Innospec (NASDAQ:IOSP) Raised to “Buy” at StockNews.com

Innospec (NASDAQ:IOSP) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

Innospec Price Performance

IOSP opened at $97.36 on Monday. Innospec has a 12 month low of $95.17 and a 12 month high of $133.71. The business has a fifty day moving average price of $106.46 and a 200 day moving average price of $110.75. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of 68.56 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 the consensus estimate of $1.36 by $0.05. The company had revenue of $466.80 million during 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%. On average, research analysts anticipate that Innospec will post 6.18 earnings per share for the current year.

Innospec announced that its board has initiated a share buyback plan on Monday, March 10th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the specialty chemicals company to repurchase up to 2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Innospec

In other Innospec news, SVP Corbin Barnes sold 2,692 shares of the company’s stock in a transaction dated 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 owns 8,051 shares of the company’s stock, 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 accessible through the SEC website. Also, Director Milton C. Blackmore sold 652 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $103.30, for a total transaction of $67,351.60. Following the transaction, the director now directly owns 8,376 shares of the company’s stock, valued at approximately $865,240.80. This trade represents a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,696 shares of company stock valued at $794,853 in the last quarter. 1.52% of the stock is currently owned by corporate insiders.

Institutional Trading of Innospec

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Murphy & Mullick Capital Management Corp purchased a new position in shares of Innospec during the 4th quarter worth $106,000. Covestor Ltd raised its stake in Innospec by 13.9% during the fourth quarter. Covestor Ltd now owns 967 shares of the specialty chemicals company’s stock worth $106,000 after purchasing an additional 118 shares during the period. Blue Trust Inc. grew its stake in shares of Innospec by 54.2% during the 4th quarter. Blue Trust Inc. now owns 1,201 shares of the specialty chemicals company’s stock valued at $136,000 after buying an additional 422 shares during the period. KBC Group NV grew its stake in shares of Innospec by 82.3% during the 4th quarter. KBC Group NV now owns 1,236 shares of the specialty chemicals company’s stock valued at $136,000 after buying an additional 558 shares during the period. Finally, Smartleaf Asset Management LLC increased its holdings in shares of Innospec by 91.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,802 shares of the specialty chemicals company’s stock worth $198,000 after buying an additional 863 shares during the last quarter. 96.64% of the stock is owned by hedge funds and other institutional investors.

About Innospec

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.