Vestcor Inc lessened its stake in NewMarket Co. (NYSE:NEU - Free Report) by 6.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,241 shares of the specialty chemicals company's stock after selling 1,034 shares during the period. Vestcor Inc owned about 0.16% of NewMarket worth $8,053,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in NEU. Wealth Enhancement Advisory Services LLC bought a new stake in shares of NewMarket in the third quarter worth $205,000. Assetmark Inc. increased its stake in shares of NewMarket by 10.1% in the third quarter. Assetmark Inc. now owns 3,098 shares of the specialty chemicals company's stock worth $1,710,000 after buying an additional 285 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of NewMarket by 13.6% in the third quarter. Victory Capital Management Inc. now owns 20,284 shares of the specialty chemicals company's stock worth $11,195,000 after buying an additional 2,436 shares during the last quarter. Empowered Funds LLC increased its stake in NewMarket by 19.1% during the third quarter. Empowered Funds LLC now owns 924 shares of the specialty chemicals company's stock valued at $510,000 after purchasing an additional 148 shares during the last quarter. Finally, Natixis Advisors LLC increased its stake in NewMarket by 19.4% during the third quarter. Natixis Advisors LLC now owns 17,254 shares of the specialty chemicals company's stock valued at $9,522,000 after purchasing an additional 2,807 shares during the last quarter. Institutional investors own 61.09% of the company's stock.
Wall Street Analysts Forecast Growth
Separately, StockNews.com lowered shares of NewMarket from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, February 19th.
Read Our Latest Stock Report on NewMarket
NewMarket Stock Down 4.8 %
NEU stock opened at $523.69 on Thursday. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.75 and a quick ratio of 1.40. NewMarket Co. has a 1-year low of $480.00 and a 1-year high of $638.21. The firm has a fifty day moving average price of $521.99 and a two-hundred day moving average price of $534.64. The firm has a market cap of $4.99 billion, a price-to-earnings ratio of 10.86 and a beta of 0.41.
NewMarket (NYSE:NEU - Get Free Report) last announced its quarterly earnings results on Monday, February 3rd. The specialty chemicals company reported $11.56 earnings per share (EPS) for the quarter. NewMarket had a net margin of 16.59% and a return on equity of 35.48%.
NewMarket Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th will be issued a dividend of $2.75 per share. This is an increase from NewMarket's previous quarterly dividend of $2.50. The ex-dividend date is Monday, March 17th. This represents a $11.00 annualized dividend and a dividend yield of 2.10%. NewMarket's payout ratio is 22.82%.
NewMarket Company Profile
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Free Report)
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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