Innospec Inc. (NASDAQ:IOSP) Shares Bought by Bank of America Corp DE

Bank of America Corp DE raised its holdings in Innospec Inc. (NASDAQ:IOSP - Free Report) by 3.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 233,454 shares of the specialty chemicals company's stock after purchasing an additional 7,239 shares during the period. Bank of America Corp DE owned about 0.94% of Innospec worth $25,694,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Covestor Ltd grew its holdings in Innospec by 13.9% in the fourth quarter. Covestor Ltd now owns 967 shares of the specialty chemicals company's stock valued at $106,000 after purchasing an additional 118 shares during the period. Summit Investment Advisors Inc. grew its holdings in Innospec by 4.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,608 shares of the specialty chemicals company's stock valued at $287,000 after purchasing an additional 118 shares during the period. PNC Financial Services Group Inc. grew its holdings in Innospec by 8.8% in 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 purchasing an additional 151 shares during the period. New York State Teachers Retirement System lifted its position in shares of Innospec by 1.4% in the fourth quarter. New York State Teachers Retirement System now owns 14,981 shares of the specialty chemicals company's stock valued at $1,649,000 after acquiring an additional 200 shares in the last quarter. Finally, Inspire Advisors LLC lifted its position in shares of Innospec by 3.3% in the fourth quarter. Inspire Advisors LLC now owns 6,704 shares of the specialty chemicals company's stock valued at $738,000 after acquiring an additional 213 shares in the last quarter. 96.64% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Milton C. Blackmore sold 652 shares of Innospec stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $103.30, for a total transaction of $67,351.60. Following the transaction, the director now owns 8,376 shares in the company, valued at approximately $865,240.80. This trade represents a 7.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Corbin Barnes sold 2,692 shares of Innospec stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $103.30, for a total value of $278,083.60. Following the transaction, the senior vice president now owns 8,051 shares in the company, valued at approximately $831,668.30. The trade was a 25.06% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,142 shares of company stock worth $835,274. 1.31% of the stock is owned by corporate insiders.

Innospec Price Performance

NASDAQ IOSP opened at $88.99 on Friday. The company has a market cap of $2.22 billion, a PE ratio of 62.67 and a beta of 1.11. The stock's 50 day simple moving average is $91.37 and its 200-day simple moving average is $104.79. Innospec Inc. has a 1-year low of $80.32 and a 1-year high of $133.53.

Innospec (NASDAQ:IOSP - Get Free Report) last released its earnings results on Thursday, May 8th. The specialty chemicals company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.02. Innospec had a return on equity of 12.27% and a net margin of 1.93%. The business had revenue of $440.80 million for the quarter, compared to the consensus estimate of $466.50 million. During the same quarter last year, the business posted $1.75 earnings per share. The business's quarterly revenue was down 11.9% compared to the same quarter last year. On average, equities research analysts anticipate that Innospec Inc. will post 6.18 EPS for the current fiscal year.

Innospec announced that its board has approved a share buyback plan on Monday, March 10th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the specialty chemicals company to buy up to 2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Innospec Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Friday, May 30th. Investors of record on Tuesday, May 20th will be given 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 is Tuesday, May 20th. This represents a yield of 1.7%. Innospec's dividend payout ratio (DPR) is presently 155.56%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on IOSP. StockNews.com downgraded Innospec from a "buy" rating to a "hold" rating in a research report 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.

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.

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