Allspring Global Investments Holdings LLC Cuts Holdings in NewMarket Corporation $NEU

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in NewMarket Corporation by 4.2%, now owning approximately 1.89% of the company, which is valued at around $125.6 million.
• The company recently declared a quarterly dividend of $2.75 per share, translating to an annualized dividend of $11.00 with a dividend yield of 1.4%.
• NewMarket has a market capitalization of $7.36 billion and reported earnings of $11.84 per share, along with a net profit margin of 17.28%.

Allspring Global Investments Holdings LLC lowered its stake in NewMarket Corporation (NYSE:NEU - Free Report) by 4.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 178,009 shares of the specialty chemicals company's stock after selling 7,849 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.89% of NewMarket worth $125,601,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in NewMarket by 1.8% in the first quarter. Vanguard Group Inc. now owns 744,723 shares of the specialty chemicals company's stock worth $421,848,000 after acquiring an additional 13,411 shares in the last quarter. LSV Asset Management grew its position in NewMarket by 1.0% in the first quarter. LSV Asset Management now owns 205,047 shares of the specialty chemicals company's stock worth $116,149,000 after acquiring an additional 2,121 shares in the last quarter. American Century Companies Inc. grew its position in NewMarket by 120.3% in the first quarter. American Century Companies Inc. now owns 105,120 shares of the specialty chemicals company's stock worth $59,545,000 after acquiring an additional 57,403 shares in the last quarter. Northern Trust Corp grew its position in NewMarket by 3.8% in the first quarter. Northern Trust Corp now owns 83,207 shares of the specialty chemicals company's stock worth $47,133,000 after acquiring an additional 3,051 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in NewMarket by 0.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 82,821 shares of the specialty chemicals company's stock worth $46,914,000 after acquiring an additional 474 shares in the last quarter. Hedge funds and other institutional investors own 61.09% of the company's stock.

NewMarket Stock Performance

NewMarket stock opened at $783.15 on Monday. The company has a 50 day moving average price of $805.20 and a 200-day moving average price of $699.53. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.43 and a current ratio of 2.66. NewMarket Corporation has a fifty-two week low of $480.00 and a fifty-two week high of $875.97. The company has a market capitalization of $7.36 billion, a PE ratio of 15.52 and a beta of 0.45.

NewMarket (NYSE:NEU - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $11.84 earnings per share for the quarter. NewMarket had a net margin of 17.28% and a return on equity of 32.25%. The firm had revenue of $698.51 million during the quarter.

NewMarket Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were paid a dividend of $2.75 per share. This represents a $11.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Monday, September 15th. NewMarket's payout ratio is currently 21.80%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Weiss Ratings reiterated a "buy (b+)" rating on shares of NewMarket in a research report on Wednesday, October 8th. Wall Street Zen downgraded shares of NewMarket from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy".

NewMarket Company 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.

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