Innospec FY2024 EPS Forecast Lowered by Seaport Res Ptn

Innospec Inc. (NASDAQ:IOSP) – Equities research analysts at Seaport Res Ptn lowered their FY2024 earnings per share estimates for Innospec in a research note issued to investors on Wednesday, January 22nd. Seaport Res Ptn analyst M. Harrison now forecasts that the specialty chemicals company will earn $5.88 per share for the year, down from their prior estimate of $5.89. The consensus estimate for Innospec’s current full-year earnings is $5.88 per share.

Separately, StockNews.com cut Innospec from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 11th.

Innospec Stock Down 0.9 %

Shares of Innospec stock opened at $114.43 on Friday. The firm has a market cap of $2.85 billion, a PE ratio of 19.97 and a beta of 1.09. Innospec has a twelve month low of $103.65 and a twelve month high of $133.71. The business has a 50-day moving average price of $113.64 and a 200 day moving average price of $114.58.

Innospec (NASDAQ:IOSP) last released its quarterly earnings data on Tuesday, November 5th. The specialty chemicals company reported $1.35 EPS for the quarter, hitting the consensus estimate of $1.35. Innospec had a return on equity of 13.33% and a net margin of 7.68%. The business had revenue of $443.40 million for the quarter, compared to analyst estimates of $442.13 million. During the same quarter in the prior year, the firm posted $1.59 EPS. The business’s quarterly revenue was down 4.5% compared to the same quarter last year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. HighTower Advisors LLC increased its position in Innospec by 5.2% in 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 period. Raymond James Trust N.A. increased its holdings in shares of Innospec by 7.9% in the third quarter. Raymond James Trust N.A. now owns 2,106 shares of the specialty chemicals company’s stock valued at $238,000 after purchasing an additional 155 shares during the period. Evergreen Capital Management LLC raised its stake in shares of Innospec by 8.6% during the second quarter. Evergreen Capital Management LLC now owns 2,421 shares of the specialty chemicals company’s stock worth $299,000 after purchasing an additional 192 shares during the last quarter. Creative Planning lifted its holdings in shares of Innospec by 4.3% during the second quarter. Creative Planning now owns 4,762 shares of the specialty chemicals company’s stock worth $589,000 after purchasing an additional 195 shares during the period. Finally, Thrivent Financial for Lutherans grew its position in Innospec by 0.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 59,602 shares of the specialty chemicals company’s stock valued at $6,740,000 after buying an additional 195 shares during the last quarter. 96.64% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Innospec

In other news, Director Milton C. Blackmore sold 1,035 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $122.92, for a total value of $127,222.20. Following the sale, the director now directly owns 9,028 shares in the company, valued at approximately $1,109,721.76. This trade represents a 10.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.52% of the company’s stock.

Innospec Increases Dividend

The company also recently declared a Semi-Annual dividend, which was paid on Tuesday, November 26th. Shareholders of record on Monday, November 18th were paid a dividend of $0.79 per share. This represents a yield of 1.3%. This is a boost from Innospec’s previous Semi-Annual dividend of $0.72. The ex-dividend date of this dividend was Monday, November 18th. Innospec’s dividend payout ratio is 27.57%.

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.