Innospec (NASDAQ:IOSP) Upgraded at StockNews.com

Innospec (NASDAQ:IOSP) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.

Innospec Trading Up 2.4 %

IOSP stock traded up $2.27 during midday trading on Monday, reaching $98.28. The company had a trading volume of 482,515 shares, compared to its average volume of 128,359. The company has a 50 day moving average of $106.74 and a two-hundred day moving average of $110.81. Innospec has a 1 year low of $95.17 and a 1 year high of $133.71. The company has a market capitalization of $2.45 billion, a P/E ratio of 69.21 and a beta of 1.08.

Innospec (NASDAQ:IOSP) last released its quarterly earnings data on Tuesday, February 18th. The specialty chemicals company reported $1.41 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $447.43 million. On average, sell-side analysts anticipate that Innospec will post 6.18 earnings per share for the current year.

Innospec declared that its Board of Directors has approved 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 an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, VP Philip John Boon sold 3,754 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was 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 approximately $2,074,160.70. This represents a 15.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Corbin Barnes sold 598 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $103.06, for a total value of $61,629.88. Following the completion of the transaction, the senior vice president now directly owns 8,051 shares in the company, valued at $829,736.06. The trade was a 6.91 % decrease in their ownership of the stock. 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. 1.52% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Innospec

Large investors have recently added to or reduced their stakes in the stock. Wasatch Advisors LP raised its position in shares of Innospec by 0.6% in the third quarter. Wasatch Advisors LP now owns 1,805,546 shares of the specialty chemicals company’s stock valued at $204,189,000 after purchasing an additional 11,231 shares during the period. State Street Corp raised its holdings in Innospec by 2.1% in the 3rd quarter. State Street Corp now owns 996,281 shares of the specialty chemicals company’s stock worth $112,669,000 after acquiring an additional 20,744 shares during the period. Victory Capital Management Inc. lifted its position in Innospec by 1.6% during the 4th quarter. Victory Capital Management Inc. now owns 922,220 shares of the specialty chemicals company’s stock worth $101,500,000 after acquiring an additional 14,188 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Innospec by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 692,071 shares of the specialty chemicals company’s stock valued at $76,184,000 after acquiring an additional 14,788 shares during the period. Finally, Pacer Advisors Inc. acquired a new stake in shares of Innospec in the fourth quarter valued at about $53,457,000. 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.