Innospec (NASDAQ:IOSP) Upgraded at StockNews.com

StockNews.com upgraded shares of Innospec (NASDAQ:IOSP) from a hold rating to a buy rating in a research note published on Monday morning.

Innospec Trading Up 2.4 %

Innospec stock opened at $98.28 on Monday. Innospec has a 1-year low of $95.17 and a 1-year high of $133.71. The firm has a market cap of $2.45 billion, a P/E ratio of 69.21 and a beta of 1.08. The firm has a 50-day moving average of $106.74 and a 200-day moving average of $110.81.

Innospec (NASDAQ:IOSP) last released its quarterly earnings data on Tuesday, February 18th. The specialty chemicals company reported $1.41 earnings per share for the quarter, topping 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. Research analysts forecast that Innospec will post 6.18 earnings per share for the current fiscal year.

Innospec declared that its Board of Directors has initiated a share buyback plan on Monday, March 10th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the specialty chemicals company to purchase up to 2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other Innospec news, Director Milton C. Blackmore sold 652 shares of the company’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 transaction of $67,351.60. Following the transaction, the director now owns 8,376 shares in the company, valued at approximately $865,240.80. This represents a 7.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Corbin Barnes sold 598 shares of the firm’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 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 7,696 shares of company stock worth $794,853. 1.52% of the stock is currently owned by corporate insiders.

Institutional Trading of Innospec

A number of hedge funds have recently modified their holdings of the business. Murphy & Mullick Capital Management Corp bought a new position in shares of Innospec in the 4th quarter worth about $106,000. Covestor Ltd boosted its stake in Innospec by 13.9% during the fourth quarter. Covestor Ltd now owns 967 shares of the specialty chemicals company’s stock worth $106,000 after acquiring an additional 118 shares in the last quarter. Blue Trust Inc. grew its holdings in Innospec by 54.2% in the fourth quarter. Blue Trust Inc. now owns 1,201 shares of the specialty chemicals company’s stock worth $136,000 after purchasing an additional 422 shares during the period. KBC Group NV increased its stake 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 valued at $136,000 after purchasing an additional 558 shares in the last quarter. Finally, 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 valued at $198,000 after purchasing an additional 863 shares during the last quarter. Institutional investors own 96.64% of the company’s stock.

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.