FY2024 EPS Estimates for Innospec Decreased by Analyst

Innospec Inc. (NASDAQ:IOSP) – Analysts at Seaport Res Ptn dropped their FY2024 EPS estimates for Innospec in a report issued on Wednesday, January 22nd. Seaport Res Ptn analyst M. Harrison now forecasts that the specialty chemicals company will post earnings per share of $5.88 for the year, down from their prior estimate of $5.89. The consensus estimate for Innospec’s current full-year earnings is $5.88 per share.

Separately, StockNews.com cut shares of Innospec from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 11th.

Innospec Price Performance

Shares of IOSP stock opened at $115.45 on Friday. The company has a market cap of $2.88 billion, a P/E ratio of 20.15 and a beta of 1.09. The stock’s 50-day moving average is $113.86 and its 200 day moving average is $114.67. Innospec has a 1-year low of $103.65 and a 1-year high of $133.71.

Innospec (NASDAQ:IOSP) last announced its quarterly earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.35 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.35. The business had revenue of $443.40 million for the quarter, compared to the consensus estimate of $442.13 million. Innospec had a return on equity of 13.33% and a net margin of 7.68%. The business’s revenue was down 4.5% compared to the same quarter last year. During the same period last year, the business posted $1.59 EPS.

Innospec Increases Dividend

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

Insider Transactions at Innospec

In other Innospec news, Director Milton C. Blackmore sold 1,035 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $122.92, for a total value of $127,222.20. Following the completion of the sale, the director now owns 9,028 shares of the company’s stock, valued at approximately $1,109,721.76. This trade represents a 10.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.52% of the company’s stock.

Hedge Funds Weigh In On Innospec

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. increased its stake in Innospec by 503.9% during the 3rd quarter. Blue Trust Inc. now owns 779 shares of the specialty chemicals company’s stock valued at $96,000 after purchasing an additional 650 shares in the last quarter. nVerses Capital LLC grew its holdings in shares of Innospec by 200.0% during the third quarter. nVerses Capital LLC now owns 900 shares of the specialty chemicals company’s stock valued at $102,000 after buying an additional 600 shares during the last quarter. KBC Group NV increased its position in shares of Innospec by 82.3% in the 4th quarter. KBC Group NV now owns 1,236 shares of the specialty chemicals company’s stock valued at $136,000 after acquiring an additional 558 shares during the period. Point72 DIFC Ltd purchased a new position in Innospec in the 2nd quarter worth $184,000. Finally, Point72 Asset Management L.P. acquired a new stake in Innospec during the 3rd quarter worth about $215,000. 96.64% of the stock is owned by hedge funds and other institutional investors.

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.