Russell Investments Group Ltd. increased its position in NewMarket Co. (NYSE:NEU) by 397.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,142 shares of the specialty chemicals company’s stock after acquiring an additional 14,494 shares during the quarter. Russell Investments Group Ltd.’s holdings in NewMarket were worth $7,273,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in NEU. O Shaughnessy Asset Management LLC purchased a new stake in NewMarket in the 1st quarter worth approximately $26,000. Steward Partners Investment Advisory LLC purchased a new stake in NewMarket in the 2nd quarter worth approximately $41,000. SRS Capital Advisors Inc. purchased a new stake in NewMarket in the 2nd quarter worth approximately $54,000. BNP Paribas Arbitrage SA increased its holdings in NewMarket by 74.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 290 shares of the specialty chemicals company’s stock worth $126,000 after acquiring an additional 124 shares in the last quarter. Finally, Magnus Financial Group LLC bought a new position in NewMarket in the 1st quarter worth approximately $203,000. 55.50% of the stock is owned by institutional investors.
NEU stock traded up $2.76 during midday trading on Thursday, hitting $458.28. The company’s stock had a trading volume of 982 shares, compared to its average volume of 58,193. NewMarket Co. has a 12 month low of $352.89 and a 12 month high of $489.11. The company has a quick ratio of 1.60, a current ratio of 2.93 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $5.11 billion, a price-to-earnings ratio of 22.41 and a beta of 0.46. The company has a 50 day moving average of $458.65 and a two-hundred day moving average of $428.94.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be paid a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 1.66%. This is an increase from NewMarket’s previous quarterly dividend of $1.75. The ex-dividend date of this dividend is Friday, September 13th. NewMarket’s dividend payout ratio is presently 34.41%.
Several research analysts have weighed in on the company. Zacks Investment Research upgraded NewMarket from a “hold” rating to a “strong-buy” rating and set a $512.00 price target for the company in a research note on Friday, August 9th. Buckingham Research upgraded NewMarket from an “underperform” rating to a “neutral” rating and set a $420.00 price target for the company in a research note on Friday, August 2nd.
NewMarket Corporation, through its subsidiaries, engages in the petroleum additives businesses. 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, metalworking fluids, and other applications where metal-to-metal moving parts are utilized; and engine oil, driveline, and industrial additives.
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