Innospec (NASDAQ:IOSP) Cut to “Hold” at StockNews.com

StockNews.com lowered shares of Innospec (NASDAQ:IOSP) from a buy rating to a hold rating in a report published on Wednesday.

Innospec Price Performance

Shares of IOSP opened at $85.83 on Wednesday. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of 60.44 and a beta of 1.08. Innospec has a 1 year low of $82.98 and a 1 year high of $133.71. The business’s 50 day simple moving average is $103.13 and its 200-day simple moving average is $109.95.

Innospec (NASDAQ:IOSP) last issued 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 company had revenue of $466.80 million for the quarter, compared to analysts’ expectations of $447.43 million. On average, sell-side analysts expect that Innospec will post 6.18 earnings per share for the current year.

Innospec announced 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 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 typically a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Innospec

In other news, SVP Corbin Barnes sold 598 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were 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 in the company, valued at approximately $829,736.06. This trade represents a 6.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Philip John Boon sold 3,754 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $103.30, for a total value of $387,788.20. Following the sale, 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,696 shares of company stock worth $794,853. Insiders own 1.52% of the company’s stock.

Institutional Investors Weigh In On Innospec

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IOSP. Murphy & Mullick Capital Management Corp acquired a new stake in Innospec during the 4th quarter worth about $106,000. Covestor Ltd increased its holdings in Innospec by 13.9% in the fourth quarter. Covestor Ltd now owns 967 shares of the specialty chemicals company’s stock valued at $106,000 after buying an additional 118 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Innospec by 54.2% in the 4th quarter. Blue Trust Inc. now owns 1,201 shares of the specialty chemicals company’s stock valued at $136,000 after purchasing an additional 422 shares in the last quarter. KBC Group NV boosted its position in 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 in the last quarter. Finally, Smartleaf Asset Management LLC increased its position in shares of Innospec by 91.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,802 shares of the specialty chemicals company’s stock valued at $198,000 after buying an additional 863 shares in the last quarter. 96.64% of the stock is currently owned by hedge funds and other institutional investors.

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.