Teacher Retirement System of Texas Increases Position in Innospec Inc. (NASDAQ:IOSP)

Posted by Defense World Staff on Jun 8th, 2023

Teacher Retirement System of Texas lifted its position in Innospec Inc. (NASDAQ:IOSP – Get Rating) by 6.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,671 shares of the specialty chemicals company’s stock after purchasing an additional 841 shares during the period. Teacher Retirement System of Texas owned about 0.06% of Innospec worth $1,406,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CWM LLC increased its stake in shares of Innospec by 49.2% in the fourth quarter. CWM LLC now owns 294 shares of the specialty chemicals company’s stock worth $30,000 after purchasing an additional 97 shares in the last quarter. Parallel Advisors LLC purchased a new stake in shares of Innospec in the fourth quarter worth $33,000. Quadrant Capital Group LLC increased its stake in shares of Innospec by 557.5% in the third quarter. Quadrant Capital Group LLC now owns 526 shares of the specialty chemicals company’s stock worth $45,000 after purchasing an additional 446 shares in the last quarter. Captrust Financial Advisors increased its stake in shares of Innospec by 74.7% in the first quarter. Captrust Financial Advisors now owns 498 shares of the specialty chemicals company’s stock worth $46,000 after purchasing an additional 213 shares in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Innospec in the third quarter worth $48,000. 94.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on shares of Innospec in a research note on Thursday, May 18th. They set a “buy” rating for the company.

Innospec Stock Performance

IOSP opened at $102.67 on Thursday. The stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of 19.78 and a beta of 1.17. The company has a fifty day moving average of $100.34 and a 200 day moving average of $105.13. Innospec Inc. has a fifty-two week low of $83.13 and a fifty-two week high of $116.00.

Innospec (NASDAQ:IOSP – Get Rating) last posted its earnings results on Wednesday, May 3rd. The specialty chemicals company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.19. The company had revenue of $509.60 million during the quarter, compared to analysts’ expectations of $496.47 million. Innospec had a net margin of 6.48% and a return on equity of 13.77%. Innospec’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period last year, the company posted $1.53 earnings per share. On average, equities research analysts forecast that Innospec Inc. will post 6.02 earnings per share for the current year.

Innospec Increases Dividend

The business also recently announced a Semi-Annual dividend, which was paid on Wednesday, May 31st. Investors of record on Monday, May 22nd were paid a dividend of $0.69 per share. This represents a yield of 1.3%. This is a boost from Innospec’s previous Semi-Annual dividend of $0.65. The ex-dividend date was Friday, May 19th. Innospec’s dividend payout ratio (DPR) is presently 26.59%.

Insiders Place Their Bets

In other Innospec news, Director Leslie J. Parrette acquired 515 shares of the company’s stock in a transaction on Wednesday, May 10th. The stock was acquired at an average cost of $96.75 per share, with a total value of $49,826.25. Following the purchase, the director now directly owns 3,210 shares of the company’s stock, valued at approximately $310,567.50. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Claudia Poccia sold 739 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $99.20, for a total value of $73,308.80. Following the completion of the sale, the director now owns 600 shares in the company, valued at approximately $59,520. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Leslie J. Parrette bought 515 shares of the stock in a transaction dated Wednesday, May 10th. The stock was purchased at an average price of $96.75 per share, with a total value of $49,826.25. Following the acquisition, the director now directly owns 3,210 shares in the company, valued at approximately $310,567.50. The disclosure for this purchase can be found here. Corporate insiders own 1.52% of the company’s stock.

Innospec Company Profile

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Innospec, Inc develops, manufactures, blends, markets and supplies fuel additives, oilfield chemicals, personal care, and other specialty chemicals. It operates through the following segments: Fuel Specialties, Performance Chemicals, and Oilfield Services. The Fuel Specialties segment develops, manufactures, blends, markets, and supplies a range of specialty chemical products used as additives to a range of fuels.