Smithfield Trust Co. cut its stake in shares of NewMarket Corp. (NYSE:NEU) by 1.2% during the second quarter, Holdings Channel reports. The institutional investor owned 3,081 shares of the company’s stock after selling 36 shares during the period. Smithfield Trust Co.’s holdings in NewMarket Corp. were worth $1,277,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in NEU. Nordea Investment Management AB increased its stake in NewMarket Corp. by 5.6% in the second quarter. Nordea Investment Management AB now owns 33,374 shares of the company’s stock valued at $13,830,000 after buying an additional 1,770 shares in the last quarter. Bank of Montreal Can bought a new position in shares of NewMarket Corp. during the second quarter valued at $398,000. MSI Financial Services Inc boosted its position in shares of NewMarket Corp. by 1,479.7% in the second quarter. MSI Financial Services Inc now owns 3,586 shares of the company’s stock valued at $1,486,000 after buying an additional 3,359 shares during the last quarter. Old Mutual Global Investors UK Ltd. boosted its position in shares of NewMarket Corp. by 36.4% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 35,284 shares of the company’s stock valued at $14,620,000 after buying an additional 9,420 shares during the last quarter. Finally, JLB & Associates Inc. boosted its position in shares of NewMarket Corp. by 3.4% in the second quarter. JLB & Associates Inc. now owns 23,586 shares of the company’s stock valued at $9,773,000 after buying an additional 766 shares during the last quarter. 58.47% of the stock is currently owned by hedge funds and other institutional investors.
NewMarket Corp. (NYSE:NEU) traded up 0.89% during trading on Friday, reaching $405.22. The company had a trading volume of 9,149 shares. NewMarket Corp. has a one year low of $322.54 and a one year high of $447.97. The company has a 50-day moving average price of $421.78 and a 200 day moving average price of $413.58. The company has a market capitalization of $4.80 billion, a price-to-earnings ratio of 20.03 and a beta of 0.93.
NewMarket Corp. (NYSE:NEU) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $5.50 EPS for the quarter, beating the Zacks’ consensus estimate of $5.45 by $0.05. The business had revenue of $521.80 million for the quarter, compared to analysts’ expectations of $556.60 million. NewMarket Corp. had a net margin of 11.80% and a return on equity of 62.23%. The business’s quarterly revenue was down 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.65 earnings per share. Analysts expect that NewMarket Corp. will post $20.30 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th were given a dividend of $1.60 per share. The ex-dividend date was Tuesday, September 13th. This represents a $6.40 dividend on an annualized basis and a yield of 1.59%. NewMarket Corp.’s dividend payout ratio (DPR) is currently 31.64%.
Several brokerages have recently weighed in on NEU. Longbow Research cut NewMarket Corp. from a “buy” rating to a “neutral” rating in a report on Friday, July 29th. BMO Capital Markets cut NewMarket Corp. from an “outperform” rating to a “market perform” rating in a report on Friday, September 30th. Finally, Zacks Investment Research upgraded NewMarket Corp. from a “hold” rating to a “buy” rating and set a $481.00 price objective for the company in a report on Tuesday, August 2nd.
About NewMarket Corp.
NewMarket Corporation is a holding company. The Company is the parent company of Afton Chemical Corporation (Afton), Ethyl Corporation (Ethyl), NewMarket Services Corporation (NewMarket Services) and NewMarket Development Corporation (NewMarket Development). It operates in petroleum additives segment, which is primarily represented by Afton.