Treasurer of the State of North Carolina trimmed its stake in shares of NewMarket Co. (NYSE:NEU) by 8.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,806 shares of the specialty chemicals company’s stock after selling 246 shares during the quarter. Treasurer of the State of North Carolina’s holdings in NewMarket were worth $1,125,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in NEU. Steward Partners Investment Advisory LLC acquired a new position in NewMarket during the 2nd quarter worth approximately $41,000. Oppenheimer Asset Management Inc. increased its position in NewMarket by 49.4% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 133 shares of the specialty chemicals company’s stock valued at $53,000 after acquiring an additional 44 shares during the period. SRS Capital Advisors Inc. acquired a new position in NewMarket in the 2nd quarter valued at approximately $54,000. Point72 Hong Kong Ltd increased its position in NewMarket by 41.2% in the 2nd quarter. Point72 Hong Kong Ltd now owns 257 shares of the specialty chemicals company’s stock valued at $103,000 after acquiring an additional 75 shares during the period. Finally, Machina Capital S.A.S. acquired a new position in NewMarket in the 2nd quarter valued at approximately $222,000. Institutional investors and hedge funds own 55.49% of the company’s stock.
Shares of NYSE NEU opened at $464.78 on Friday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.60 and a current ratio of 2.93. NewMarket Co. has a 52-week low of $352.89 and a 52-week high of $489.11. The firm has a 50 day moving average price of $468.20 and a two-hundred day moving average price of $432.47. The stock has a market cap of $5.17 billion, a P/E ratio of 20.18 and a beta of 0.44.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were given a $1.90 dividend. This is a boost from NewMarket’s previous quarterly dividend of $1.75. This represents a $7.60 annualized dividend and a yield of 1.64%. The ex-dividend date was Friday, September 13th. NewMarket’s dividend payout ratio is 37.36%.
Several brokerages have issued reports on NEU. Zacks Investment Research cut shares of NewMarket from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Buckingham Research upgraded shares of NewMarket from an “underperform” rating to a “neutral” rating and set a $420.00 price target for the company in a research report on Friday, August 2nd.
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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