ZWJ Investment Counsel Inc. Acquires 2,885 Shares of Innospec Inc. (NASDAQ:IOSP)

ZWJ Investment Counsel Inc. grew its stake in shares of Innospec Inc. (NASDAQ:IOSP - Free Report) by 6.6% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 46,311 shares of the specialty chemicals company's stock after acquiring an additional 2,885 shares during the quarter. ZWJ Investment Counsel Inc. owned about 0.18% of Innospec worth $4,388,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of IOSP. Tsfg LLC bought a new stake in shares of Innospec during the 1st quarter valued at $35,000. Murphy & Mullick Capital Management Corp acquired a new position in shares of Innospec during the 4th quarter worth $106,000. Covestor Ltd raised its holdings in shares of Innospec by 13.9% during the 4th 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 raised its holdings in shares of Innospec by 91.9% during the 4th 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. Finally, Polymer Capital Management US LLC acquired a new position in shares of Innospec during the 4th quarter worth $201,000. 96.64% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

IOSP has been the subject of a number of recent research reports. Seaport Res Ptn raised Innospec from a "hold" rating to a "strong-buy" rating in a report on Monday, April 21st. Wall Street Zen cut Innospec from a "buy" rating to a "hold" rating in a report on Tuesday, May 6th.

Innospec Stock Performance

Shares of IOSP stock traded up $0.59 on Friday, hitting $88.70. The company had a trading volume of 80,233 shares, compared to its average volume of 164,941. The firm has a market cap of $2.21 billion, a P/E ratio of 82.13 and a beta of 1.05. The stock's 50-day moving average is $87.24 and its two-hundred day moving average is $97.23. Innospec Inc. has a twelve month low of $80.32 and a twelve month high of $133.53.

Innospec (NASDAQ:IOSP - Get Free Report) last announced its earnings results on Thursday, May 8th. The specialty chemicals company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.40 by $0.02. The company had revenue of $440.80 million for the quarter, compared to analyst estimates of $466.50 million. Innospec had a return on equity of 11.38% and a net margin of 1.51%. The firm's revenue for the quarter was down 11.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.75 EPS. Equities research analysts predict that Innospec Inc. will post 6.18 EPS for the current year.

Innospec Increases Dividend

The business 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. This represents a dividend yield of 1.7%. The ex-dividend date was Tuesday, May 20th. This is a positive change from Innospec's previous semi-annual dividend of $0.79. Innospec's dividend payout ratio (DPR) is currently 155.56%.

Innospec declared that its board has authorized a stock repurchase program on Monday, March 10th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the specialty chemicals company to buy up to 2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

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 value of $40,420.98. Following the completion of the sale, the director owned 5,497 shares in the company, valued at approximately $498,193.11. This trade represents a 7.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.31% of the stock is currently owned by insiders.

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.