2,332 Shares in Innospec Inc. (NASDAQ:IOSP) Acquired by Cibc World Markets Corp

Cibc World Markets Corp purchased a new stake in Innospec Inc. (NASDAQ:IOSP) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,332 shares of the specialty chemicals company’s stock, valued at approximately $257,000.

A number of other hedge funds have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in Innospec by 3.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 336,522 shares of the specialty chemicals company’s stock valued at $38,057,000 after buying an additional 11,479 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Innospec by 24.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 266,688 shares of the specialty chemicals company’s stock valued at $30,160,000 after acquiring an additional 52,640 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Innospec by 1.1% in the 4th quarter. Bank of New York Mellon Corp now owns 237,616 shares of the specialty chemicals company’s stock valued at $26,152,000 after acquiring an additional 2,633 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of Innospec by 5.2% during the 3rd quarter. HighTower Advisors LLC now owns 3,103 shares of the specialty chemicals company’s stock valued at $350,000 after acquiring an additional 154 shares during the last quarter. Finally, Citigroup Inc. grew its holdings in shares of Innospec by 46.1% during the third quarter. Citigroup Inc. now owns 32,193 shares of the specialty chemicals company’s stock worth $3,641,000 after purchasing an additional 10,162 shares in the last quarter. 96.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Philip John Boon sold 3,754 shares of the stock in a transaction 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 of the company’s stock, valued at approximately $2,074,160.70. This trade represents a 15.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Corbin Barnes sold 598 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $103.06, for a total transaction of $61,629.88. Following the completion of the sale, the senior vice president now directly owns 8,051 shares of the company’s stock, valued at $829,736.06. This represents a 6.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,696 shares of company stock worth $794,853 in the last quarter. 1.52% of the stock is owned by insiders.

Innospec Stock Performance

NASDAQ IOSP opened at $97.36 on Wednesday. Innospec Inc. has a 52-week low of $95.17 and a 52-week high of $133.71. The company has a fifty day moving average of $106.46 and a 200-day moving average of $110.75. The company has a market capitalization of $2.43 billion, a P/E ratio of 68.56 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 firm had revenue of $466.80 million during the quarter, compared to analyst estimates of $447.43 million. Innospec had a return on equity of 12.27% and a net margin of 1.93%. As a group, analysts forecast that Innospec Inc. will post 6.18 EPS for the current fiscal year.

Innospec declared that its board has approved a stock buyback program on Monday, March 10th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to buy up to 2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Innospec from a “hold” rating to a “buy” rating in a research note on Monday.

Innospec 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.