Allspring Global Investments Holdings LLC Sells 13,207 Shares of NewMarket Co. (NYSE:NEU)

Allspring Global Investments Holdings LLC reduced its position in shares of NewMarket Co. (NYSE:NEU) by 7.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 170,356 shares of the specialty chemicals company’s stock after selling 13,207 shares during the quarter. Allspring Global Investments Holdings LLC owned 1.78% of NewMarket worth $87,830,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in NewMarket by 1.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 146,589 shares of the specialty chemicals company’s stock worth $80,015,000 after buying an additional 1,958 shares in the last quarter. Treasurer of the State of North Carolina lifted its stake in NewMarket by 51.9% in the 4th quarter. Treasurer of the State of North Carolina now owns 4,160 shares of the specialty chemicals company’s stock worth $2,271,000 after purchasing an additional 1,421 shares in the last quarter. Inceptionr LLC purchased a new stake in shares of NewMarket in the fourth quarter worth about $821,000. Alaska Permanent Fund Corp grew its holdings in NewMarket by 142.6% during the 1st quarter. Alaska Permanent Fund Corp now owns 17,320 shares of the specialty chemicals company’s stock valued at $10,992,000 after buying an additional 10,182 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in NewMarket during the 4th quarter valued at approximately $957,000. Hedge funds and other institutional investors own 61.09% of the company’s stock.

Analysts Set New Price Targets

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

Insider Transactions at NewMarket

In related news, CAO Bruce R. Hazelgrove III sold 1,270 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $544.31, for a total transaction of $691,273.70. Following the transaction, the chief accounting officer now directly owns 358 shares of the company’s stock, valued at approximately $194,862.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 20.40% of the company’s stock.

NewMarket Trading Down 0.2 %

NYSE:NEU opened at $555.70 on Tuesday. The firm has a 50-day simple moving average of $538.24 and a 200-day simple moving average of $567.91. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.60 and a current ratio of 2.66. The firm has a market cap of $5.33 billion, a P/E ratio of 13.41 and a beta of 0.47. NewMarket Co. has a one year low of $436.90 and a one year high of $650.00.

NewMarket (NYSE:NEU) last issued its quarterly earnings data on Monday, July 29th. The specialty chemicals company reported $11.63 earnings per share for the quarter. The company had revenue of $710.23 million for the quarter. NewMarket had a return on equity of 37.06% and a net margin of 15.12%.

NewMarket Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be issued a dividend of $2.50 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $10.00 annualized dividend and a dividend yield of 1.80%. NewMarket’s dividend payout ratio is presently 24.06%.

About NewMarket

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.