Innospec Inc. (NASDAQ:IOSP) Shares Sold by Lazard Asset Management LLC

Lazard Asset Management LLC decreased its position in Innospec Inc. (NASDAQ:IOSP) by 52.8% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 646 shares of the specialty chemicals company’s stock after selling 724 shares during the period. Lazard Asset Management LLC’s holdings in Innospec were worth $71,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of IOSP. Bank of New York Mellon Corp boosted its position in shares of Innospec by 1.1% in the 4th quarter. Bank of New York Mellon Corp now owns 237,616 shares of the specialty chemicals company’s stock worth $26,152,000 after buying an additional 2,633 shares in the last quarter. Barclays PLC lifted its holdings in shares of Innospec by 357.1% in the third quarter. Barclays PLC now owns 44,559 shares of the specialty chemicals company’s stock valued at $5,039,000 after purchasing an additional 34,811 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Innospec by 3.5% in the fourth quarter. Principal Financial Group Inc. now owns 129,448 shares of the specialty chemicals company’s stock valued at $14,247,000 after purchasing an additional 4,376 shares in the last quarter. Envestnet Asset Management Inc. grew its position in shares of Innospec by 14.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 27,554 shares of the specialty chemicals company’s stock valued at $3,033,000 after purchasing an additional 3,578 shares during the last quarter. Finally, New York State Teachers Retirement System increased its stake in shares of Innospec by 1.4% during the 4th quarter. New York State Teachers Retirement System now owns 14,981 shares of the specialty chemicals company’s stock worth $1,649,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 96.64% of the company’s stock.

Innospec Price Performance

Innospec stock opened at $85.58 on Monday. The stock has a market capitalization of $2.14 billion, a P/E ratio of 60.27 and a beta of 1.11. Innospec Inc. has a 12-month low of $80.32 and a 12-month high of $133.53. The firm’s 50-day moving average is $90.27 and its two-hundred day moving average is $103.80.

Innospec (NASDAQ:IOSP) last posted its quarterly earnings data on Thursday, May 8th. The specialty chemicals company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.02. The business had revenue of $440.80 million for the quarter, compared to analysts’ expectations of $466.50 million. Innospec had a return on equity of 12.27% and a net margin of 1.93%. The business’s revenue was down 11.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.75 earnings per share. As a group, analysts forecast that Innospec Inc. will post 6.18 EPS for the current year.

Innospec declared that its board has authorized a stock repurchase plan on Monday, March 10th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the specialty chemicals company to repurchase up to 2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Innospec Increases Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Friday, May 30th. Shareholders of record on Tuesday, May 20th will be issued a $0.84 dividend. This is a boost from Innospec’s previous semi-annual dividend of $0.79. The ex-dividend date of this dividend is Tuesday, May 20th. This represents a yield of 1.7%. Innospec’s payout ratio is 155.56%.

Insider Activity

In other news, Director Leslie J. Parrette sold 446 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $90.63, for a total transaction of $40,420.98. Following the completion of the sale, the director now directly owns 5,497 shares in the company, valued at $498,193.11. This represents a 7.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Wall Street Zen lowered Innospec from a “buy” rating to a “hold” rating in a research note on Tuesday, May 6th. Seaport Res Ptn upgraded Innospec from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 21st.

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.