Janney Montgomery Scott LLC trimmed its position in shares of NewMarket Co. (NYSE:NEU – Free Report) by 18.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 554 shares of the specialty chemicals company’s stock after selling 127 shares during the quarter. Janney Montgomery Scott LLC’s holdings in NewMarket were worth $223,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in NEU. First Trust Advisors LP lifted its stake in shares of NewMarket by 23.9% in the first quarter. First Trust Advisors LP now owns 288,937 shares of the specialty chemicals company’s stock worth $93,725,000 after acquiring an additional 55,691 shares during the period. Norges Bank acquired a new position in shares of NewMarket in the fourth quarter worth approximately $16,953,000. Victory Capital Management Inc. lifted its stake in shares of NewMarket by 166.3% in the fourth quarter. Victory Capital Management Inc. now owns 42,088 shares of the specialty chemicals company’s stock worth $13,094,000 after acquiring an additional 26,281 shares during the period. DAVENPORT & Co LLC lifted its stake in shares of NewMarket by 15.8% in the first quarter. DAVENPORT & Co LLC now owns 176,392 shares of the specialty chemicals company’s stock worth $63,983,000 after acquiring an additional 24,003 shares during the period. Finally, MGO One Seven LLC acquired a new position in shares of NewMarket in the first quarter worth approximately $5,307,000. 60.99% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Separately, StockNews.com raised NewMarket from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 13th.
NewMarket Trading Up 2.0 %
Shares of NEU stock opened at $490.39 on Friday. The company has a market cap of $4.70 billion, a P/E ratio of 11.87 and a beta of 0.37. The stock has a 50 day simple moving average of $459.49 and a two-hundred day simple moving average of $432.03. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.69 and a current ratio of 3.21. NewMarket Co. has a fifty-two week low of $293.10 and a fifty-two week high of $496.11.
NewMarket Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be issued a $2.25 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $9.00 dividend on an annualized basis and a yield of 1.84%. NewMarket’s payout ratio is currently 21.79%.
NewMarket Company Profile
NewMarket Corporation, through its subsidiaries, primarily engages in the manufacture and sale of petroleum additives. The company offers lubricant additives for use in various vehicle and industrial applications, including engine oils, transmission fluids, off-road powertrain and hydraulic systems, gear oils, hydraulic oils, turbine oils, and other applications where metal-to-metal moving parts are utilized; engine oil additives designed for passenger cars, motorcycles, on and off-road heavy duty commercial equipment, locomotives, and engines in ocean-going vessels; driveline additives designed for products, such as transmission fluids, axle fluids, and off-road powertrain fluids; and industrial additives designed for products for industrial applications consisting of hydraulic fluids, grease, industrial gear fluids, and industrial specialty applications, such as turbine oils.
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