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Barnes Corbin, Senior Vice President of Corporate Development and Investor Relations at Innospec Inc . (NASDAQ:IOSP), recently reported a significant stock transaction. On February 21, Corbin sold 2,692 shares of Innospec common stock at an average price of $103.30 per share. This sale amounted to a total transaction value of approximately $278,086. The transaction comes as the $2.55 billion market cap company trades near its 52-week low of $99.49, according to InvestingPro data.
Prior to the sale, Corbin acquired the same number of shares, 2,692, through the settlement of a performance-based restricted stock unit award granted on February 21, 2022. These shares were acquired at no cost. Following these transactions, Corbin’s direct ownership of Innospec shares stands at 8,051 shares. InvestingPro analysis shows the company maintains strong financial health with a "GOOD" overall rating, having raised its dividend for 11 consecutive years and currently trading at a P/E ratio of 17.96x. Discover more insights about IOSP and access the comprehensive Pro Research Report, available exclusively with an InvestingPro subscription.
In other recent news, Innospec Inc. reported its fourth-quarter 2024 earnings, exceeding analysts’ expectations with an earnings per share (EPS) of $1.41, surpassing the forecasted $1.36. The company also achieved revenue of $466.8 million, which was higher than the anticipated $458.23 million. Despite these positive results, the company experienced a 6% year-over-year decrease in revenue, with full-year revenue reaching $1.85 billion, a 5% decline from 2023. Innospec’s Performance Chemicals and Fuel Specialties segments showed strong growth, while Oilfield Services faced a significant revenue decline of 40%. The company maintains a strong balance sheet with $289.2 million in cash and no debt. Looking ahead, Innospec is aiming for improvements in operating income and margins, with expectations of partial recovery in its Oilfield Services segment in the latter half of 2025. Analysts have noted the company’s focus on technologies that lower emissions and improve efficiencies as potential drivers for future growth.
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