Taylor Hoffman Wealth Management increased its position in shares of NewMarket Co. (NYSE:NEU) by 7.6% during the third quarter, Holdings Channel reports. The fund owned 2,643 shares of the specialty chemicals company’s stock after acquiring an additional 186 shares during the quarter. Taylor Hoffman Wealth Management’s holdings in NewMarket were worth $1,248,000 at the end of the most recent quarter.
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Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Jacobs Levy Equity Management Inc. acquired a new position in shares of NewMarket in the 2nd quarter valued at about $19,519,000. WINTON GROUP Ltd grew its position in NewMarket by 10.1% in the second quarter. WINTON GROUP Ltd now owns 59,603 shares of the specialty chemicals company’s stock worth $23,897,000 after acquiring an additional 5,461 shares in the last quarter. Eaton Vance Management grew its position in NewMarket by 5.2% in the second quarter. Eaton Vance Management now owns 41,466 shares of the specialty chemicals company’s stock worth $16,625,000 after acquiring an additional 2,061 shares in the last quarter. Point72 Hong Kong Ltd grew its position in NewMarket by 41.2% in the second quarter. Point72 Hong Kong Ltd now owns 257 shares of the specialty chemicals company’s stock worth $103,000 after acquiring an additional 75 shares in the last quarter. Finally, BNP Paribas Arbitrage SA grew its position in NewMarket by 3,890.7% in the second quarter. BNP Paribas Arbitrage SA now owns 11,573 shares of the specialty chemicals company’s stock worth $4,640,000 after acquiring an additional 11,283 shares in the last quarter. Hedge funds and other institutional investors own 55.39% of the company’s stock.
Several research firms have commented on NEU. Zacks Investment Research downgraded shares of NewMarket from a “hold” rating to a “sell” rating in a research report on Thursday. Buckingham Research raised shares of NewMarket from an “underperform” rating to a “neutral” rating and set a $420.00 target price for the company in a research report on Friday, August 2nd.
NEU stock traded up $3.61 during trading hours on Friday, hitting $494.69. The company’s stock had a trading volume of 30,524 shares, compared to its average volume of 58,925. The company has a quick ratio of 1.63, a current ratio of 2.95 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $5.40 billion, a PE ratio of 24.32 and a beta of 0.44. NewMarket Co. has a 12 month low of $378.24 and a 12 month high of $495.30. The stock has a 50 day moving average price of $469.93 and a two-hundred day moving average price of $438.37.
NewMarket (NYSE:NEU) last issued its quarterly earnings data on Wednesday, October 23rd. The specialty chemicals company reported $6.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $5.93 by $0.13. NewMarket had a net margin of 12.17% and a return on equity of 47.54%. The business had revenue of $555.82 million during the quarter. Sell-side analysts expect that NewMarket Co. will post 23.42 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 1.54%. The ex-dividend date is Friday, December 13th. NewMarket’s payout ratio is currently 37.36%.
In related news, CAO Bruce R. Hazelgrove III sold 171 shares of the company’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $479.16, for a total transaction of $81,936.36. Following the completion of the transaction, the chief accounting officer now directly owns 358 shares in the company, valued at approximately $171,539.28. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 17.02% of the stock is owned by corporate insiders.
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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