Franklin Resources Inc. Reduces Position in Innospec Inc. (NASDAQ:IOSP)

Franklin Resources Inc. lowered its position in Innospec Inc. (NASDAQ:IOSP) by 1.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,778 shares of the specialty chemicals company’s stock after selling 504 shares during the period. Franklin Resources Inc.’s holdings in Innospec were worth $2,947,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in IOSP. PNC Financial Services Group Inc. boosted its position in Innospec by 8.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,868 shares of the specialty chemicals company’s stock worth $206,000 after purchasing an additional 151 shares in the last quarter. HighTower Advisors LLC increased its holdings in Innospec by 5.2% in the third quarter. HighTower Advisors LLC now owns 3,103 shares of the specialty chemicals company’s stock valued at $350,000 after buying an additional 154 shares in the last quarter. New York State Teachers Retirement System raised its position in shares of Innospec by 1.4% in the fourth quarter. New York State Teachers Retirement System now owns 14,981 shares of the specialty chemicals company’s stock worth $1,649,000 after acquiring an additional 200 shares during the period. Inspire Advisors LLC grew its position in shares of Innospec by 3.3% during the 4th quarter. Inspire Advisors LLC now owns 6,704 shares of the specialty chemicals company’s stock valued at $738,000 after acquiring an additional 213 shares during the period. Finally, Hudson Edge Investment Partners Inc. increased its stake in shares of Innospec by 4.9% in the 4th quarter. Hudson Edge Investment Partners Inc. now owns 4,923 shares of the specialty chemicals company’s stock valued at $542,000 after purchasing an additional 230 shares in the last quarter. Institutional investors and hedge funds own 96.64% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com lowered Innospec from a “buy” rating to a “hold” rating in a report on Wednesday, April 2nd.

Innospec Stock Performance

Shares of NASDAQ IOSP opened at $87.47 on Friday. The firm has a market cap of $2.20 billion, a PE ratio of 61.60 and a beta of 1.03. Innospec Inc. has a one year low of $80.32 and a one year high of $133.71. The firm has a fifty day moving average of $99.25 and a 200 day moving average of $108.70.

Innospec (NASDAQ:IOSP) last announced its earnings results on Tuesday, February 18th. The specialty chemicals company reported $1.41 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 business had revenue of $466.80 million during the quarter, compared to analysts’ expectations of $447.43 million. On average, equities analysts predict that Innospec Inc. will post 6.18 EPS for the current fiscal year.

Innospec announced that its Board of Directors has initiated a share buyback program on Monday, March 10th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the specialty chemicals company to reacquire up to 2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Innospec

In other Innospec news, VP Philip John Boon sold 3,754 shares of the company’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 completion of the sale, the vice president now directly owns 20,079 shares in the company, valued at $2,074,160.70. This represents a 15.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Milton C. Blackmore sold 652 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were 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 in the company, valued at approximately $865,240.80. The trade was a 7.22 % decrease in their position. 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. 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.