Azzad Asset Management Inc. ADV Sells 679 Shares of NewMarket Corporation $NEU

Azzad Asset Management Inc. ADV cut its holdings in shares of NewMarket Corporation (NYSE:NEU) by 34.3% during the first quarter, HoldingsChannel.com reports. The firm owned 1,301 shares of the specialty chemicals company’s stock after selling 679 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in NewMarket were worth $834,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new stake in shares of NewMarket during the fourth quarter worth approximately $64,654,000. AQR Capital Management LLC boosted its stake in NewMarket by 196.7% in the third quarter. AQR Capital Management LLC now owns 137,943 shares of the specialty chemicals company’s stock valued at $114,246,000 after acquiring an additional 91,458 shares during the last quarter. Caisse de depot et placement du Quebec boosted its stake in NewMarket by 376.4% in the third quarter. Caisse de depot et placement du Quebec now owns 99,256 shares of the specialty chemicals company’s stock valued at $82,205,000 after acquiring an additional 78,422 shares during the last quarter. Corient Private Wealth LLC grew its holdings 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 acquiring an additional 74,797 shares during the period. Finally, Invesco Ltd. grew its holdings in NewMarket by 112.4% during the 3rd quarter. Invesco Ltd. now owns 67,633 shares of the specialty chemicals company’s stock worth $56,014,000 after acquiring an additional 35,789 shares during the period. Institutional investors own 61.09% of the company’s stock.

NewMarket Price Performance

Shares of NEU opened at $765.36 on Friday. The stock has a market cap of $7.04 billion, a P/E ratio of 17.48 and a beta of 0.56. NewMarket Corporation has a 1 year low of $580.03 and a 1 year high of $875.97. The stock’s 50-day moving average price is $761.53 and its two-hundred day moving average price is $691.51. The company has a current ratio of 2.55, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54.

NewMarket (NYSE:NEU) last announced its quarterly earnings results on Wednesday, April 22nd. The specialty chemicals company reported $12.62 EPS for the quarter. The company had revenue of $669.72 million during the quarter. NewMarket had a return on equity of 24.12% and a net margin of 15.25%.

NewMarket Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were issued a dividend of $3.00 per share. The ex-dividend date was Monday, June 15th. This represents a $12.00 dividend on an annualized basis and a yield of 1.6%. NewMarket’s payout ratio is currently 27.41%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of NewMarket from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 12th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, NewMarket has a consensus 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.