Virginia Retirement Systems ET AL lifted its holdings in Innospec Inc. (NASDAQ:IOSP) by 11.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 28,000 shares of the specialty chemicals company’s stock after purchasing an additional 2,900 shares during the quarter. Virginia Retirement Systems ET AL owned about 0.12% of Innospec worth $1,726,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of IOSP. SG Americas Securities LLC acquired a new position in shares of Innospec in the 2nd quarter valued at approximately $106,000. Victory Capital Management Inc. grew its position in shares of Innospec by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 2,720 shares of the specialty chemicals company’s stock valued at $178,000 after purchasing an additional 409 shares during the period. Pinebridge Investments L.P. grew its position in shares of Innospec by 1.3% in the 2nd quarter. Pinebridge Investments L.P. now owns 3,180 shares of the specialty chemicals company’s stock valued at $209,000 after purchasing an additional 41 shares during the period. Amalgamated Bank grew its position in shares of Innospec by 1.8% in the 2nd quarter. Amalgamated Bank now owns 3,257 shares of the specialty chemicals company’s stock valued at $213,000 after purchasing an additional 57 shares during the period. Finally, Suntrust Banks Inc. boosted its position in Innospec by 4.0% during the 2nd quarter. Suntrust Banks Inc. now owns 3,996 shares of the specialty chemicals company’s stock worth $261,000 after acquiring an additional 155 shares during the last quarter. Institutional investors and hedge funds own 91.20% of the company’s stock.
A number of research firms have weighed in on IOSP. Zacks Investment Research raised Innospec from a “hold” rating to a “buy” rating and set a $76.00 price target for the company in a research report on Friday, November 10th. Johnson Rice raised Innospec from a “hold” rating to an “accumulate” rating in a research report on Tuesday, November 14th. ValuEngine raised Innospec from a “hold” rating to a “buy” rating in a research report on Thursday, November 9th. KeyCorp reaffirmed an “overweight” rating on shares of Innospec in a research report on Thursday, November 9th. Finally, Monness Crespi & Hardt downgraded Innospec from a “buy” rating to a “neutral” rating in a research report on Thursday, November 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $70.50.
Innospec (NASDAQ:IOSP) last released its quarterly earnings results on Tuesday, November 7th. The specialty chemicals company reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.15. Innospec had a return on equity of 15.05% and a net margin of 7.45%. The firm had revenue of $332.40 million during the quarter, compared to the consensus estimate of $309.40 million. During the same quarter in the prior year, the firm posted $0.78 EPS. The business’s revenue was up 61.8% on a year-over-year basis. sell-side analysts expect that Innospec Inc. will post 4.3 earnings per share for the current year.
The business also recently disclosed a semiannual dividend, which was paid on Monday, November 27th. Stockholders of record on Thursday, November 16th were issued a $0.39 dividend. This represents a dividend yield of 1.12%. The ex-dividend date of this dividend was Wednesday, November 15th. This is an increase from Innospec’s previous semiannual dividend of $0.38. Innospec’s dividend payout ratio is presently 21.61%.
In other news, VP Brian Watt sold 440 shares of the stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $70.17, for a total value of $30,874.80. Following the completion of the sale, the vice president now owns 30,730 shares of the company’s stock, valued at approximately $2,156,324.10. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Patrick Williams sold 15,000 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $71.49, for a total value of $1,072,350.00. Following the completion of the sale, the chief executive officer now directly owns 174,242 shares of the company’s stock, valued at approximately $12,456,560.58. The disclosure for this sale can be found here. In the last three months, insiders sold 24,366 shares of company stock valued at $1,743,891. 2.02% of the stock is currently owned by insiders.
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Innospec Company Profile
Innospec Inc is a specialty chemicals company engaged in developing, manufacturing, blending, marketing and supplying of specialty chemicals for use as fuel additives and ingredients for personal care, home care, agrochemical, mining and other applications and oilfield chemicals. The Company operates through four business segments: Fuel Specialties, Performance Chemicals, Oilfield Services and Octane Additives.
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