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 report sent to investors on Wednesday morning.

Innospec Stock Up 1.2 %

Shares of IOSP opened at $95.65 on Wednesday. The stock has a market cap of $2.40 billion, a P/E ratio of 67.36 and a beta of 1.08. The business’s 50 day moving average price is $104.24 and its 200-day moving average price is $110.26. Innospec has a 52 week low of $93.22 and a 52 week high of $133.71.

Innospec (NASDAQ:IOSP) last released 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 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%. On average, equities analysts anticipate that Innospec will post 6.18 EPS for the current year.

Innospec announced that its board has approved a share buyback plan on Monday, March 10th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the specialty chemicals company to reacquire up to 2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Innospec

In other Innospec news, SVP Corbin Barnes sold 2,692 shares of Innospec stock in a transaction on Friday, February 21st. The stock was sold at an average price of $103.30, for a total value of $278,083.60. Following the completion of the sale, the senior vice president now owns 8,051 shares of the company’s stock, valued at approximately $831,668.30. This trade represents a 25.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Milton C. Blackmore sold 652 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $103.30, for a total value of $67,351.60. Following the completion of the transaction, the director now owns 8,376 shares of the company’s stock, valued at $865,240.80. This represents a 7.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,696 shares of company stock valued at $794,853 over the last 90 days. Corporate insiders own 1.52% of the company’s stock.

Institutional Investors Weigh In On Innospec

Large investors have recently made changes to their positions in the company. Covestor Ltd grew 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 valued at $106,000 after acquiring an additional 118 shares during the period. Summit Investment Advisors Inc. lifted its holdings in Innospec by 4.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,608 shares of the specialty chemicals company’s stock valued at $287,000 after purchasing an additional 118 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Innospec by 8.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,868 shares of the specialty chemicals company’s stock worth $206,000 after purchasing an additional 151 shares during the period. HighTower Advisors LLC increased its stake in shares of Innospec by 5.2% in the third quarter. HighTower Advisors LLC now owns 3,103 shares of the specialty chemicals company’s stock worth $350,000 after purchasing an additional 154 shares in the last quarter. Finally, New York State Teachers Retirement System raised its position in shares of Innospec by 1.4% during the 4th quarter. New York State Teachers Retirement System now owns 14,981 shares of the specialty chemicals company’s stock valued at $1,649,000 after purchasing an additional 200 shares during the period. 96.64% of the stock is currently owned by 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.