Share Buyback Plan Approved by Innospec (NASDAQ:IOSP) Board

Innospec (NASDAQ:IOSP) announced that its board has initiated a stock repurchase plan on Monday, March 10th, RTT News reports. The company plans to repurchase $50.00 million in shares. This repurchase authorization authorizes the specialty chemicals company to repurchase up to 2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Innospec Stock Down 2.2 %

Shares of NASDAQ:IOSP opened at $97.63 on Thursday. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of 68.75 and a beta of 1.08. Innospec has a 52 week low of $97.13 and a 52 week high of $133.71. The firm has a 50 day moving average of $108.46 and a 200 day moving average of $111.75.

Innospec (NASDAQ:IOSP) last announced its earnings results on Tuesday, February 18th. The specialty chemicals company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.05. Innospec had a net margin of 1.93% and a return on equity of 12.27%. The company had revenue of $466.80 million during the quarter, compared to the consensus estimate of $447.43 million. On average, sell-side analysts expect that Innospec will post 6.18 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Innospec from a “hold” rating to a “buy” rating in a research note on Thursday, March 6th.

Insider Buying and Selling at Innospec

In other Innospec news, SVP Corbin Barnes sold 598 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $103.06, for a total transaction of $61,629.88. Following the completion of the transaction, the senior vice president now directly owns 8,051 shares in the company, valued at approximately $829,736.06. This represents a 6.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Philip John Boon sold 3,754 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $103.30, for a total value of $387,788.20. Following the transaction, the vice president now directly owns 20,079 shares of the company’s stock, valued at $2,074,160.70. The trade was a 15.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,696 shares of company stock worth $794,853. 1.35% of the stock is owned by corporate insiders.

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.