Innospec (NASDAQ:IOSP) to Repurchase $50.00 million in Stock

Innospec (NASDAQ:IOSP - Get Free Report) declared that its board has authorized a stock repurchase plan on Monday, March 10th, RTT News reports. The company plans to repurchase $50.00 million in shares. This repurchase authorization permits the specialty chemicals company to repurchase up to 2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Separately, StockNews.com cut shares of Innospec from a "buy" rating to a "hold" rating in a research note on Friday.

Innospec Stock Performance

Innospec stock traded up $1.29 during midday trading on Friday, reaching $98.09. 450,300 shares of the company's stock were exchanged, compared to its average volume of 166,402. Innospec has a 52 week low of $96.39 and a 52 week high of $133.71. The stock's 50-day simple moving average is $107.99 and its 200 day simple moving average is $111.55. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of 69.08 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 business had revenue of $466.80 million during the quarter, compared to the consensus estimate of $447.43 million. Innospec had a net margin of 1.93% and a return on equity of 12.27%. Research analysts forecast that Innospec will post 6.18 earnings per share for the current year.

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Insider Activity

In related news, VP Philip John Boon sold 3,754 shares of the company'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 $387,788.20. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Milton C. Blackmore sold 652 shares of Innospec stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $103.30, for a total transaction of $67,351.60. Following the completion of the sale, the director now owns 8,376 shares of the company's stock, valued at $865,240.80. This trade represents a 7.22 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,696 shares of company stock valued at $794,853. 1.35% of the stock is owned by insiders.

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.