StockNews.com Upgrades Innospec (NASDAQ:IOSP) to Buy

Innospec (NASDAQ:IOSP - Get Free Report) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating in a research report issued on Monday.

Separately, Seaport Res Ptn raised Innospec from a "hold" rating to a "strong-buy" rating in a report on Monday, April 21st.

Innospec Stock Performance

Shares of NASDAQ IOSP traded up $0.54 during midday trading on Monday, hitting $90.02. 125,080 shares of the company traded hands, compared to its average volume of 150,253. Innospec has a 12-month low of $80.32 and a 12-month high of $133.71. The stock has a 50-day moving average price of $93.58 and a 200 day moving average price of $106.39. The firm has a market cap of $2.26 billion, a P/E ratio of 63.39 and a beta of 1.03.

Innospec (NASDAQ:IOSP - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The specialty chemicals company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.36 by $0.05. The business had revenue of $466.80 million for the quarter, compared to analyst estimates of $447.43 million. Innospec had a net margin of 1.93% and a return on equity of 12.27%. As a group, equities analysts expect that Innospec will post 6.18 earnings per share for the current year.

Innospec declared 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 repurchase up to 2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board believes its shares are undervalued.

Insider Activity at Innospec

In other news, VP Philip John Boon sold 3,754 shares of the business's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $103.30, for a total value of $387,788.20. Following the transaction, the vice president now directly owns 20,079 shares in the company, valued at $2,074,160.70. The trade was a 15.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Milton C. Blackmore sold 652 shares of the company's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $103.30, for a total value of $67,351.60. Following the completion of the transaction, the director now directly owns 8,376 shares of the company's stock, valued at approximately $865,240.80. This trade represents a 7.22 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,696 shares of company stock worth $794,853. Corporate insiders own 1.31% of the company's stock.

Hedge Funds Weigh In On Innospec

A number of hedge funds have recently made changes to their positions in IOSP. Pacer Advisors Inc. bought a new position in shares of Innospec in the fourth quarter worth about $53,457,000. Brown Advisory Inc. bought a new position in shares of Innospec in the first quarter worth about $31,212,000. Raymond James Financial Inc. bought a new position in Innospec during the fourth quarter valued at approximately $20,992,000. Norges Bank bought a new position in Innospec during the fourth quarter valued at approximately $11,312,000. Finally, JPMorgan Chase & Co. boosted its stake in Innospec by 24.6% during the third quarter. JPMorgan Chase & Co. now owns 266,688 shares of the specialty chemicals company's stock valued at $30,160,000 after buying an additional 52,640 shares during the last quarter. Institutional investors own 96.64% of the company's stock.

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.