FY2024 EPS Estimates for Innospec Reduced by Seaport Res Ptn

Innospec Inc. (NASDAQ:IOSP) – Seaport Res Ptn cut their FY2024 earnings per share (EPS) estimates for Innospec in a research note issued to investors on Wednesday, January 22nd. Seaport Res Ptn analyst M. Harrison now forecasts that the specialty chemicals company will post earnings of $5.88 per share for the year, down from their previous estimate of $5.89. The consensus estimate for Innospec’s current full-year earnings is $5.88 per share.

Separately, StockNews.com lowered Innospec from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 11th.

Innospec Price Performance

IOSP stock opened at $114.43 on Friday. The company’s 50-day moving average is $113.64 and its 200-day moving average is $114.62. The stock has a market capitalization of $2.85 billion, a PE ratio of 19.97 and a beta of 1.09. Innospec has a 1 year low of $103.65 and a 1 year high of $133.71.

Innospec (NASDAQ:IOSP) last released its earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.35 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.35. The company had revenue of $443.40 million for the quarter, compared to the consensus estimate of $442.13 million. Innospec had a net margin of 7.68% and a return on equity of 13.33%. Innospec’s quarterly revenue was down 4.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.59 EPS.

Institutional Investors Weigh In On Innospec

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. grew its stake in shares of Innospec by 503.9% in the 3rd quarter. Blue Trust Inc. now owns 779 shares of the specialty chemicals company’s stock worth $96,000 after acquiring an additional 650 shares in the last quarter. nVerses Capital LLC grew its stake in Innospec by 200.0% in the 3rd quarter. nVerses Capital LLC now owns 900 shares of the specialty chemicals company’s stock valued at $102,000 after purchasing an additional 600 shares during the period. KBC Group NV raised its stake in shares of Innospec by 82.3% during the 4th quarter. KBC Group NV now owns 1,236 shares of the specialty chemicals company’s stock worth $136,000 after purchasing an additional 558 shares during the period. Point72 DIFC Ltd purchased a new position in shares of Innospec in the 2nd quarter worth about $184,000. Finally, Point72 Asset Management L.P. purchased a new stake in Innospec during the third quarter worth about $215,000. 96.64% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Innospec

In related news, Director Milton C. Blackmore sold 1,035 shares of Innospec stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $122.92, for a total transaction of $127,222.20. Following the transaction, the director now owns 9,028 shares of the company’s stock, valued at $1,109,721.76. The trade was a 10.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.52% of the company’s stock.

Innospec Increases Dividend

The firm also recently disclosed a Semi-Annual dividend, which was paid on Tuesday, November 26th. Shareholders of record on Monday, November 18th were issued a dividend of $0.79 per share. This is an increase from Innospec’s previous Semi-Annual dividend of $0.72. The ex-dividend date was Monday, November 18th. This represents a yield of 1.3%. Innospec’s dividend payout ratio is presently 27.57%.

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.