Telemark Asset Management LLC Cuts Holdings in Innospec Inc. (NASDAQ:IOSP)

Telemark Asset Management LLC decreased its position in Innospec Inc. (NASDAQ:IOSP - Free Report) by 12.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 140,000 shares of the specialty chemicals company's stock after selling 20,000 shares during the period. Innospec comprises approximately 1.6% of Telemark Asset Management LLC's portfolio, making the stock its 18th biggest holding. Telemark Asset Management LLC owned about 0.56% of Innospec worth $15,833,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Inspire Advisors LLC increased its stake in shares of Innospec by 1.6% during the second quarter. Inspire Advisors LLC now owns 6,819 shares of the specialty chemicals company's stock valued at $843,000 after buying an additional 110 shares during the period. Arizona State Retirement System raised its holdings in Innospec by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 6,962 shares of the specialty chemicals company's stock worth $860,000 after purchasing an additional 128 shares in the last quarter. Texas Permanent School Fund Corp lifted its position in shares of Innospec by 0.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 21,891 shares of the specialty chemicals company's stock worth $2,706,000 after purchasing an additional 129 shares during the period. Raymond James Trust N.A. lifted its position in shares of Innospec by 7.9% in the 3rd quarter. Raymond James Trust N.A. now owns 2,106 shares of the specialty chemicals company's stock worth $238,000 after purchasing an additional 155 shares during the period. Finally, Evergreen Capital Management LLC boosted its stake in shares of Innospec by 8.6% during the 2nd quarter. Evergreen Capital Management LLC now owns 2,421 shares of the specialty chemicals company's stock valued at $299,000 after purchasing an additional 192 shares in the last quarter. 96.64% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Milton C. Blackmore sold 1,035 shares of the company's stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $122.92, for a total value of $127,222.20. Following the completion of the transaction, the director now owns 9,028 shares of the company's stock, valued at approximately $1,109,721.76. This represents a 10.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Ian Cleminson sold 3,398 shares of the business's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $114.74, for a total value of $389,886.52. Following the completion of the transaction, the chief financial officer now owns 12,996 shares in the company, valued at $1,491,161.04. The trade was a 20.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.52% of the company's stock.

Innospec Price Performance

Shares of Innospec stock traded up $1.41 during trading on Friday, hitting $119.75. 110,761 shares of the company's stock traded hands, compared to its average volume of 108,907. Innospec Inc. has a 1 year low of $103.97 and a 1 year high of $133.71. The business has a 50-day simple moving average of $113.65 and a 200-day simple moving average of $118.75. The stock has a market capitalization of $2.99 billion, a P/E ratio of 20.91 and a beta of 1.08.

Innospec (NASDAQ:IOSP - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The specialty chemicals company reported $1.35 earnings per share for the quarter, meeting the consensus estimate of $1.35. Innospec had a net margin of 7.68% and a return on equity of 13.33%. The firm had revenue of $443.40 million during the quarter, compared to analysts' expectations of $442.13 million. During the same period in the previous year, the company earned $1.59 earnings per share. The firm's quarterly revenue was down 4.5% on a year-over-year basis. On average, equities analysts predict that Innospec Inc. will post 5.88 earnings per share for the current fiscal year.

Innospec Increases Dividend

The company also recently announced a Semi-Annual dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Monday, November 18th will be issued a $0.79 dividend. This is an increase from Innospec's previous Semi-Annual dividend of $0.72. The ex-dividend date is Monday, November 18th. This represents a yield of 1.3%. Innospec's dividend payout ratio is currently 27.57%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Innospec from a "strong-buy" rating to a "buy" rating in a research report on Thursday, August 8th.

About Innospec

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.