Elevation Point Wealth Partners LLC Invests $518,000 in NewMarket Corporation $NEU

Elevation Point Wealth Partners LLC bought a new stake in NewMarket Corporation (NYSE:NEU) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 653 shares of the specialty chemicals company’s stock, valued at approximately $518,000.

Several other hedge funds have also modified their holdings of NEU. BlackRock Inc. acquired a new position in shares of NewMarket during the second quarter worth $556,339,000. Norges Bank acquired a new stake in NewMarket during the 4th quarter valued at $64,654,000. AQR Capital Management LLC grew its holdings in NewMarket by 196.7% during the 3rd quarter. AQR Capital Management LLC now owns 137,943 shares of the specialty chemicals company’s stock valued at $114,246,000 after purchasing an additional 91,458 shares in the last quarter. Caisse de depot et placement du Quebec increased its stake in NewMarket by 376.4% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 99,256 shares of the specialty chemicals company’s stock worth $82,205,000 after buying an additional 78,422 shares during the period. Finally, Corient Private Wealth LLC increased its stake in NewMarket by 7,743.0% during the 4th quarter. Corient Private Wealth LLC now owns 75,763 shares of the specialty chemicals company’s stock worth $52,069,000 after buying an additional 74,797 shares during the period. 61.09% of the stock is currently owned by hedge funds and other institutional investors.

NewMarket Stock Performance

NEU stock opened at $933.73 on Wednesday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 0.47. The firm has a market cap of $8.59 billion, a P/E ratio of 20.09 and a beta of 0.56. NewMarket Corporation has a 12-month low of $580.03 and a 12-month high of $981.66. The stock’s 50 day simple moving average is $829.75 and its 200 day simple moving average is $729.86.

NewMarket (NYSE:NEU) last released its quarterly earnings data on Wednesday, July 29th. The specialty chemicals company reported $14.54 EPS for the quarter. NewMarket had a net margin of 15.80% and a return on equity of 24.62%. The firm had revenue of $747.09 million during the quarter.

NewMarket Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Tuesday, September 15th. NewMarket’s dividend payout ratio (DPR) is presently 25.82%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on NEU shares. Wall Street Zen upgraded shares of NewMarket from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. Weiss Ratings upgraded NewMarket from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 12th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy”.

About NewMarket

NewMarket Corporation is a specialty chemicals and lubricants company headquartered in Richmond, Virginia. Through its Valvoline business, the company markets a broad portfolio of automotive aftermarket products, including engine oils, transmission fluids, greases and vehicle care solutions. Valvoline products are distributed through retail and commercial channels as well as a network of quick-lube service centers that provide oil changes, preventive maintenance and related services.

In its chemical additives segment, NewMarket develops, manufactures and sells performance additives for fuels, lubricants and industrial fluids.