Redwood Investment Management LLC purchased a new position in NewMarket Corporation (NYSE:NEU – Free Report) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 1,497 shares of the specialty chemicals company’s stock, valued at approximately $1,185,000.
Other hedge funds have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of NewMarket by 100.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78 shares of the specialty chemicals company’s stock worth $44,000 after purchasing an additional 39 shares in the last quarter. NewEdge Advisors LLC grew its position in NewMarket by 1,442.4% in the 1st quarter. NewEdge Advisors LLC now owns 509 shares of the specialty chemicals company’s stock valued at $288,000 after purchasing an additional 476 shares during the period. United Services Automobile Association bought a new stake in NewMarket during the 1st quarter valued at $266,000. Empowered Funds LLC increased its stake in NewMarket by 4.8% during the 1st quarter. Empowered Funds LLC now owns 1,562 shares of the specialty chemicals company’s stock valued at $885,000 after purchasing an additional 72 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in NewMarket by 9.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 22,268 shares of the specialty chemicals company’s stock worth $12,614,000 after buying an additional 1,995 shares during the last quarter. Institutional investors and hedge funds own 61.09% of the company’s stock.
NewMarket Trading Down 0.5%
NYSE NEU opened at $926.11 on Thursday. The firm has a market capitalization of $8.52 billion, a P/E ratio of 19.92 and a beta of 0.56. The business has a fifty day simple moving average of $833.01 and a 200 day simple moving average of $731.36. NewMarket Corporation has a 12 month low of $580.03 and a 12 month high of $981.66. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 0.47.
NewMarket Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Tuesday, September 15th. NewMarket’s dividend payout ratio is presently 25.82%.
Analyst Ratings Changes
A number of research analysts have weighed in on NEU shares. Weiss Ratings raised shares of NewMarket from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 12th. Wall Street Zen upgraded shares of NewMarket from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy”.
View Our Latest Report on NewMarket
NewMarket Profile
NewMarket Corporation is a specialty chemicals and lubricants company headquartered in Richmond, Virginia. Through its Valvoline business, the company markets a broad portfolio of automotive aftermarket products, including engine oils, transmission fluids, greases and vehicle care solutions. Valvoline products are distributed through retail and commercial channels as well as a network of quick-lube service centers that provide oil changes, preventive maintenance and related services.
In its chemical additives segment, NewMarket develops, manufactures and sells performance additives for fuels, lubricants and industrial fluids.
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