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

StockNews.com lowered shares of Innospec (NASDAQ:IOSP) from a buy rating to a hold rating in a research note released on Friday.

Innospec Stock Up 1.3 %

Shares of IOSP stock opened at $98.09 on Friday. The stock has a market capitalization of $2.45 billion, a PE ratio of 69.08 and a beta of 1.08. Innospec has a 52-week low of $96.39 and a 52-week high of $133.71. The stock’s 50-day moving average price is $107.99 and its 200 day moving average price is $111.55.

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

Innospec declared that its board has initiated a stock buyback program on Monday, March 10th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the specialty chemicals company to reacquire up to 2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Innospec news, Director Milton C. Blackmore sold 652 shares of the business’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. The trade was a 7.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Philip John Boon sold 3,754 shares of the business’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 value of $387,788.20. Following the transaction, the vice president now owns 20,079 shares in the company, valued at $2,074,160.70. The trade was a 15.75 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,696 shares of company stock worth $794,853. Company insiders own 1.35% of the company’s stock.

Institutional Investors Weigh In On Innospec

Several institutional investors have recently modified their holdings of the company. Covestor Ltd boosted its stake in shares of Innospec by 13.9% during the 4th 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. Summit Investment Advisors Inc. boosted its stake in shares of Innospec by 4.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,608 shares of the specialty chemicals company’s stock worth $287,000 after acquiring an additional 118 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Innospec by 8.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,868 shares of the specialty chemicals company’s stock worth $206,000 after acquiring an additional 151 shares in the last quarter. HighTower Advisors LLC boosted its stake in shares of Innospec by 5.2% during 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 in the last quarter. Finally, Raymond James Trust N.A. boosted its stake in shares of Innospec by 7.9% during the 3rd quarter. Raymond James Trust N.A. now owns 2,106 shares of the specialty chemicals company’s stock worth $238,000 after acquiring an additional 155 shares in the last quarter. Hedge funds and other institutional investors 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.