NewMarket Corporation $NEU Shares Sold by London Co. of Virginia

London Co. of Virginia cut its stake in shares of NewMarket Corporation (NYSE:NEU) by 3.7% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 553,479 shares of the specialty chemicals company’s stock after selling 21,348 shares during the period. NewMarket comprises about 2.2% of London Co. of Virginia’s holdings, making the stock its 11th biggest holding. London Co. of Virginia owned 5.89% of NewMarket worth $382,388,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. Sequoia Financial Advisors LLC purchased a new position in NewMarket during the second quarter worth about $331,000. AlphaQuest LLC increased its position in NewMarket by 65,800.0% during the 2nd quarter. AlphaQuest LLC now owns 659 shares of the specialty chemicals company’s stock worth $455,000 after purchasing an additional 658 shares during the period. Prime Capital Investment Advisors LLC purchased a new position in shares of NewMarket during the 2nd quarter worth approximately $209,000. Fortune Financial Advisors LLC acquired a new stake in shares of NewMarket in the 2nd quarter valued at approximately $231,000. Finally, Longboard Asset Management LP acquired a new stake in shares of NewMarket in the 2nd quarter valued at approximately $269,000. 61.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on NEU shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of NewMarket in a report on Monday. Wall Street Zen downgraded NewMarket from a “buy” rating to a “hold” rating in a report on Saturday, August 30th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, NewMarket presently has a consensus rating of “Buy”.

NewMarket Stock Down 2.8%

Shares of NYSE:NEU opened at $752.05 on Friday. NewMarket Corporation has a 12-month low of $480.00 and a 12-month high of $875.97. The stock has a fifty day simple moving average of $770.63 and a two-hundred day simple moving average of $751.80. The stock has a market capitalization of $7.07 billion, a price-to-earnings ratio of 15.89 and a beta of 0.49. The company has a current ratio of 2.68, a quick ratio of 1.43 and a debt-to-equity ratio of 0.46.

NewMarket (NYSE:NEU) last issued its earnings results on Thursday, October 30th. The specialty chemicals company reported $10.67 EPS for the quarter. The business had revenue of $690.31 million for the quarter. NewMarket had a return on equity of 28.53% and a net margin of 16.33%.

NewMarket Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 1.6%. This is a positive change from NewMarket’s previous quarterly dividend of $2.75. The ex-dividend date is Monday, December 15th. NewMarket’s dividend payout ratio (DPR) is presently 23.24%.

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.