Insider Selling: Innospec Inc. (IOSP) CEO Sells $1,041,213.68 in Stock
Innospec Inc. (NASDAQ:IOSP) CEO Patrick Williams sold 17,342 shares of Innospec stock in a transaction on Friday, November 11th. The shares were sold at an average price of $60.04, for a total transaction of $1,041,213.68. Following the sale, the chief executive officer now directly owns 196,926 shares of the company’s stock, valued at approximately $11,823,437.04. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Shares of Innospec Inc. (NASDAQ:IOSP) opened at 61.65 on Thursday. The company has a 50 day moving average of $60.30 and a 200 day moving average of $54.38. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 16.61 and a beta of 1.32. Innospec Inc. has a 1-year low of $41.61 and a 1-year high of $62.85.
Innospec (NASDAQ:IOSP) last issued its earnings results on Wednesday, November 2nd. The company reported $0.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.01. Innospec had a net margin of 10.17% and a return on equity of 15.53%. The firm earned $205.50 million during the quarter, compared to the consensus estimate of $232.15 million. During the same quarter in the prior year, the firm earned $1.45 earnings per share. The business’s quarterly revenue was down 19.2% on a year-over-year basis. On average, equities analysts forecast that Innospec Inc. will post $3.72 earnings per share for the current fiscal year.
The company also recently announced a semiannual dividend, which will be paid on Thursday, November 24th. Shareholders of record on Tuesday, November 15th will be paid a $0.34 dividend. This represents a yield of 1.23%. The ex-dividend date of this dividend is Thursday, November 10th. This is an increase from Innospec’s previous semiannual dividend of $0.33. Innospec’s dividend payout ratio is presently 18.38%.
Large investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC increased its stake in shares of Innospec by 2,913.8% in the second quarter. Tower Research Capital LLC TRC now owns 2,411 shares of the company’s stock valued at $111,000 after buying an additional 2,331 shares during the last quarter. PineBridge Investments L.P. increased its stake in shares of Innospec by 3.6% in the second quarter. PineBridge Investments L.P. now owns 3,039 shares of the company’s stock valued at $140,000 after buying an additional 106 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of Innospec by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 3,385 shares of the company’s stock valued at $156,000 after buying an additional 411 shares in the last quarter. Profund Advisors LLC bought a new stake in shares of Innospec during the third quarter valued at about $213,000. Finally, Two Sigma Advisers LP bought a new stake in shares of Innospec during the third quarter valued at about $219,000. 88.97% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have issued reports on IOSP shares. Monness Crespi & Hardt raised shares of Innospec from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Thursday, August 4th. Zacks Investment Research raised shares of Innospec from a “hold” rating to a “buy” rating and set a $66.00 price objective for the company in a research note on Saturday, August 6th. Finally, CJS Securities raised shares of Innospec from a “market perform” rating to an “outperform” rating and set a $63.00 price objective for the company in a research note on Friday, August 5th.
Innospec Inc develops, manufactures, blends, markets and supplies fuel additives, oilfield chemicals, personal care and fragrance ingredients and other specialty chemicals. The Company operates in three segments: Fuel Specialties, Performance Chemicals and Octane Additives. The Company’s products are sold to oil and gas exploration and production companies, oil refineries, personal care and fragrance companies, and other chemical and industrial companies.
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