Share Buyback Plan Approved by Innospec (NASDAQ:IOSP) Board

Innospec (NASDAQ:IOSP) declared that its Board of Directors has approved a share buyback program on Monday, March 10th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to purchase up to 2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Innospec from a “hold” rating to a “buy” rating in a research note on Thursday, March 6th.

Innospec Stock Performance

NASDAQ IOSP opened at $97.63 on Thursday. Innospec has a fifty-two week low of $97.13 and a fifty-two week high of $133.71. The stock has a 50 day simple moving average of $108.46 and a two-hundred day simple moving average of $111.75. The stock has a market cap of $2.44 billion, a P/E ratio of 68.75 and a beta of 1.08.

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

Insider Activity

In related news, SVP Corbin Barnes sold 2,692 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $103.30, for a total transaction of $278,083.60. Following the transaction, the senior vice president now owns 8,051 shares in the company, valued at $831,668.30. This represents a 25.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Philip John Boon sold 3,754 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $103.30, for a total transaction of $387,788.20. Following the transaction, the vice president now owns 20,079 shares in the company, valued at approximately $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 sold 7,696 shares of company stock worth $794,853. Insiders own 1.35% 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.