Innospec Inc. (NASDAQ:IOSP) Sees Large Decline in Short Interest

Innospec Inc. (NASDAQ:IOSP - Get Free Report) was the target of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 383,000 shares, a drop of 16.5% from the March 15th total of 458,800 shares. Approximately 1.6% of the shares of the company are sold short. Based on an average daily volume of 217,500 shares, the days-to-cover ratio is currently 1.8 days.

Analyst Ratings Changes

IOSP has been the subject of a number of recent analyst reports. StockNews.com cut Innospec from a "buy" rating to a "hold" rating in a research report on Wednesday, April 2nd. Seaport Res Ptn raised shares of Innospec from a "hold" rating to a "strong-buy" rating in a report on Monday, April 21st.

Innospec Stock Performance

Shares of IOSP traded down $0.54 during mid-day trading on Friday, hitting $89.79. 131,547 shares of the company were exchanged, compared to its average volume of 148,865. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of 63.23 and a beta of 1.03. Innospec has a 1-year low of $80.32 and a 1-year high of $133.71. The company has a 50 day moving average of $94.61 and a 200-day moving average of $107.03.

Innospec (NASDAQ:IOSP - Get Free Report) last announced its earnings results on Tuesday, February 18th. The specialty chemicals company reported $1.41 EPS for the quarter, beating analysts' consensus estimates of $1.36 by $0.05. The business had revenue of $466.80 million during the quarter, compared to analysts' expectations of $447.43 million. Innospec had a return on equity of 12.27% and a net margin of 1.93%. Research analysts anticipate that Innospec will post 6.18 earnings per share for the current fiscal year.

Innospec declared that its Board of Directors has authorized a share repurchase plan on Monday, March 10th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the specialty chemicals company to reacquire up to 2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Insider Transactions at Innospec

In related news, SVP Corbin Barnes sold 598 shares of the firm's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $103.06, for a total transaction of $61,629.88. Following the sale, the senior vice president now owns 8,051 shares in the company, valued at approximately $829,736.06. This trade represents a 6.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Philip John Boon sold 3,754 shares of Innospec stock in a transaction on Friday, February 21st. The shares were sold at an average price of $103.30, for a total transaction of $387,788.20. Following the completion of the transaction, the vice president now directly owns 20,079 shares of the company's stock, valued at $2,074,160.70. The trade was a 15.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,696 shares of company stock valued at $794,853 in the last 90 days. 1.31% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Innospec

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tsfg LLC acquired a new stake in shares of Innospec in the first quarter valued at about $35,000. Murphy & Mullick Capital Management Corp acquired a new stake in Innospec in the 4th quarter valued at about $106,000. Covestor Ltd lifted its stake in Innospec by 13.9% in the 4th quarter. Covestor Ltd now owns 967 shares of the specialty chemicals company's stock worth $106,000 after purchasing an additional 118 shares in the last quarter. KBC Group NV boosted its holdings in shares of Innospec by 82.3% during the 4th quarter. KBC Group NV now owns 1,236 shares of the specialty chemicals company's stock worth $136,000 after purchasing an additional 558 shares during the last quarter. Finally, Blue Trust Inc. grew its position in shares of Innospec by 54.2% in the fourth quarter. Blue Trust Inc. now owns 1,201 shares of the specialty chemicals company's stock valued at $136,000 after purchasing an additional 422 shares in the last quarter. Institutional investors and hedge funds 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.