Innospec Inc. announces a $50 million share repurchase program, following the expiration of its previous buyback initiative.
Quiver AI Summary
Innospec Inc. has announced a new $50 million share repurchase program, following the expiration of its previous program in early 2025. The company's President and CEO, Patrick S. Williams, highlighted that Innospec has over $289 million in net cash, allowing for flexibility in pursuing mergers and acquisitions, organic investments, dividend growth, and share repurchases. The repurchases will occur at management's discretion. Innospec, a global specialty chemicals company with approximately 2,450 employees across 22 countries, focuses on providing innovative chemical solutions for various industries, including personal care, fuel efficiency, and oilfield services. The release also includes a warning about forward-looking statements and the associated risks.
Potential Positives
- Innospec Inc. has announced a new $50 million share repurchase program, demonstrating the company's commitment to returning value to shareholders.
- The company has reported a strong financial position with over $289 million in net cash, indicating significant balance sheet strength and flexibility for future investments.
- The renewal of the share repurchase program follows the expiration of a previous $50 million program, suggesting a consistent strategy in managing capital efficiently.
Potential Negatives
- The announcement of a new $50 million share repurchase program may signal that the company lacks immediate investment opportunities or growth initiatives, which could raise concerns among investors regarding future growth prospects.
- The reliance on forward-looking statements suggests uncertainty in the company's future performance, which may lead to skepticism from investors about the company's outlook and stability.
- The expiration of the prior share repurchase program could indicate that the company's previous buyback efforts were insufficient to boost share price or investor confidence.
FAQ
What is the amount of the new share repurchase program announced by Innospec?
Innospec has announced a new $50 million share repurchase program approved by its Board of Directors.
When did Innospec's previous share repurchase program expire?
The previous $50 million share repurchase program expired in the first quarter of 2025.
How much net cash does Innospec currently have?
Innospec currently has over $289 million in net cash, providing significant financial flexibility.
What markets does Innospec serve with its specialty chemicals?
Innospec supplies specialty chemicals to markets in personal care, home care, agrochemical, mining, and industrial sectors.
Where is Innospec Inc. headquartered and how many employees does it have?
Innospec Inc. is headquartered in Englewood, Colorado, and employs approximately 2,450 people across 22 countries.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$IOSP Insider Trading Activity
$IOSP insiders have traded $IOSP stock on the open market 11 times in the past 6 months. Of those trades, 0 have been purchases and 11 have been sales.
Here’s a breakdown of recent trading of $IOSP stock by insiders over the last 6 months:
- IAN CLEMINSON (EVP & CFO) sold 4,275 shares for an estimated $431,678
- PHILIP JOHN BOON (Executive VP Business Ops) sold 3,754 shares for an estimated $387,792
- CORBIN BARNES (SVP, Corporate Dev and IR) has made 0 purchases and 3 sales selling 3,597 shares for an estimated $375,795.
- DAVID B. JONES (SVP, GC & CCO) sold 3,091 shares for an estimated $319,304
- MILTON C BLACKMORE has made 0 purchases and 2 sales selling 1,687 shares for an estimated $194,574.
- CLAUDIA POCCIA sold 300 shares for an estimated $35,964
- LARRY PADFIELD sold 196 shares for an estimated $20,247
- HARDY LOUIS III GRIFFIN (SVP, HUMAN RESOURCES) sold 161 shares for an estimated $18,920
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$IOSP Hedge Fund Activity
We have seen 119 institutional investors add shares of $IOSP stock to their portfolio, and 152 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- PACER ADVISORS, INC. added 485,706 shares (+inf%) to their portfolio in Q4 2024, for an estimated $53,456,802
- WASATCH ADVISORS LP removed 225,431 shares (-12.5%) from their portfolio in Q4 2024, for an estimated $24,810,935
- CHAMPLAIN INVESTMENT PARTNERS, LLC removed 223,393 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $25,263,514
- ASSENAGON ASSET MANAGEMENT S.A. removed 110,534 shares (-81.7%) from their portfolio in Q4 2024, for an estimated $12,165,372
- OSTERWEIS CAPITAL MANAGEMENT INC removed 94,595 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $10,697,748
- WEISS ASSET MANAGEMENT LP added 69,735 shares (+inf%) to their portfolio in Q4 2024, for an estimated $7,675,034
- UBS GROUP AG added 68,129 shares (+411.8%) to their portfolio in Q4 2024, for an estimated $7,498,277
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
ENGLEWOOD, Colo., March 10, 2025 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ: IOSP) today announces that its Board of Directors has approved a new $50 million share repurchase program. The company's prior $50 million share repurchase program expired in the first quarter of 2025.
Patrick S. Williams, President and Chief Executive Officer, said,
"With over $289 million in net cash, we continue to have significant flexibility and balance sheet strength for further M&A, organic investment, dividend growth and share repurchases under this renewed buyback program."
Purchases may be made from time to time at management's discretion.
About Innospec Inc.
Innospec Inc. is an international specialty chemicals company with approximately 2,450 employees in 22 countries. Innospec manufactures and supplies a wide range of specialty chemicals to markets in the Americas, Europe, the Middle East, Africa and Asia-Pacific. The Performance Chemicals business creates innovative technology-based solutions for our customers in the Personal Care, Home Care, Agrochemical, Mining and Industrial markets. The Fuel Specialties business specializes in manufacturing and supplying fuel additives that improve fuel efficiency, boost engine performance and reduce harmful emissions. Oilfield Services provides specialty chemicals to all elements of the oil and gas exploration and production industry.
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Such forward-looking statements include statements (covered by words like “expects,” “estimates,” “anticipates,” “may,” “could,” “believes,” “feels,” “plans,” “intends,” “outlook” or similar words or expressions, for example) which relate to earnings, growth potential, operating performance, events or developments that we expect or anticipate will or may occur in the future. Although forward-looking statements are believed by management to be reasonable when made, they are subject to certain risks, uncertainties and assumptions, and our actual performance or results may differ materially from these forward-looking statements. Additional information regarding risks, uncertainties and assumptions relating to Innospec and affecting our business operations and prospects are described in Innospec’s Annual Report on Form 10-K for the year ended December 31, 2024, Innospec’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 and other reports filed with the U.S. Securities and Exchange Commission. You are urged to review our discussion of risks and uncertainties that could cause actual results to differ from forward-looking statements under the heading "Risk Factors” in such reports. Innospec undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Corbin Barnes
Innospec Inc.
+44-151-355-3611
