Leeward Investments LLC MA Cuts Stock Holdings in Innospec Inc. (NASDAQ:IOSP)

Leeward Investments LLC MA cut its stake in Innospec Inc. (NASDAQ:IOSP - Free Report) by 4.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 76,439 shares of the specialty chemicals company's stock after selling 3,591 shares during the quarter. Leeward Investments LLC MA owned about 0.30% of Innospec worth $7,243,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in IOSP. Bank of New York Mellon Corp raised its holdings in Innospec by 1.1% in the 4th quarter. Bank of New York Mellon Corp now owns 237,616 shares of the specialty chemicals company's stock worth $26,152,000 after purchasing an additional 2,633 shares in the last quarter. Proficio Capital Partners LLC bought a new position in shares of Innospec in the 4th quarter worth about $1,623,000. Charles Schwab Investment Management Inc. increased its stake in shares of Innospec by 4.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 352,577 shares of the specialty chemicals company's stock worth $38,805,000 after acquiring an additional 16,055 shares in the last quarter. Keybank National Association OH increased its stake in shares of Innospec by 6.4% in the 4th quarter. Keybank National Association OH now owns 5,429 shares of the specialty chemicals company's stock worth $598,000 after acquiring an additional 326 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Innospec in the 4th quarter worth about $20,992,000. 96.64% of the stock is currently owned by institutional investors.

Insider Activity

In other Innospec news, Director Leslie J. Parrette sold 446 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $90.63, for a total transaction of $40,420.98. Following the completion of the sale, the director directly owned 5,497 shares of the company's stock, valued at approximately $498,193.11. This represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.31% of the company's stock.

Innospec Stock Down 2.0%

Innospec stock traded down $1.76 during trading hours on Monday, hitting $86.94. The stock had a trading volume of 75,489 shares, compared to its average volume of 164,884. The stock's 50-day moving average price is $87.24 and its 200-day moving average price is $97.06. Innospec Inc. has a 12-month low of $80.32 and a 12-month high of $133.53. The stock has a market capitalization of $2.17 billion, a P/E ratio of 80.49 and a beta of 1.05.

Innospec (NASDAQ:IOSP - Get Free Report) last issued its quarterly 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 net margin of 1.51% and a return on equity of 11.38%. The business had revenue of $440.80 million for the quarter, compared to the consensus estimate of $466.50 million. During the same quarter in the previous year, the firm earned $1.75 earnings per share. The company's revenue for the quarter was down 11.9% on a year-over-year basis. On average, research analysts expect that Innospec Inc. will post 6.18 EPS for the current fiscal year.

Innospec declared that its board has initiated a share repurchase 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 purchase up to 2% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

Innospec Increases Dividend

The company also recently disclosed a semi-annual dividend, which was paid on Friday, May 30th. Shareholders of record on Tuesday, May 20th were given a dividend of $0.84 per share. This is a boost from Innospec's previous semi-annual dividend of $0.79. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a yield of 1.7%. Innospec's payout ratio is 155.56%.

Analyst Ratings Changes

IOSP has been the subject of several research reports. Wall Street Zen lowered shares of Innospec from a "buy" rating to a "hold" rating in a research note on Tuesday, May 6th. Seaport Res Ptn upgraded shares of Innospec from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 21st.

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.