Hsbc Holdings PLC boosted its stake in Innospec Inc. (NASDAQ:IOSP) by 24.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 65,831 shares of the specialty chemicals company’s stock after buying an additional 12,888 shares during the quarter. Hsbc Holdings PLC owned approximately 0.27% of Innospec worth $4,066,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in IOSP. MetLife Investment Advisors LLC increased its stake in shares of Innospec by 53.0% during the 3rd quarter. MetLife Investment Advisors LLC now owns 17,299 shares of the specialty chemicals company’s stock worth $1,328,000 after purchasing an additional 5,996 shares during the last quarter. Alpha Windward LLC acquired a new position in shares of Innospec during the 4th quarter worth $385,000. BlueMountain Capital Management LLC increased its stake in shares of Innospec by 281.7% during the 3rd quarter. BlueMountain Capital Management LLC now owns 17,535 shares of the specialty chemicals company’s stock worth $1,346,000 after purchasing an additional 12,941 shares during the last quarter. Stone Ridge Asset Management LLC acquired a new position in shares of Innospec during the 3rd quarter worth $375,000. Finally, Bank of New York Mellon Corp increased its stake in shares of Innospec by 3.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 351,777 shares of the specialty chemicals company’s stock worth $26,999,000 after purchasing an additional 12,101 shares during the last quarter. Institutional investors own 93.00% of the company’s stock.
In related news, VP Philip John Boon sold 1,528 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $83.39, for a total value of $127,419.92. Following the transaction, the vice president now directly owns 38,383 shares in the company, valued at approximately $3,200,758.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Patrick Williams sold 7,030 shares of the firm’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $84.16, for a total transaction of $591,644.80. Following the completion of the transaction, the chief executive officer now owns 186,579 shares in the company, valued at $15,702,488.64. The disclosure for this sale can be found here. Insiders sold a total of 28,984 shares of company stock worth $2,382,501 over the last quarter. 2.22% of the stock is currently owned by company insiders.
Innospec (NASDAQ:IOSP) last posted its earnings results on Tuesday, February 19th. The specialty chemicals company reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.27. Innospec had a net margin of 5.76% and a return on equity of 14.34%. The business had revenue of $395.00 million for the quarter. Research analysts forecast that Innospec Inc. will post 5 EPS for the current year.
Several research analysts have recently commented on IOSP shares. BidaskClub upgraded shares of Innospec from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 23rd. Zacks Investment Research lowered shares of Innospec from a “buy” rating to a “hold” rating in a research note on Friday, January 4th. Finally, ValuEngine lowered shares of Innospec from a “buy” rating to a “hold” rating in a research note on Tuesday, November 27th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $88.50.
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Innospec Company Profile
Innospec Inc develops, manufactures, blends, markets, and supplies specialty chemicals worldwide. It operates through four segments: Fuel Specialties, Performance Chemicals, Oilfield Services, and Octane Additives. The Fuel Specialties segment offers a range of specialty chemical products used as additives in various fuels.
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