Leeward Investments LLC MA cut its holdings in shares of Innospec Inc. (NASDAQ:IOSP - Free Report) by 4.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 76,439 shares of the specialty chemicals company's stock after selling 3,591 shares during the quarter. Leeward Investments LLC MA owned approximately 0.30% of Innospec worth $7,243,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of IOSP. Raymond James Financial Inc. acquired a new position in shares of Innospec in the 4th quarter worth approximately $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. grew its position 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 acquiring an additional 46,192 shares in the last quarter. GAMMA Investing LLC grew its position 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 acquiring an additional 33,077 shares in the last quarter. Finally, Jefferies Financial Group Inc. acquired a new position in shares of Innospec in the 4th quarter worth approximately $2,931,000. 96.64% of the stock is currently owned by hedge funds and other institutional investors.
Innospec Price Performance
NASDAQ:IOSP traded up $2.31 during midday trading on Tuesday, reaching $88.78. 392,729 shares of the company traded hands, compared to its average volume of 166,318. Innospec Inc. has a twelve month low of $80.32 and a twelve month high of $133.53. The firm has a market capitalization of $2.22 billion, a price-to-earnings ratio of 82.20 and a beta of 1.05. The company has a fifty day moving average price of $87.15 and a 200 day moving average price of $96.84.
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 (EPS) for the quarter, beating analysts' consensus estimates of $1.40 by $0.02. Innospec had a return on equity of 11.38% and a net margin of 1.51%. The business had revenue of $440.80 million during the quarter, compared to analyst estimates of $466.50 million. During the same quarter in the previous year, the firm posted $1.75 EPS. The business's revenue for the quarter was down 11.9% compared to the same quarter last year. On average, equities research analysts forecast that Innospec Inc. will post 6.18 earnings per share for the current fiscal year.
Innospec declared that its Board of Directors has initiated a share buyback program on Monday, March 10th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the specialty chemicals company to buy up to 2% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its stock is undervalued.
Innospec Increases Dividend
The business also recently disclosed a semi-annual dividend, which was paid on Friday, May 30th. Investors of record on Tuesday, May 20th were given a dividend of $0.84 per share. The ex-dividend date was Tuesday, May 20th. This represents a yield of 1.7%. This is a positive change from Innospec's previous semi-annual dividend of $0.79. Innospec's payout ratio is currently 155.56%.
Insider Transactions at Innospec
In other Innospec news, Director Leslie J. Parrette sold 446 shares of the business's stock in a transaction 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 completion of the transaction, the director owned 5,497 shares in the company, valued at approximately $498,193.11. The trade was a 7.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.31% of the stock is owned by corporate insiders.
Analyst Ratings Changes
Several brokerages have recently commented on IOSP. Seaport Res Ptn upgraded Innospec from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 21st. Wall Street Zen lowered Innospec from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th.
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Innospec Company Profile
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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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