Stock Buyback Program Announced by Innospec (NASDAQ:IOSP) Board

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

Innospec Price Performance

Shares of IOSP traded down $2.08 during trading hours on Monday, hitting $98.54. The stock had a trading volume of 175,116 shares, compared to its average volume of 149,863. The company’s fifty day moving average is $108.89 and its two-hundred day moving average is $111.94. Innospec has a 52 week low of $97.13 and a 52 week high of $133.71. The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of 69.39 and a beta of 1.08.

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, topping the consensus estimate of $1.36 by $0.05. The business had revenue of $466.80 million for the quarter, compared to the consensus estimate of $447.43 million. Innospec had a net margin of 1.93% and a return on equity of 12.27%. Equities analysts predict that Innospec will post 6.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Innospec from a “hold” rating to a “buy” rating in a report on Thursday.

Insider Buying and Selling

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 value of $278,083.60. Following the sale, the senior vice president now directly owns 8,051 shares in the company, valued at $831,668.30. This trade represents a 25.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 completion of the sale, the vice president now owns 20,079 shares in the company, valued at $2,074,160.70. This represents a 15.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,696 shares of company stock worth $794,853 in the last 90 days. Corporate insiders own 1.52% 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.