Vanguard Group Inc. lifted its holdings in shares of Innospec Inc. (NASDAQ:IOSP - Free Report) by 0.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,180,737 shares of the specialty chemicals company's stock after acquiring an additional 7,100 shares during the period. Vanguard Group Inc. owned 12.75% of Innospec worth $350,072,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the business. Blue Trust Inc. lifted its position in Innospec by 54.2% during the 4th quarter. Blue Trust Inc. now owns 1,201 shares of the specialty chemicals company's stock worth $136,000 after acquiring an additional 422 shares during the period. KBC Group NV lifted its holdings in shares of Innospec by 82.3% during the fourth quarter. KBC Group NV now owns 1,236 shares of the specialty chemicals company's stock worth $136,000 after purchasing an additional 558 shares during the period. Smartleaf Asset Management LLC lifted its holdings in shares of Innospec by 91.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,802 shares of the specialty chemicals company's stock worth $198,000 after purchasing an additional 863 shares during the period. PNC Financial Services Group Inc. grew its position in Innospec by 8.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,868 shares of the specialty chemicals company's stock valued at $206,000 after buying an additional 151 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Innospec in the 3rd quarter valued at $215,000. 96.64% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Innospec
In other news, Director Milton C. Blackmore sold 652 shares of the firm's stock in a transaction on Friday, February 21st. The stock was 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 owns 8,376 shares in the company, valued at $865,240.80. This trade represents a 7.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Corbin Barnes sold 2,692 shares of the business's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $103.30, for a total transaction of $278,083.60. Following the completion of the sale, the senior vice president now owns 8,051 shares in the company, valued at $831,668.30. This represents a 25.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,696 shares of company stock valued at $794,853 in the last quarter. 1.52% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
Separately, StockNews.com downgraded shares of Innospec from a "buy" rating to a "hold" rating in a report on Wednesday, April 2nd.
View Our Latest Stock Analysis on Innospec
Innospec Stock Performance
NASDAQ:IOSP traded down $1.80 during mid-day trading on Tuesday, reaching $83.39. The stock had a trading volume of 276,910 shares, compared to its average volume of 143,595. The business has a 50 day simple moving average of $101.28 and a 200 day simple moving average of $109.33. Innospec Inc. has a twelve month low of $80.32 and a twelve month high of $133.71. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of 58.73 and a beta of 1.03.
Innospec (NASDAQ:IOSP - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The specialty chemicals company reported $1.41 EPS for the quarter, beating the consensus estimate 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, sell-side analysts expect that Innospec Inc. will post 6.18 earnings per share for the current year.
Innospec declared that its Board of Directors has initiated a share repurchase program on Monday, March 10th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the specialty chemicals company to buy up to 2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management 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.
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