Maryland State Retirement & Pension System Cuts Holdings in Innospec Inc. (NASDAQ:IOSP)

Posted by Defense World Staff on Jul 6th, 2023

Maryland State Retirement & Pension System decreased its stake in shares of Innospec Inc. (NASDAQ:IOSP – Free Report) by 2.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,973 shares of the specialty chemicals company’s stock after selling 221 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Innospec were worth $1,024,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. New York State Common Retirement Fund raised its position in shares of Innospec by 0.5% during the 4th quarter. New York State Common Retirement Fund now owns 18,693 shares of the specialty chemicals company’s stock worth $1,923,000 after acquiring an additional 93 shares in the last quarter. Lazard Asset Management LLC increased its position in Innospec by 8.8% during the fourth quarter. Lazard Asset Management LLC now owns 1,163 shares of the specialty chemicals company’s stock worth $119,000 after buying an additional 94 shares during the period. CWM LLC increased its position in Innospec by 49.2% during the fourth quarter. CWM LLC now owns 294 shares of the specialty chemicals company’s stock worth $30,000 after buying an additional 97 shares during the period. Amalgamated Bank increased its position in Innospec by 0.8% during the fourth quarter. Amalgamated Bank now owns 12,005 shares of the specialty chemicals company’s stock worth $1,235,000 after buying an additional 98 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Innospec by 1.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,616 shares of the specialty chemicals company’s stock worth $1,092,000 after buying an additional 126 shares during the period. Hedge funds and other institutional investors own 95.21% of the company’s stock.

Innospec Stock Down 2.2 %

IOSP opened at $99.35 on Thursday. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of 19.14 and a beta of 1.18. Innospec Inc. has a 52 week low of $83.13 and a 52 week high of $116.00. The business’s 50 day moving average is $98.62 and its two-hundred day moving average is $103.85.

Innospec (NASDAQ:IOSP – Free Report) last released its quarterly earnings results on Wednesday, May 3rd. The specialty chemicals company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.19 by $0.19. Innospec had a return on equity of 13.77% and a net margin of 6.48%. The company had revenue of $509.60 million for the quarter, compared to analyst estimates of $496.47 million. During the same quarter in the previous year, the company posted $1.53 earnings per share. The firm’s revenue was up 7.9% compared to the same quarter last year. Equities analysts expect that Innospec Inc. will post 5.98 EPS for the current fiscal year.

Innospec Increases Dividend

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

Insider Buying and Selling at Innospec

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

Analyst Ratings Changes

Separately, StockNews.com began coverage on Innospec in a research report on Thursday, May 18th. They set a “buy” rating on the stock.

Innospec Company Profile

(Free Report)

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 various fuels.