Principal Financial Group Inc. lessened its stake in NewMarket Co. (NYSE:NEU – Free Report) by 5.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,913 shares of the specialty chemicals company’s stock after selling 1,495 shares during the period. Principal Financial Group Inc. owned 0.26% of NewMarket worth $10,018,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of NEU. First Trust Advisors LP grew its position in NewMarket by 23.9% in the 1st quarter. First Trust Advisors LP now owns 288,937 shares of the specialty chemicals company’s stock valued at $93,725,000 after buying an additional 55,691 shares in the last quarter. Norges Bank bought a new position in NewMarket in the 4th quarter valued at about $16,953,000. LSV Asset Management grew its position in NewMarket by 39.2% in the 2nd quarter. LSV Asset Management now owns 141,092 shares of the specialty chemicals company’s stock valued at $56,736,000 after buying an additional 39,743 shares in the last quarter. Victory Capital Management Inc. grew its position in NewMarket by 166.3% in the 4th quarter. Victory Capital Management Inc. now owns 42,088 shares of the specialty chemicals company’s stock valued at $13,094,000 after buying an additional 26,281 shares in the last quarter. Finally, Acadian Asset Management LLC grew its position in NewMarket by 465.0% in the 2nd quarter. Acadian Asset Management LLC now owns 26,660 shares of the specialty chemicals company’s stock valued at $10,710,000 after buying an additional 21,941 shares in the last quarter. Institutional investors own 60.99% of the company’s stock.
Wall Street Analysts Forecast Growth
Separately, StockNews.com upgraded shares of NewMarket from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 13th.
NewMarket Stock Performance
NYSE:NEU opened at $516.44 on Tuesday. NewMarket Co. has a twelve month low of $297.62 and a twelve month high of $518.31. The company has a current ratio of 3.21, a quick ratio of 1.69 and a debt-to-equity ratio of 0.80. The company has a 50-day moving average of $468.39 and a 200-day moving average of $441.68. The firm has a market cap of $4.95 billion, a price-to-earnings ratio of 12.50 and a beta of 0.37.
NewMarket (NYSE:NEU – Get Free Report) last posted its quarterly earnings data on Wednesday, October 25th. The specialty chemicals company reported $11.60 earnings per share for the quarter. NewMarket had a net margin of 14.57% and a return on equity of 46.27%. The company had revenue of $667.15 million during the quarter.
NewMarket Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be issued a $2.25 dividend. This represents a $9.00 annualized dividend and a dividend yield of 1.74%. The ex-dividend date is Thursday, December 14th. NewMarket’s payout ratio is 21.79%.
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.
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