Cibc World Markets Corp Invests $257,000 in Innospec Inc. (NASDAQ:IOSP)

Cibc World Markets Corp purchased a new stake in shares of Innospec Inc. (NASDAQ:IOSP) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 2,332 shares of the specialty chemicals company’s stock, valued at approximately $257,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its position in shares of Innospec by 3.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 336,522 shares of the specialty chemicals company’s stock worth $38,057,000 after buying an additional 11,479 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Innospec by 24.6% in the third quarter. JPMorgan Chase & Co. now owns 266,688 shares of the specialty chemicals company’s stock worth $30,160,000 after acquiring an additional 52,640 shares during the period. Bank of New York Mellon Corp boosted its holdings in Innospec by 1.1% in the fourth 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 acquiring an additional 2,633 shares in the last quarter. HighTower Advisors LLC boosted its holdings in Innospec by 5.2% in the third quarter. HighTower Advisors LLC now owns 3,103 shares of the specialty chemicals company’s stock valued at $350,000 after acquiring an additional 154 shares in the last quarter. Finally, Citigroup Inc. increased its position in Innospec by 46.1% during the 3rd quarter. Citigroup Inc. now owns 32,193 shares of the specialty chemicals company’s stock valued at $3,641,000 after purchasing an additional 10,162 shares during the period. Institutional investors own 96.64% of the company’s stock.

Insider Activity

In related news, Director Milton C. Blackmore sold 652 shares of Innospec stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $103.30, for a total transaction of $67,351.60. Following the completion of the transaction, the director now directly owns 8,376 shares of the company’s stock, valued at $865,240.80. This trade represents a 7.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Corbin Barnes sold 598 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $103.06, for a total transaction of $61,629.88. Following the completion of the sale, the senior vice president now owns 8,051 shares in the company, valued at approximately $829,736.06. This trade represents a 6.91 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,696 shares of company stock worth $794,853. Corporate insiders own 1.52% of the company’s stock.

Innospec Stock Performance

Innospec stock opened at $97.36 on Wednesday. Innospec Inc. has a fifty-two week low of $95.17 and a fifty-two week high of $133.71. The stock’s 50 day simple moving average is $106.46 and its two-hundred day simple moving average is $110.75. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of 68.56 and a beta of 1.08.

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, beating the consensus estimate of $1.36 by $0.05. The company had revenue of $466.80 million for the quarter, compared to analyst estimates of $447.43 million. Innospec had a return on equity of 12.27% and a net margin of 1.93%. On average, analysts predict that Innospec Inc. will post 6.18 earnings per share for the current year.

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

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Innospec from a “hold” rating to a “buy” rating in a research report on Monday.

Innospec 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.