Seaport Res Ptn Analysts Boost Earnings Estimates for Innospec Inc. (NASDAQ:IOSP)

Innospec Inc. (NASDAQ:IOSP) – Stock analysts at Seaport Res Ptn upped their Q1 2024 earnings per share estimates for shares of Innospec in a research note issued on Wednesday, April 17th. Seaport Res Ptn analyst M. Harrison now forecasts that the specialty chemicals company will post earnings of $1.68 per share for the quarter, up from their previous estimate of $1.67. The consensus estimate for Innospec’s current full-year earnings is $6.77 per share. Seaport Res Ptn also issued estimates for Innospec’s Q2 2024 earnings at $1.57 EPS, Q3 2024 earnings at $1.70 EPS, Q4 2024 earnings at $1.82 EPS, FY2024 earnings at $6.78 EPS and FY2025 earnings at $7.48 EPS.

Innospec (NASDAQ:IOSP) last released its quarterly earnings results on Tuesday, February 13th. The specialty chemicals company reported $1.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.25. Innospec had a net margin of 7.14% and a return on equity of 13.69%. The business had revenue of $494.70 million for the quarter, compared to analyst estimates of $479.47 million. During the same quarter in the previous year, the business earned $1.20 earnings per share. The firm’s revenue was down 3.1% compared to the same quarter last year.

Innospec Stock Up 1.2 %

Shares of NASDAQ:IOSP opened at $122.28 on Thursday. The company has a market cap of $3.05 billion, a P/E ratio of 21.95 and a beta of 1.10. The company’s fifty day moving average is $124.29 and its two-hundred day moving average is $115.19. Innospec has a 12-month low of $91.74 and a 12-month high of $131.18.

Insider Activity

In other Innospec news, Director Leslie J. Parrette acquired 410 shares of Innospec stock in a transaction that occurred on Thursday, February 22nd. The stock was purchased at an average cost of $123.96 per share, with a total value of $50,823.60. Following the purchase, the director now owns 3,620 shares in the company, valued at $448,735.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Leslie J. Parrette bought 410 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was bought at an average price of $123.96 per share, with a total value of $50,823.60. Following the purchase, the director now directly owns 3,620 shares of the company’s stock, valued at approximately $448,735.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Patrick Williams sold 9,667 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $124.37, for a total transaction of $1,202,284.79. Following the transaction, the chief executive officer now owns 174,334 shares in the company, valued at $21,681,919.58. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,500 shares of company stock worth $4,532,959. 1.52% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of IOSP. Belpointe Asset Management LLC grew its stake in shares of Innospec by 226.2% in the 1st quarter. Belpointe Asset Management LLC now owns 274 shares of the specialty chemicals company’s stock valued at $28,000 after buying an additional 190 shares in the last quarter. TFO Wealth Partners LLC raised its position in Innospec by 29,800.0% during the fourth quarter. TFO Wealth Partners LLC now owns 299 shares of the specialty chemicals company’s stock valued at $37,000 after acquiring an additional 298 shares in the last quarter. GAMMA Investing LLC bought a new position in Innospec during the fourth quarter valued at approximately $44,000. Captrust Financial Advisors raised its position in Innospec by 74.7% during the first quarter. Captrust Financial Advisors now owns 498 shares of the specialty chemicals company’s stock valued at $46,000 after acquiring an additional 213 shares in the last quarter. Finally, Point72 Middle East FZE bought a new position in Innospec during the fourth quarter valued at approximately $57,000. 96.64% of the stock is 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.