Charles Schwab Investment Management Inc. Has $38.81 Million Position in Innospec Inc. (NASDAQ:IOSP)

Charles Schwab Investment Management Inc. boosted its position in Innospec Inc. (NASDAQ:IOSP) by 4.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 352,577 shares of the specialty chemicals company’s stock after purchasing an additional 16,055 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Innospec were worth $38,805,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Smartleaf Asset Management LLC lifted its position in shares of Innospec by 91.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,802 shares of the specialty chemicals company’s stock valued at $198,000 after buying an additional 863 shares during the last quarter. SVB Wealth LLC acquired a new stake in Innospec during the 4th quarter valued at $238,000. Proficio Capital Partners LLC acquired a new stake in Innospec during the 4th quarter valued at $1,623,000. Bank of New York Mellon Corp lifted its holdings in Innospec by 1.1% during 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 purchasing an additional 2,633 shares during the last quarter. Finally, Hudson Edge Investment Partners Inc. lifted its holdings in Innospec by 4.9% during the 4th quarter. Hudson Edge Investment Partners Inc. now owns 4,923 shares of the specialty chemicals company’s stock valued at $542,000 after purchasing an additional 230 shares during the last quarter. 96.64% of the stock is currently owned by institutional investors and hedge funds.

Innospec Stock Up 1.3 %

Shares of IOSP stock opened at $98.09 on Friday. The firm has a 50 day moving average price of $107.77 and a two-hundred day moving average price of $111.42. The company has a market capitalization of $2.45 billion, a PE ratio of 69.08 and a beta of 1.08. Innospec Inc. has a 12-month low of $96.39 and a 12-month high of $133.71.

Innospec (NASDAQ:IOSP) last released its quarterly earnings results on Tuesday, February 18th. The specialty chemicals company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.05. The business had revenue of $466.80 million during the quarter, compared to analysts’ expectations of $447.43 million. Innospec had a return on equity of 12.27% and a net margin of 1.93%. As a group, research analysts expect that Innospec Inc. will post 6.18 EPS for the current year.

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

Insider Activity at Innospec

In other news, Director Milton C. Blackmore sold 652 shares of Innospec stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $103.30, for a total value of $67,351.60. Following the completion of the sale, the director now directly owns 8,376 shares in the company, valued at approximately $865,240.80. The trade was a 7.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Corbin Barnes sold 598 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $103.06, for a total value of $61,629.88. Following the sale, the senior vice president now directly owns 8,051 shares in the company, valued at $829,736.06. This represents a 6.91 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,696 shares of company stock worth $794,853. Corporate insiders own 1.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of Innospec from a “buy” rating to a “hold” rating in a research note on Friday.

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.