Innospec Inc. (NASDAQ:IOSP) Shares Purchased by Moran Wealth Management LLC

Moran Wealth Management LLC raised its stake in shares of Innospec Inc. (NASDAQ:IOSP) by 1.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 48,164 shares of the specialty chemicals company’s stock after purchasing an additional 552 shares during the period. Moran Wealth Management LLC owned 0.19% of Innospec worth $5,301,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of IOSP. PNC Financial Services Group Inc. increased its position in shares of Innospec by 8.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,868 shares of the specialty chemicals company’s stock worth $206,000 after acquiring an additional 151 shares in the last quarter. HighTower Advisors LLC increased its position in shares of Innospec by 5.2% in the third quarter. HighTower Advisors LLC now owns 3,103 shares of the specialty chemicals company’s stock worth $350,000 after acquiring an additional 154 shares in the last quarter. Raymond James Trust N.A. increased its position in shares of Innospec by 7.9% in the third quarter. Raymond James Trust N.A. now owns 2,106 shares of the specialty chemicals company’s stock worth $238,000 after acquiring an additional 155 shares in the last quarter. Thrivent Financial for Lutherans increased its position in shares of Innospec by 0.3% in the third quarter. Thrivent Financial for Lutherans now owns 59,602 shares of the specialty chemicals company’s stock worth $6,740,000 after acquiring an additional 195 shares in the last quarter. Finally, New York State Teachers Retirement System increased its position in shares of Innospec by 1.4% in the fourth quarter. New York State Teachers Retirement System now owns 14,981 shares of the specialty chemicals company’s stock worth $1,649,000 after acquiring an additional 200 shares in the last quarter. Institutional investors and hedge funds own 96.64% of the company’s stock.

Innospec Price Performance

NASDAQ IOSP opened at $98.54 on Tuesday. Innospec Inc. has a 12 month low of $97.13 and a 12 month high of $133.71. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of 69.39 and a beta of 1.08. The company’s fifty day moving average price is $108.89 and its two-hundred day moving average price is $111.94.

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

Innospec announced that its Board of Directors has authorized a share buyback program on Monday, March 10th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the specialty chemicals company to purchase up to 2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Innospec from a “hold” rating to a “buy” rating in a research note on Thursday, March 6th.

Insider Buying and Selling

In related news, VP Philip John Boon sold 3,754 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $103.30, for a total value of $387,788.20. Following the sale, the vice president now owns 20,079 shares of the company’s stock, valued at $2,074,160.70. This trade represents a 15.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Corbin Barnes sold 2,692 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $103.30, for a total transaction of $278,083.60. Following the transaction, the senior vice president now directly owns 8,051 shares in the company, valued at approximately $831,668.30. The trade was a 25.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,696 shares of company stock valued at $794,853 in the last quarter. Company insiders own 1.52% of the company’s stock.

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.