Innospec (NASDAQ:IOSP) Downgraded by StockNews.com to Hold

Innospec (NASDAQ:IOSP) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

Innospec Price Performance

Innospec stock traded up $1.11 during midday trading on Wednesday, hitting $95.65. 148,727 shares of the company were exchanged, compared to its average volume of 140,340. The company has a market cap of $2.40 billion, a PE ratio of 67.36 and a beta of 1.08. Innospec has a fifty-two week low of $93.22 and a fifty-two week high of $133.71. The company’s fifty day moving average price is $104.24 and its 200-day moving average price is $110.26.

Innospec (NASDAQ:IOSP) last posted its earnings results on Tuesday, February 18th. The specialty chemicals company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.05. The business had revenue of $466.80 million for the quarter, compared to analysts’ expectations of $447.43 million. Innospec had a net margin of 1.93% and a return on equity of 12.27%. On average, analysts expect that Innospec will post 6.18 EPS for the current fiscal year.

Innospec declared that its board has approved a share buyback program on Monday, March 10th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the specialty chemicals company to repurchase up to 2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Innospec

In other news, SVP Corbin Barnes sold 598 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $103.06, for a total transaction of $61,629.88. Following the completion of the transaction, the senior vice president now directly owns 8,051 shares of the company’s stock, valued at approximately $829,736.06. This 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 can be accessed through the SEC website. Also, VP Philip John Boon sold 3,754 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $103.30, for a total value of $387,788.20. Following the completion of the sale, the vice president now directly owns 20,079 shares in the company, valued at $2,074,160.70. This represents a 15.75 % 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 worth $794,853 over the last quarter. 1.52% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Innospec

Several large investors have recently made changes to their positions in the company. Citigroup Inc. grew its holdings in Innospec by 46.1% in the 3rd quarter. Citigroup Inc. now owns 32,193 shares of the specialty chemicals company’s stock worth $3,641,000 after buying an additional 10,162 shares in the last quarter. Cerity Partners LLC lifted its holdings in Innospec by 324.5% in the third quarter. Cerity Partners LLC now owns 13,664 shares of the specialty chemicals company’s stock worth $1,545,000 after purchasing an additional 10,445 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its position in Innospec by 150.4% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,364 shares of the specialty chemicals company’s stock valued at $267,000 after buying an additional 1,420 shares in the last quarter. Holocene Advisors LP acquired a new position in Innospec during the 3rd quarter valued at about $1,258,000. Finally, HighTower Advisors LLC lifted its stake in shares of Innospec by 5.2% in the 3rd quarter. HighTower Advisors LLC now owns 3,103 shares of the specialty chemicals company’s stock worth $350,000 after acquiring an additional 154 shares during the period. Institutional investors and hedge funds own 96.64% of the company’s stock.

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.