Innospec (NASDAQ:IOSP) Upgraded at StockNews.com

Innospec (NASDAQ:IOSP) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Monday.

Innospec Stock Up 2.4 %

Innospec stock traded up $2.27 during trading hours on Monday, hitting $98.28. 482,515 shares of the company traded hands, compared to its average volume of 128,359. The firm’s 50-day simple moving average is $106.74 and its two-hundred day simple moving average is $110.81. The firm has a market cap of $2.45 billion, a P/E ratio of 69.21 and a beta of 1.08. Innospec has a 1-year low of $95.17 and a 1-year high of $133.71.

Innospec (NASDAQ:IOSP) last announced its earnings results on Tuesday, February 18th. The specialty chemicals company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.36 by $0.05. The firm had revenue of $466.80 million for the quarter, compared to analysts’ expectations of $447.43 million. Innospec had a return on equity of 12.27% and a net margin of 1.93%. On average, equities research analysts predict that Innospec will post 6.18 earnings per share for the current year.

Innospec announced that its board has approved a stock repurchase plan on Monday, March 10th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the specialty chemicals company to purchase up to 2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at Innospec

In related news, VP Philip John Boon sold 3,754 shares of Innospec 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 transaction, the vice president now directly owns 20,079 shares in the company, valued at $2,074,160.70. The trade was a 15.75 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Corbin Barnes sold 598 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $103.06, for a total value of $61,629.88. Following the sale, the senior vice president now directly owns 8,051 shares of the company’s stock, valued at approximately $829,736.06. This represents a 6.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,696 shares of company stock valued at $794,853 over the last ninety days. Insiders own 1.52% of the company’s stock.

Hedge Funds Weigh In On Innospec

A number of institutional investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. boosted its holdings in shares of Innospec by 3.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 336,522 shares of the specialty chemicals company’s stock worth $38,057,000 after buying an additional 11,479 shares during the period. JPMorgan Chase & Co. boosted its stake in Innospec by 24.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 266,688 shares of the specialty chemicals company’s stock worth $30,160,000 after purchasing an additional 52,640 shares during the period. Bank of New York Mellon Corp grew its position in Innospec by 1.1% during the 4th quarter. Bank of New York Mellon Corp now owns 237,616 shares of the specialty chemicals company’s stock worth $26,152,000 after purchasing an additional 2,633 shares in the last quarter. HighTower Advisors LLC raised its stake in Innospec by 5.2% during the 3rd quarter. HighTower Advisors LLC now owns 3,103 shares of the specialty chemicals company’s stock valued at $350,000 after purchasing an additional 154 shares during the period. Finally, Citigroup Inc. lifted its holdings in shares of Innospec by 46.1% in the third quarter. Citigroup Inc. now owns 32,193 shares of the specialty chemicals company’s stock valued at $3,641,000 after purchasing an additional 10,162 shares in the last quarter. Hedge funds and other institutional investors 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.