Innospec (NASDAQ:IOSP) Hits New 52-Week Low – Here’s What Happened

Innospec Inc. (NASDAQ:IOSP) reached a new 52-week low on Friday . The stock traded as low as $95.17 and last traded at $95.97, with a volume of 149645 shares traded. The stock had previously closed at $98.42.

Analysts Set New Price Targets

Separately, StockNews.com cut Innospec from a “buy” rating to a “hold” rating in a report on Friday, March 14th.

Innospec Price Performance

The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 67.51 and a beta of 1.08. The firm’s 50-day moving average is $107.12 and its 200 day moving average is $111.02.

Innospec (NASDAQ:IOSP) last released its quarterly earnings data on Tuesday, February 18th. The specialty chemicals company reported $1.41 EPS for the quarter, topping 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 the consensus estimate of $447.43 million. On average, sell-side analysts forecast that Innospec Inc. will post 6.18 EPS for the current year.

Innospec declared that its board has authorized a stock repurchase plan on Monday, March 10th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the specialty chemicals company to repurchase up to 2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Innospec

In related news, VP Philip John Boon sold 3,754 shares of Innospec 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 in the company, valued at approximately $2,074,160.70. The trade was a 15.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Milton C. Blackmore sold 652 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 value of $67,351.60. Following the completion of the sale, the director now owns 8,376 shares of the company’s stock, valued at approximately $865,240.80. This represents a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,696 shares of company stock worth $794,853. 1.52% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Innospec

A number of large investors have recently modified their holdings of IOSP. Murphy & Mullick Capital Management Corp acquired a new position in Innospec during the 4th quarter worth approximately $106,000. Covestor Ltd raised its stake in shares of Innospec by 13.9% during the fourth quarter. Covestor Ltd now owns 967 shares of the specialty chemicals company’s stock valued at $106,000 after purchasing an additional 118 shares during the period. Blue Trust Inc. lifted its position in shares of Innospec by 54.2% during the fourth quarter. Blue Trust Inc. now owns 1,201 shares of the specialty chemicals company’s stock worth $136,000 after purchasing an additional 422 shares in the last quarter. KBC Group NV boosted its stake in shares of Innospec by 82.3% in the fourth quarter. KBC Group NV now owns 1,236 shares of the specialty chemicals company’s stock valued at $136,000 after purchasing an additional 558 shares during the period. Finally, Smartleaf Asset Management LLC grew its holdings in Innospec by 91.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,802 shares of the specialty chemicals company’s stock valued at $198,000 after purchasing an additional 863 shares in the last quarter. Institutional investors and hedge funds own 96.64% of the company’s stock.

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.