Covestor Ltd Reduces Position in NewMarket Co. (NYSE:NEU)

Covestor Ltd lowered its stake in NewMarket Co. (NYSE:NEU) by 20.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 203 shares of the specialty chemicals company’s stock after selling 53 shares during the period. Covestor Ltd’s holdings in NewMarket were worth $112,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Headlands Technologies LLC purchased a new position in NewMarket in the 2nd quarter worth $33,000. Quest Partners LLC purchased a new position in shares of NewMarket in the second quarter worth about $38,000. Blue Trust Inc. lifted its holdings in shares of NewMarket by 590.9% during the third quarter. Blue Trust Inc. now owns 76 shares of the specialty chemicals company’s stock worth $39,000 after purchasing an additional 65 shares during the period. Ashton Thomas Private Wealth LLC purchased a new stake in NewMarket in the second quarter valued at approximately $54,000. Finally, EntryPoint Capital LLC increased its holdings in NewMarket by 29.6% in the 1st quarter. EntryPoint Capital LLC now owns 175 shares of the specialty chemicals company’s stock worth $111,000 after buying an additional 40 shares during the period. 61.09% of the stock is currently owned by institutional investors and hedge funds.

NewMarket Price Performance

Shares of NEU opened at $553.08 on Wednesday. The business’s 50-day moving average is $541.57 and its two-hundred day moving average is $541.45. The company has a market capitalization of $5.31 billion, a P/E ratio of 12.28 and a beta of 0.50. NewMarket Co. has a fifty-two week low of $494.04 and a fifty-two week high of $650.00. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.50 and a current ratio of 2.83.

NewMarket (NYSE:NEU) last announced its quarterly earnings results on Wednesday, October 23rd. The specialty chemicals company reported $13.79 earnings per share for the quarter. NewMarket had a return on equity of 35.79% and a net margin of 15.57%. The company had revenue of $724.95 million during the quarter.

NewMarket Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be issued a dividend of $2.50 per share. This represents a $10.00 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date is Monday, December 16th. NewMarket’s dividend payout ratio (DPR) is presently 22.21%.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of NewMarket from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 6th.

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.