Rhumbline Advisers Increases Holdings in Innospec Inc. (NASDAQ:IOSP)

Rhumbline Advisers grew its position in Innospec Inc. (NASDAQ:IOSP - Free Report) by 9.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 77,760 shares of the specialty chemicals company's stock after purchasing an additional 6,602 shares during the quarter. Rhumbline Advisers owned approximately 0.31% of Innospec worth $7,368,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Murphy & Mullick Capital Management Corp purchased a new position in shares of Innospec in the fourth quarter valued at about $106,000. Covestor Ltd raised its position in shares of Innospec by 13.9% during the fourth quarter. Covestor Ltd now owns 967 shares of the specialty chemicals company's stock valued at $106,000 after buying an additional 118 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of Innospec by 91.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,802 shares of the specialty chemicals company's stock worth $198,000 after buying an additional 863 shares in the last quarter. Polymer Capital Management US LLC bought a new position in shares of Innospec during the fourth quarter worth $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. 96.64% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the stock. 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 downgraded Innospec from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th.

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 Stock Performance

Shares of IOSP traded down $1.18 during mid-day trading on Thursday, hitting $87.18. 156,829 shares of the stock were exchanged, compared to its average volume of 157,057. The company has a market cap of $2.18 billion, a PE ratio of 61.39 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 firm has a 50-day moving average of $87.99 and a two-hundred day moving average of $101.02.

Innospec (NASDAQ:IOSP - Get Free Report) last released its quarterly earnings results 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 net margin of 1.93% and a return on equity of 12.27%. The company had revenue of $440.80 million for the quarter, compared to the consensus estimate of $466.50 million. During the same quarter in the prior year, the firm earned $1.75 earnings per share. Innospec's revenue was down 11.9% on a year-over-year basis. On average, sell-side 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 given a dividend of $0.84 per share. This represents a dividend yield of 1.7%. 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. Innospec's dividend payout ratio is currently 155.56%.

Innospec announced 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 stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

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.