy" rating to a "hold" rating in a report on Friday, March 14th.
Read Our Latest Stock Report on IOSP
Innospec Stock Performance
Shares of NASDAQ:IOSP traded down $0.18 during trading on Thursday, reaching $98.39. 284,216 shares of the stock were exchanged, compared to its average volume of 121,108. Innospec Inc. has a 12-month low of $96.39 and a 12-month high of $133.71. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of 69.29 and a beta of 1.08. The firm's 50-day moving average price is $107.28 and its 200 day moving average price is $111.10.
Innospec (NASDAQ:IOSP - Get Free Report) last issued its 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. Innospec had a return on equity of 12.27% and a net margin of 1.93%. The business had revenue of $466.80 million during the quarter, compared to analysts' expectations of $447.43 million. As a group, 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 buyback plan on Monday, March 10th that allows the company to repurchase $50.00 million in outstanding 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 often an indication that the company's leadership believes its stock is undervalued.
About Innospec
(
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.
Further Reading
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