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433,843 Shares in Innospec Inc. (NASDAQ:IOSP) Purchased by Financial Harvest LLC

Innospec logo with Basic Materials background

Financial Harvest LLC acquired a new position in shares of Innospec Inc. (NASDAQ:IOSP - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 433,843 shares of the specialty chemicals company's stock, valued at approximately $41,107,000. Innospec comprises about 27.3% of Financial Harvest LLC's portfolio, making the stock its biggest holding. Financial Harvest LLC owned 1.73% of Innospec as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the company. Brown Advisory Inc. purchased a new position in shares of Innospec in the 1st quarter worth about $31,212,000. Raymond James Financial Inc. purchased a new position in shares of Innospec in the 4th quarter worth about $20,992,000. Victory Capital Management Inc. boosted its holdings in shares of Innospec by 20.0% in the 1st quarter. Victory Capital Management Inc. now owns 1,106,482 shares of the specialty chemicals company's stock worth $104,839,000 after buying an additional 184,262 shares during the last quarter. Norges Bank purchased a new stake in Innospec during the fourth quarter valued at about $11,312,000. Finally, Edgestream Partners L.P. lifted its holdings in Innospec by 436.8% during the first quarter. Edgestream Partners L.P. now owns 70,039 shares of the specialty chemicals company's stock valued at $6,636,000 after purchasing an additional 56,991 shares during the last quarter. 96.64% of the stock is owned by hedge funds and other institutional investors.

Innospec Price Performance

NASDAQ IOSP traded up $1.19 on Tuesday, reaching $84.74. 200,540 shares of the company's stock traded hands, compared to its average volume of 168,426. Innospec Inc. has a 12 month low of $80.32 and a 12 month high of $133.53. The stock has a 50-day simple moving average of $86.09 and a 200 day simple moving average of $95.17. The stock has a market cap of $2.12 billion, a PE ratio of 78.46 and a beta of 1.05.

Innospec (NASDAQ:IOSP - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The specialty chemicals company reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.40 by $0.02. The firm had revenue of $440.80 million during the quarter, compared to analyst estimates of $466.50 million. Innospec had a return on equity of 11.38% and a net margin of 1.51%. The business's quarterly revenue was down 11.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.75 earnings per share. As a group, analysts anticipate that Innospec Inc. will post 6.18 EPS for the current year.

Innospec Increases Dividend

The firm also recently declared a semi-annual dividend, which was paid on Friday, May 30th. Investors of record on Tuesday, May 20th were paid a $0.84 dividend. This is a positive change from Innospec's previous semi-annual dividend of $0.79. The ex-dividend date was Tuesday, May 20th. This represents a yield of 1.7%. Innospec's dividend payout ratio (DPR) is presently 155.56%.

Wall Street Analyst Weigh In

Several research firms have commented on IOSP. Seaport Res Ptn raised shares of Innospec from a "hold" rating to a "strong-buy" rating in a report on Monday, April 21st. Wall Street Zen cut Innospec from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th.

Get Our Latest Report on Innospec

Insider Buying and Selling

In related news, Director Leslie J. Parrette sold 446 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $90.63, for a total value of $40,420.98. Following the completion of the sale, the director owned 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 sale was disclosed in a legal filing with the SEC, which is available through this link. 1.31% of the stock is owned by insiders.

Innospec Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Innospec (NASDAQ:IOSP)

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