Innospec (NASDAQ:IOSP) Sees Strong Trading Volume – Here’s Why

Innospec Inc. (NASDAQ:IOSP) shares saw unusually-strong trading volume on Monday . Approximately 131,503 shares traded hands during trading, an increase of 4% from the previous session’s volume of 127,023 shares.The stock last traded at $98.51 and had previously closed at $96.01.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Innospec from a “hold” rating to a “buy” rating in a report on Monday.

Innospec Stock Down 0.9 %

The company has a fifty day simple moving average of $106.46 and a two-hundred day simple moving average of $110.75. The company has a market cap of $2.43 billion, a price-to-earnings ratio of 68.56 and a beta of 1.08.

Innospec (NASDAQ:IOSP) last issued its quarterly earnings data on Tuesday, February 18th. The specialty chemicals company reported $1.41 earnings per share 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 business had revenue of $466.80 million during the quarter, compared to analysts’ expectations of $447.43 million. On average, research analysts predict that Innospec Inc. will post 6.18 EPS for the current year.

Innospec declared that its board has authorized a share buyback program on Monday, March 10th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the specialty chemicals company to repurchase up to 2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Innospec news, SVP Corbin Barnes sold 598 shares of the company’s 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 transaction, the senior vice president now directly owns 8,051 shares in the company, valued at approximately $829,736.06. This represents a 6.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Milton C. Blackmore sold 652 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $103.30, for a total transaction of $67,351.60. Following the sale, the director now directly owns 8,376 shares in the company, valued at $865,240.80. This represents a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,696 shares of company stock worth $794,853 over the last three months. 1.52% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its position in shares of Innospec by 3.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 336,522 shares of the specialty chemicals company’s stock valued at $38,057,000 after purchasing an additional 11,479 shares during the period. JPMorgan Chase & Co. boosted its stake in Innospec by 24.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 266,688 shares of the specialty chemicals company’s stock worth $30,160,000 after buying an additional 52,640 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Innospec by 1.1% in the 4th quarter. Bank of New York Mellon Corp now owns 237,616 shares of the specialty chemicals company’s stock valued at $26,152,000 after buying an additional 2,633 shares during the period. HighTower Advisors LLC increased its stake in shares of Innospec by 5.2% during the 3rd quarter. HighTower Advisors LLC now owns 3,103 shares of the specialty chemicals company’s stock valued at $350,000 after acquiring an additional 154 shares during the last quarter. Finally, Citigroup Inc. lifted its holdings in shares of Innospec by 46.1% during the 3rd quarter. Citigroup Inc. now owns 32,193 shares of the specialty chemicals company’s stock worth $3,641,000 after acquiring an additional 10,162 shares during the period. 96.64% of the stock is currently owned by institutional investors and hedge funds.

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.