Moran Wealth Management LLC Buys 545 Shares of Innospec Inc. (NASDAQ:IOSP)

Moran Wealth Management LLC boosted its stake in shares of Innospec Inc. (NASDAQ:IOSP) by 1.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,612 shares of the specialty chemicals company’s stock after acquiring an additional 545 shares during the period. Moran Wealth Management LLC owned 0.19% of Innospec worth $5,384,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Innospec by 5.5% during the 1st quarter. Vanguard Group Inc. now owns 3,115,167 shares of the specialty chemicals company’s stock worth $401,670,000 after acquiring an additional 161,249 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Innospec by 4.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,405,770 shares of the specialty chemicals company’s stock valued at $272,069,000 after purchasing an additional 105,311 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Innospec by 4.8% in the 3rd quarter. Victory Capital Management Inc. now owns 908,032 shares of the specialty chemicals company’s stock valued at $102,689,000 after purchasing an additional 41,449 shares during the last quarter. Royce & Associates LP increased its stake in shares of Innospec by 9.3% in the 3rd quarter. Royce & Associates LP now owns 835,333 shares of the specialty chemicals company’s stock valued at $94,468,000 after purchasing an additional 70,902 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Innospec by 2.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 258,294 shares of the specialty chemicals company’s stock valued at $31,923,000 after purchasing an additional 6,148 shares during the last quarter. Institutional investors own 96.64% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com lowered Innospec from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th.

Insider Buying and Selling

In other Innospec news, CFO Ian Cleminson sold 3,398 shares of Innospec stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $114.74, for a total transaction of $389,886.52. Following the transaction, the chief financial officer now directly owns 12,996 shares of the company’s stock, valued at approximately $1,491,161.04. The trade was a 20.73 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Milton C. Blackmore sold 1,035 shares of Innospec stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $122.92, for a total value of $127,222.20. Following the transaction, the director now directly owns 9,028 shares in the company, valued at $1,109,721.76. The trade was a 10.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,035 shares of company stock worth $1,267,096 in the last 90 days. Insiders own 1.52% of the company’s stock.

Innospec Stock Performance

Shares of IOSP opened at $118.25 on Thursday. Innospec Inc. has a 52-week low of $103.97 and a 52-week high of $133.71. The business’s fifty day moving average is $113.41 and its 200-day moving average is $118.75. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of 20.64 and a beta of 1.08.

Innospec (NASDAQ:IOSP) last issued its quarterly earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.35 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.35. The company had revenue of $443.40 million for the quarter, compared to analyst estimates of $442.13 million. Innospec had a return on equity of 13.33% and a net margin of 7.68%. The company’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.59 EPS. As a group, research analysts forecast that Innospec Inc. will post 5.88 EPS for the current fiscal year.

Innospec Increases Dividend

The company also recently disclosed a Semi-Annual dividend, which will be paid on Tuesday, November 26th. Investors of record on Monday, November 18th will be given a dividend of $0.79 per share. The ex-dividend date is Monday, November 18th. This represents a yield of 1.3%. This is a positive change from Innospec’s previous Semi-Annual dividend of $0.72. Innospec’s payout ratio is currently 27.57%.

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.