Innospec Inc. (NASDAQ:IOSP) Position Cut by Moran Wealth Management LLC

Moran Wealth Management LLC reduced its holdings in Innospec Inc. (NASDAQ:IOSP) by 6.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 45,025 shares of the specialty chemicals company’s stock after selling 3,139 shares during the quarter. Moran Wealth Management LLC owned 0.18% of Innospec worth $4,266,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new position in Innospec during the fourth quarter worth about $20,992,000. Norges Bank acquired a new position in shares of Innospec in the 4th quarter worth approximately $11,312,000. JPMorgan Chase & Co. raised its holdings in shares of Innospec by 17.3% in the 4th quarter. JPMorgan Chase & Co. now owns 312,880 shares of the specialty chemicals company’s stock worth $34,436,000 after purchasing an additional 46,192 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Innospec by 7,113.3% in the 1st quarter. GAMMA Investing LLC now owns 33,542 shares of the specialty chemicals company’s stock worth $31,780,000 after purchasing an additional 33,077 shares in the last quarter. Finally, Jefferies Financial Group Inc. acquired a new stake in Innospec during the fourth quarter valued at approximately $2,931,000. Institutional investors own 96.64% of the company’s stock.

Insider Activity

In related news, Director Leslie J. Parrette sold 446 shares of Innospec stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $90.63, for a total transaction of $40,420.98. Following the sale, the director now directly owns 5,497 shares of the company’s stock, valued at $498,193.11. This trade represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.31% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Wall Street Zen downgraded Innospec from a “buy” rating to a “hold” rating in a report on Tuesday, May 6th. Seaport Res Ptn raised Innospec from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 21st.

Innospec Stock Performance

IOSP opened at $83.50 on Thursday. The firm has a market cap of $2.08 billion, a P/E ratio of 77.31 and a beta of 1.06. The business has a 50 day moving average price of $87.45 and a 200 day moving average price of $98.64. Innospec Inc. has a twelve month low of $80.32 and a twelve month high of $133.53.

Innospec (NASDAQ:IOSP) last issued its quarterly earnings results on Thursday, May 8th. The specialty chemicals company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.40 by $0.02. The company had revenue of $440.80 million for the quarter, compared to the consensus estimate of $466.50 million. Innospec had a return on equity of 11.38% and a net margin of 1.51%. The company’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.75 EPS. As a group, analysts anticipate that Innospec Inc. will post 6.18 earnings per share for the current fiscal year.

Innospec announced that its Board of Directors has authorized a stock buyback program on Monday, March 10th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the specialty chemicals company to buy up to 2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Innospec Increases Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Friday, May 30th. Stockholders of record on Tuesday, May 20th were issued a dividend of $0.84 per share. This is an increase from Innospec’s previous semi-annual dividend of $0.79. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a dividend yield of 1.7%. Innospec’s payout ratio is presently 155.56%.

Innospec 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.