Norges Bank Purchases Shares of 78,107 NewMarket Co. (NYSE:NEU)

Norges Bank purchased a new stake in NewMarket Co. (NYSE:NEU - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The fund purchased 78,107 shares of the specialty chemicals company's stock, valued at approximately $41,268,000. Norges Bank owned about 0.81% of NewMarket as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in the business. The Manufacturers Life Insurance Company grew its holdings in NewMarket by 5.0% in the third quarter. The Manufacturers Life Insurance Company now owns 6,186 shares of the specialty chemicals company's stock valued at $3,414,000 after purchasing an additional 294 shares during the period. FMR LLC boosted its holdings in shares of NewMarket by 51.7% in the 3rd quarter. FMR LLC now owns 675 shares of the specialty chemicals company's stock valued at $372,000 after purchasing an additional 230 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of NewMarket by 115.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,415 shares of the specialty chemicals company's stock valued at $781,000 after purchasing an additional 759 shares during the last quarter. MetLife Investment Management LLC grew its stake in shares of NewMarket by 8.7% during the 3rd quarter. MetLife Investment Management LLC now owns 3,951 shares of the specialty chemicals company's stock valued at $2,181,000 after buying an additional 316 shares during the period. Finally, HighTower Advisors LLC increased its holdings in shares of NewMarket by 7.7% during the 3rd quarter. HighTower Advisors LLC now owns 5,390 shares of the specialty chemicals company's stock worth $2,997,000 after buying an additional 385 shares during the last quarter. Hedge funds and other institutional investors own 61.09% of the company's stock.

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NewMarket Stock Up 5.7 %

Shares of NEU traded up $29.62 during midday trading on Wednesday, reaching $549.57. 76,917 shares of the company were exchanged, compared to its average volume of 36,669. NewMarket Co. has a 1-year low of $480.00 and a 1-year high of $602.51. The stock has a 50-day moving average price of $542.20 and a 200-day moving average price of $532.62. The company has a current ratio of 2.75, a quick ratio of 1.40 and a debt-to-equity ratio of 0.66. The company has a market cap of $5.21 billion, a price-to-earnings ratio of 11.40 and a beta of 0.44.

NewMarket (NYSE:NEU - Get Free Report) last released its quarterly earnings results on Monday, February 3rd. The specialty chemicals company reported $11.56 earnings per share 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 was paid on Tuesday, April 1st. Investors of record on Monday, March 17th were paid a $2.75 dividend. This represents a $11.00 dividend on an annualized basis and a yield of 2.00%. This is an increase from NewMarket's previous quarterly dividend of $2.50. The ex-dividend date was Monday, March 17th. NewMarket's dividend payout ratio (DPR) is 22.82%.

Analysts Set New Price Targets

Separately, StockNews.com lowered NewMarket from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, February 19th.

NewMarket Profile

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.