First Trust Advisors LP Trims Stock Holdings in Innospec Inc. $IOSP

First Trust Advisors LP reduced its holdings in shares of Innospec Inc. (NASDAQ:IOSP) by 20.2% in the third quarter, according to its most recent filing with the SEC. The fund owned 640,562 shares of the specialty chemicals company’s stock after selling 161,942 shares during the period. First Trust Advisors LP owned about 2.59% of Innospec worth $49,426,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of IOSP. Versant Capital Management Inc increased its stake in Innospec by 378.1% in the third quarter. Versant Capital Management Inc now owns 545 shares of the specialty chemicals company’s stock worth $42,000 after purchasing an additional 431 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Innospec by 1,159.5% during the second quarter. EverSource Wealth Advisors LLC now owns 529 shares of the specialty chemicals company’s stock valued at $44,000 after purchasing an additional 487 shares during the period. State of Wyoming grew its holdings in shares of Innospec by 27.5% in the second quarter. State of Wyoming now owns 801 shares of the specialty chemicals company’s stock worth $67,000 after purchasing an additional 173 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Innospec by 75.4% in the third quarter. Smartleaf Asset Management LLC now owns 1,317 shares of the specialty chemicals company’s stock worth $101,000 after purchasing an additional 566 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in Innospec by 8.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,917 shares of the specialty chemicals company’s stock worth $148,000 after buying an additional 155 shares during the period. Hedge funds and other institutional investors own 96.64% of the company’s stock.

Insider Activity

In related news, Director Milton C. Blackmore sold 1,030 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $81.84, for a total transaction of $84,295.20. Following the completion of the sale, the director owned 9,585 shares of the company’s stock, valued at $784,436.40. This represents a 9.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David Landless sold 594 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $76.56, for a total transaction of $45,476.64. Following the completion of the sale, the director owned 7,632 shares of the company’s stock, valued at approximately $584,305.92. This trade represents a 7.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 4,989 shares of company stock worth $391,889. Insiders own 1.31% of the company’s stock.

Innospec Price Performance

IOSP opened at $69.74 on Thursday. The firm has a market capitalization of $1.73 billion, a PE ratio of 14.90, a price-to-earnings-growth ratio of 1.86 and a beta of 0.90. The business’s 50-day moving average is $80.42 and its two-hundred day moving average is $78.62. Innospec Inc. has a 1 year low of $69.23 and a 1 year high of $102.25.

Innospec (NASDAQ:IOSP) last released its quarterly earnings results on Tuesday, February 17th. The specialty chemicals company reported $1.50 EPS for the quarter, beating the consensus estimate of $1.26 by $0.24. Innospec had a net margin of 6.56% and a return on equity of 10.18%. The business had revenue of $455.60 million during the quarter, compared to analyst estimates of $460.87 million. During the same period in the prior year, the firm posted $1.41 earnings per share. The company’s quarterly revenue was down 2.4% on a year-over-year basis. As a group, sell-side analysts expect that Innospec Inc. will post 6.18 EPS for the current year.

Analysts Set New Price Targets

IOSP has been the topic of a number of research analyst reports. Zacks Research downgraded shares of Innospec from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. Wall Street Zen upgraded Innospec from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Finally, Weiss Ratings raised Innospec from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, February 19th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce”.

Innospec Company Profile

Innospec Incorporated (NASDAQ: IOSP) is a global specialty chemicals company headquartered in Cleveland, Ohio. The company operates through three principal business segments: Fuel Specialties, Oilfield Services, and Performance Chemicals. In the Fuel Specialties segment, Innospec develops and supplies additives designed to enhance octane levels, improve combustion efficiency, reduce emissions and prevent deposit formation in gasoline and diesel engines. Its Oilfield Services division provides chemical technologies—such as surfactants, corrosion inhibitors and demulsifiers—to support exploration, drilling, production optimization and enhanced oil recovery operations.