Innospec (NASDAQ:IOSP) Initiates Stock Buyback Plan

Innospec (NASDAQ:IOSP) announced that its Board of Directors has authorized a stock buyback plan on Monday, March 10th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the specialty chemicals company to buy up to 2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Innospec Trading Down 2.1 %

Shares of IOSP opened at $98.54 on Tuesday. Innospec has a twelve month low of $97.13 and a twelve month high of $133.71. The company has a market cap of $2.46 billion, a P/E ratio of 69.39 and a beta of 1.08. The company’s fifty day simple moving average is $108.89 and its 200-day simple moving average is $111.94.

Innospec (NASDAQ:IOSP) last announced its 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. Innospec had a net margin of 1.93% and a return on equity of 12.27%. The business had revenue of $466.80 million for the quarter, compared to the consensus estimate of $447.43 million. Analysts predict that Innospec will post 6.18 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Innospec from a “hold” rating to a “buy” rating in a research note on Thursday, March 6th.

Insider Buying and Selling

In related news, SVP Corbin Barnes sold 598 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $103.06, for a total value of $61,629.88. Following the transaction, the senior vice president now owns 8,051 shares of the company’s stock, valued at $829,736.06. This trade represents a 6.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Philip John Boon sold 3,754 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $103.30, for a total transaction of $387,788.20. Following the completion of the transaction, the vice president now directly owns 20,079 shares in the company, valued at $2,074,160.70. This represents a 15.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,696 shares of company stock valued at $794,853 in the last 90 days. Company insiders own 1.52% of the company’s stock.

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.