Moran Wealth Management LLC Sells 3,139 Shares of Innospec Inc. (NASDAQ:IOSP)

Moran Wealth Management LLC lowered its holdings in shares of Innospec Inc. (NASDAQ:IOSP - Free Report) by 6.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,025 shares of the specialty chemicals company's stock after selling 3,139 shares during the quarter. Moran Wealth Management LLC owned approximately 0.18% of Innospec worth $4,266,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in IOSP. Murphy & Mullick Capital Management Corp bought a new position in Innospec in the 4th quarter worth approximately $106,000. Covestor Ltd lifted its holdings in shares of Innospec by 13.9% in the fourth quarter. Covestor Ltd now owns 967 shares of the specialty chemicals company's stock worth $106,000 after buying an additional 118 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in shares of 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 acquiring an additional 863 shares during the last quarter. Polymer Capital Management US LLC purchased a new position in Innospec during the fourth quarter valued at $201,000. Finally, PNC Financial Services Group Inc. grew its stake in Innospec by 8.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,868 shares of the specialty chemicals company's stock valued at $206,000 after acquiring an additional 151 shares in the last quarter. Institutional investors own 96.64% of the company's stock.

Analyst Ratings Changes

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

Innospec Stock Performance

NASDAQ:IOSP traded up $0.16 during trading hours on Friday, reaching $84.53. The stock had a trading volume of 24,188 shares, compared to its average volume of 159,667. The stock has a market capitalization of $2.11 billion, a PE ratio of 78.26 and a beta of 1.06. Innospec Inc. has a 52 week low of $80.32 and a 52 week high of $133.53. The company has a 50 day moving average price of $87.41 and a two-hundred day moving average price of $98.42.

Innospec (NASDAQ:IOSP - Get Free Report) last posted its earnings results 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 net margin of 1.51% and a return on equity of 11.38%. Innospec's revenue for the quarter was down 11.9% compared to the same quarter last year. During the same period last year, the firm posted $1.75 earnings per share. Equities research analysts predict that Innospec Inc. will post 6.18 EPS for the current year.

Innospec Increases Dividend

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

Innospec declared that its board has authorized a stock buyback plan on Monday, March 10th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the specialty chemicals company to reacquire up to 2% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.

Insider Activity

In other Innospec news, Director Leslie J. Parrette sold 446 shares of the business's stock in a transaction that occurred on 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. The trade was 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. Corporate insiders own 1.31% of the company's stock.

Innospec Company 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.