Innospec (NASDAQ:IOSP) Director Acquires 345 Shares of Stock

Innospec Inc. (NASDAQ:IOSP) Director Leslie Parrette purchased 345 shares of the stock in a transaction on Tuesday, November 10th. The shares were purchased at an average price of $79.69 per share, with a total value of $27,493.05. Following the acquisition, the director owned 7,721 shares in the company, valued at approximately $615,286.49. The trade was a 4.68% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Innospec Stock Performance

Shares of NASDAQ IOSP traded up $0.82 during midday trading on Thursday, reaching $79.11. The stock had a trading volume of 250,353 shares, compared to its average volume of 283,802. The company’s 50 day moving average price is $94.09 and its 200 day moving average price is $84.54. Innospec Inc. has a twelve month low of $65.51 and a twelve month high of $102.00. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of 15.32, a price-to-earnings-growth ratio of 3.12 and a beta of 0.88.

Innospec (NASDAQ:IOSP) last posted its quarterly earnings data on Tuesday, November 3rd. The specialty chemicals company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.03. Innospec had a net margin of 7.49% and a return on equity of 9.36%. The company had revenue of $473.60 million during the quarter, compared to analysts’ expectations of $479.17 million. During the same period in the prior year, the company posted $1.12 earnings per share. Innospec’s revenue for the quarter was up 7.2% compared to the same quarter last year. Equities analysts forecast that Innospec Inc. will post 5.03 earnings per share for the current fiscal year.

Institutional Trading of Innospec

Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Innospec during the 2nd quarter valued at $356,596,000. Dimensional Fund Advisors LP boosted its stake in Innospec by 5.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,242,089 shares of the specialty chemicals company’s stock worth $90,698,000 after acquiring an additional 66,967 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in Innospec by 17.2% in the third quarter. Assenagon Asset Management S.A. now owns 319,633 shares of the specialty chemicals company’s stock worth $30,467,000 after purchasing an additional 46,851 shares during the period. Western Standard LLC acquired a new stake in Innospec in the second quarter worth $19,276,000. Finally, Bank of America Corp DE acquired a new stake in Innospec in the second quarter worth $19,187,000. Institutional investors own 96.64% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on IOSP shares. Wall Street Zen cut shares of Innospec from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 26th. Seaport Research Partners reissued a “buy” rating and issued a $110.00 price objective on shares of Innospec in a research report on Thursday, August 6th. Zacks Research downgraded Innospec from a “hold” rating to a “strong sell” rating in a research note on Monday. Finally, Weiss Ratings downgraded Innospec from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, November 4th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce”.

About Innospec

Innospec Inc. is a global specialty chemicals company that develops and manufactures products for customers in the fuels, oilfield and performance chemicals markets. Its Fuel Specialties business supplies additives for fuels and lubricants, while its Oilfield Services business provides chemical products and services used in oil and gas operations. Through its Performance Chemicals business, Innospec makes specialty ingredients for applications including personal care, home care and agriculture. Its products are used by industrial and consumer-products manufacturers around the world.