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

Millennium Management LLC reduced its position in shares of Innospec Inc. (NASDAQ:IOSP) by 40.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,142 shares of the specialty chemicals company’s stock after selling 34,737 shares during the period. Millennium Management LLC owned about 0.21% of Innospec worth $6,321,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale acquired a new stake in shares of Innospec during the first quarter worth $66,000. CWM LLC grew its position in shares of Innospec by 239.6% during the 2nd quarter. CWM LLC now owns 635 shares of the specialty chemicals company’s stock valued at $78,000 after buying an additional 448 shares during the last quarter. Motco acquired a new stake in Innospec during the first quarter worth about $132,000. EntryPoint Capital LLC bought a new position in Innospec in the first quarter worth about $147,000. Finally, Point72 DIFC Ltd acquired a new position in Innospec in the second quarter valued at approximately $184,000. 96.64% of the stock is currently owned by institutional investors.

Insider Transactions at Innospec

In related news, CFO Ian Cleminson sold 3,398 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $114.74, for a total transaction of $389,886.52. Following the transaction, the chief financial officer now owns 12,996 shares in the company, valued at $1,491,161.04. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.52% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com downgraded Innospec from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th.

Innospec Stock Performance

Shares of IOSP stock opened at $111.71 on Friday. Innospec Inc. has a 1 year low of $95.69 and a 1 year high of $133.71. The firm has a market capitalization of $2.79 billion, a PE ratio of 18.97 and a beta of 1.07. The stock has a fifty day moving average of $111.07 and a two-hundred day moving average of $120.57.

Innospec (NASDAQ:IOSP) last posted its quarterly earnings data on Tuesday, August 6th. The specialty chemicals company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.02. The business had revenue of $435.00 million during the quarter, compared to the consensus estimate of $468.73 million. Innospec had a net margin of 7.90% and a return on equity of 14.15%. The company’s quarterly revenue was down 9.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.28 earnings per share. Equities research analysts predict that Innospec Inc. will post 5.95 earnings per share for the current fiscal year.

About Innospec

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.