Innospec (NASDAQ:IOSP) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Innospec (NASDAQ:IOSP) from a hold rating to a buy rating in a research report released on Monday.

Innospec Stock Up 0.9 %

Shares of IOSP opened at $98.24 on Monday. Innospec has a 12 month low of $95.17 and a 12 month high of $133.71. The stock has a market cap of $2.45 billion, a price-to-earnings ratio of 69.18 and a beta of 1.08. The company has a 50-day moving average price of $106.17 and a two-hundred day moving average price of $110.66.

Innospec (NASDAQ:IOSP) last announced its earnings results on Tuesday, February 18th. The specialty chemicals company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.05. The business had revenue of $466.80 million during 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%. Equities research analysts expect that Innospec will post 6.18 EPS for the current fiscal year.

Innospec announced that its Board of Directors has approved a share repurchase program on Monday, March 10th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the specialty chemicals company to reacquire up to 2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Innospec news, SVP Corbin Barnes sold 598 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $103.06, for a total value of $61,629.88. Following the transaction, the senior vice president now directly owns 8,051 shares in the company, valued at approximately $829,736.06. This trade represents a 6.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Philip John Boon sold 3,754 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 $387,788.20. Following the sale, the vice president now owns 20,079 shares of the company’s stock, valued at approximately $2,074,160.70. The trade was a 15.75 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,696 shares of company stock valued at $794,853. Insiders own 1.52% of the company’s stock.

Institutional Investors Weigh In On Innospec

A number of institutional investors and hedge funds have recently modified their holdings of the business. Jefferies Financial Group Inc. bought a new stake in Innospec in the fourth quarter valued at approximately $2,931,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Innospec by 16.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 89,018 shares of the specialty chemicals company’s stock worth $9,797,000 after purchasing an additional 12,825 shares in the last quarter. Westwood Holdings Group Inc. raised its holdings in Innospec by 1.1% during the 4th quarter. Westwood Holdings Group Inc. now owns 298,096 shares of the specialty chemicals company’s stock worth $32,808,000 after buying an additional 3,352 shares during the period. Two Sigma Advisers LP boosted its holdings in shares of Innospec by 48.5% in the fourth quarter. Two Sigma Advisers LP now owns 10,100 shares of the specialty chemicals company’s stock valued at $1,112,000 after buying an additional 3,300 shares during the period. Finally, State of Wyoming raised its holdings in shares of Innospec by 167.0% during the fourth quarter. State of Wyoming now owns 1,976 shares of the specialty chemicals company’s stock worth $217,000 after acquiring an additional 1,236 shares during the period. 96.64% of the stock is owned by institutional investors.

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.