Russell Investments Group Ltd. grew its holdings in shares of NewMarket Co. (NYSE:NEU) by 397.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,142 shares of the specialty chemicals company’s stock after buying an additional 14,494 shares during the period. Russell Investments Group Ltd. owned 0.16% of NewMarket worth $7,273,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the company. F3Logic LLC boosted its holdings in shares of NewMarket by 2.0% during the 1st quarter. F3Logic LLC now owns 2,021 shares of the specialty chemicals company’s stock valued at $876,000 after buying an additional 39 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in NewMarket by 1.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 3,583 shares of the specialty chemicals company’s stock worth $1,437,000 after purchasing an additional 50 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in NewMarket by 3.6% in the 2nd quarter. Janney Montgomery Scott LLC now owns 1,604 shares of the specialty chemicals company’s stock worth $643,000 after purchasing an additional 55 shares in the last quarter. O Shaughnessy Asset Management LLC bought a new position in NewMarket in the 1st quarter worth about $26,000. Finally, Arizona State Retirement System boosted its stake in NewMarket by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 6,333 shares of the specialty chemicals company’s stock worth $2,539,000 after purchasing an additional 70 shares in the last quarter. Hedge funds and other institutional investors own 55.50% of the company’s stock.
NewMarket stock traded up $2.76 during mid-day trading on Thursday, reaching $458.28. The stock had a trading volume of 982 shares, compared to its average volume of 58,193. The company has a market capitalization of $5.11 billion, a price-to-earnings ratio of 22.41 and a beta of 0.46. The company has a 50-day moving average price of $458.65 and a two-hundred day moving average price of $428.94. NewMarket Co. has a one year low of $352.89 and a one year high of $489.11. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.93 and a quick ratio of 1.60.
NewMarket (NYSE:NEU) last announced its quarterly earnings results on Wednesday, July 31st. The specialty chemicals company reported $6.63 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $5.16 by $1.47. The company had revenue of $563.42 million for the quarter. NewMarket had a net margin of 11.70% and a return on equity of 47.25%. On average, equities research analysts anticipate that NewMarket Co. will post 23.63 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be paid a dividend of $1.90 per share. The ex-dividend date is Friday, September 13th. This represents a $7.60 annualized dividend and a yield of 1.66%. This is a boost from NewMarket’s previous quarterly dividend of $1.75. NewMarket’s dividend payout ratio is currently 34.41%.
NEU has been the topic of a number of analyst reports. Buckingham Research upgraded shares of NewMarket from an “underperform” rating to a “neutral” rating and set a $420.00 price target on the stock in a research note on Friday, August 2nd. Zacks Investment Research upgraded shares of NewMarket from a “hold” rating to a “strong-buy” rating and set a $512.00 price target on the stock in a research note on Friday, August 9th.
NewMarket Company Profile
NewMarket Corporation, through its subsidiaries, engages in the petroleum additives businesses. 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, metalworking fluids, and other applications where metal-to-metal moving parts are utilized; and engine oil, driveline, and industrial additives.
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