Innospec (NASDAQ:IOSP) Sets New 1-Year Low – Should You Sell?

Shares of Innospec Inc. (NASDAQ:IOSP) reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $94.77 and last traded at $95.07, with a volume of 52903 shares traded. The stock had previously closed at $97.39.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Innospec from a “hold” rating to a “buy” rating in a report on Monday, March 24th.

Innospec Price Performance

The firm has a 50 day moving average price of $105.47 and a 200-day moving average price of $110.52. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of 67.04 and a beta of 1.08.

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

Innospec declared that its board has authorized a stock buyback program on Monday, March 10th that allows the company to buyback $50.00 million in outstanding 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 management believes its stock is undervalued.

Insider Buying and Selling

In other Innospec news, VP Philip John Boon sold 3,754 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $103.30, for a total value of $387,788.20. Following the completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Corbin Barnes sold 598 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $103.06, for a total value of $61,629.88. Following the completion of the transaction, the senior vice president now directly owns 8,051 shares of the company’s stock, valued at $829,736.06. This represents a 6.91 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,696 shares of company stock valued at $794,853. Insiders own 1.52% of the company’s stock.

Institutional Investors Weigh In On Innospec

Institutional investors and hedge funds have recently modified their holdings of the stock. Murphy & Mullick Capital Management Corp purchased a new position in Innospec in the fourth quarter valued at about $106,000. Covestor Ltd raised its position in Innospec by 13.9% during the fourth quarter. Covestor Ltd now owns 967 shares of the specialty chemicals company’s stock valued at $106,000 after acquiring an additional 118 shares in the last quarter. Blue Trust Inc. lifted its stake in 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 acquiring an additional 422 shares during the last quarter. KBC Group NV raised 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 valued at $136,000 after purchasing an additional 558 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its holdings in Innospec by 91.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,802 shares of the specialty chemicals company’s stock worth $198,000 after purchasing an additional 863 shares in the last quarter. 96.64% of the stock is owned by institutional investors and hedge funds.

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.