Insider Buying: Innospec (NASDAQ:IOSP) Director Acquires $27,493.05 in Stock

Innospec Inc. (NASDAQ:IOSP) Director Leslie Parrette purchased 345 shares of the firm’s stock in a transaction on Tuesday, November 10th. The shares were purchased at an average price of $79.69 per share, for a total transaction of $27,493.05. Following the completion of the purchase, the director directly owned 7,721 shares of the company’s stock, valued at $615,286.49. This represents a 4.68% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link.

Innospec Stock Performance

Shares of IOSP traded up $1.28 during midday trading on Friday, hitting $80.39. 202,549 shares of the stock were exchanged, compared to its average volume of 284,272. Innospec Inc. has a 52-week low of $65.51 and a 52-week high of $102.00. The stock has a fifty day simple moving average of $93.84 and a 200 day simple moving average of $84.55. The firm has a market cap of $1.98 billion, a P/E ratio of 14.18, a P/E/G ratio of 3.15 and a beta of 0.88.

Innospec (NASDAQ:IOSP) last issued its quarterly earnings data on Tuesday, November 3rd. The specialty chemicals company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.03. The business had revenue of $473.60 million during the quarter, compared to analysts’ expectations of $479.17 million. Innospec had a return on equity of 9.36% and a net margin of 7.49%. The company’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.12 earnings per share. As a group, equities research analysts forecast that Innospec Inc. will post 5.03 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Seaport Research Partners reaffirmed a “buy” rating and issued a $110.00 target price on shares of Innospec in a research report on Thursday, August 6th. Wall Street Zen lowered shares of Innospec from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 26th. Zacks Research cut shares of Innospec from a “hold” rating to a “strong sell” rating in a research report on Monday, November 9th. Finally, Weiss Ratings lowered shares of Innospec from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, November 4th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Reduce”.

Institutional Trading of Innospec

A number of large investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in Innospec during the 2nd quarter worth $356,596,000. Dimensional Fund Advisors LP raised its position in Innospec by 5.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,242,089 shares of the specialty chemicals company’s stock valued at $90,698,000 after purchasing an additional 66,967 shares in the last quarter. Assenagon Asset Management S.A. raised its position in Innospec by 17.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 319,633 shares of the specialty chemicals company’s stock valued at $30,467,000 after purchasing an additional 46,851 shares in the last quarter. Western Standard LLC purchased a new position in shares of Innospec in the 2nd quarter valued at about $19,276,000. Finally, Bank of America Corp DE purchased a new position in shares of Innospec in the 2nd quarter valued at about $19,187,000. Hedge funds and other institutional investors own 96.64% of the company’s stock.

About Innospec

Innospec Inc. is a global specialty chemicals company that develops and manufactures products for customers in the fuels, oilfield and performance chemicals markets. Its Fuel Specialties business supplies additives for fuels and lubricants, while its Oilfield Services business provides chemical products and services used in oil and gas operations. Through its Performance Chemicals business, Innospec makes specialty ingredients for applications including personal care, home care and agriculture. Its products are used by industrial and consumer-products manufacturers around the world.