Innospec (NASDAQ:IOSP) Sets New 52-Week Low – Here’s Why

Innospec Inc. (NASDAQ:IOSP)’s share price hit a new 52-week low on Friday . The company traded as low as $94.77 and last traded at $95.07, with a volume of 52903 shares changing hands. The stock had previously closed at $97.39.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Innospec from a “hold” rating to a “buy” rating in a research note on Monday, March 24th.

Innospec Stock Performance

The company has a market cap of $2.38 billion, a P/E ratio of 67.04 and a beta of 1.08. The firm’s 50-day simple moving average is $105.47 and its 200 day simple moving average is $110.52.

Innospec (NASDAQ:IOSP) last released its quarterly earnings results 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 firm had revenue of $466.80 million for the quarter, compared to the consensus estimate of $447.43 million. Innospec had a return on equity of 12.27% and a net margin of 1.93%. As a group, research analysts forecast that Innospec Inc. will post 6.18 earnings per share for the current year.

Innospec declared that its board has approved a stock buyback plan 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 purchase up to 2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, SVP Corbin Barnes sold 598 shares of Innospec stock in a transaction that occurred 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 approximately $829,736.06. This trade represents a 6.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Milton C. Blackmore sold 652 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $103.30, for a total value of $67,351.60. Following the transaction, the director now owns 8,376 shares in the company, valued at $865,240.80. The trade was a 7.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,696 shares of company stock valued at $794,853 over the last ninety days. 1.52% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Innospec

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

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.