Moran Wealth Management LLC Has $5.38 Million Position in Innospec Inc. (NASDAQ:IOSP)

Moran Wealth Management LLC grew its holdings in Innospec Inc. (NASDAQ:IOSP) by 1.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,612 shares of the specialty chemicals company’s stock after purchasing an additional 545 shares during the quarter. Moran Wealth Management LLC’s holdings in Innospec were worth $5,384,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Innospec in the 3rd quarter valued at about $254,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Innospec in the 3rd quarter valued at about $3,726,000. Thrivent Financial for Lutherans lifted its stake in shares of Innospec by 0.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 59,602 shares of the specialty chemicals company’s stock valued at $6,740,000 after purchasing an additional 195 shares during the period. Royce & Associates LP lifted its stake in shares of Innospec by 9.3% in the 3rd quarter. Royce & Associates LP now owns 835,333 shares of the specialty chemicals company’s stock valued at $94,468,000 after purchasing an additional 70,902 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in shares of Innospec by 4.8% in the 3rd quarter. Victory Capital Management Inc. now owns 908,032 shares of the specialty chemicals company’s stock valued at $102,689,000 after purchasing an additional 41,449 shares during the period. 96.64% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, StockNews.com downgraded Innospec from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th.

Innospec Price Performance

Shares of Innospec stock opened at $118.25 on Thursday. Innospec Inc. has a one year low of $103.97 and a one year high of $133.71. The firm has a market capitalization of $2.95 billion, a price-to-earnings ratio of 20.64 and a beta of 1.08. The business has a 50-day simple moving average of $113.41 and a 200 day simple moving average of $118.75.

Innospec (NASDAQ:IOSP) last issued its earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.35 EPS for the quarter, meeting analysts’ consensus estimates of $1.35. Innospec had a return on equity of 13.33% and a net margin of 7.68%. The business had revenue of $443.40 million during the quarter, compared to analyst estimates of $442.13 million. During the same period in the previous year, the company posted $1.59 EPS. The firm’s revenue was down 4.5% compared to the same quarter last year. On average, sell-side analysts expect that Innospec Inc. will post 5.88 EPS for the current year.

Innospec Increases Dividend

The business also recently disclosed a Semi-Annual dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Monday, November 18th will be issued a dividend of $0.79 per share. This is a positive change from Innospec’s previous Semi-Annual dividend of $0.72. This represents a yield of 1.3%. The ex-dividend date is Monday, November 18th. Innospec’s payout ratio is currently 27.57%.

Insiders Place Their Bets

In other news, CFO Ian Cleminson sold 3,398 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $114.74, for a total value of $389,886.52. Following the completion of the transaction, the chief financial officer now directly owns 12,996 shares of the company’s stock, valued at $1,491,161.04. This represents a 20.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Milton C. Blackmore sold 1,035 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $122.92, for a total value of $127,222.20. Following the completion of the transaction, the director now directly owns 9,028 shares of the company’s stock, valued at approximately $1,109,721.76. This represents a 10.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,035 shares of company stock valued at $1,267,096. Corporate insiders own 1.52% of the company’s stock.

Innospec 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.