Bank of America Corp DE Purchases Shares of 60,849 NewMarket Corporation $NEU

Key Points

• Bank of America acquired 60,849 NewMarket shares worth approximately $48.1 million, giving it a 0.66% stake. Institutional investors collectively own 61.09% of the specialty chemicals company.
• NewMarket received favorable analyst sentiment, with Wall Street Zen upgrading the stock to “buy” and the overall analyst rating listed as “Buy.”
• The company reported quarterly EPS of $14.54 on $747.09 million in revenue and declared a $3.00-per-share quarterly dividend, equivalent to a 1.3% yield.

Bank of America Corp DE acquired a new position in NewMarket Corporation (NYSE:NEU - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 60,849 shares of the specialty chemicals company's stock, valued at approximately $48,146,000. Bank of America Corp DE owned about 0.66% of NewMarket at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of NEU. BlackRock Inc. purchased a new position in shares of NewMarket in the 2nd quarter worth approximately $556,339,000. Norges Bank purchased a new position in NewMarket during the fourth quarter worth $64,654,000. Caisse de depot et placement du Quebec purchased a new position in NewMarket during the second quarter worth $72,517,000. Bank of New York Mellon Corp bought a new position in NewMarket during the second quarter valued at $56,245,000. Finally, Arrowstreet Capital Limited Partnership increased its position in NewMarket by 1,807.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 54,612 shares of the specialty chemicals company's stock valued at $35,004,000 after acquiring an additional 51,749 shares during the last quarter. 61.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on NEU. Wall Street Zen raised shares of NewMarket from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of NewMarket in a research note on Wednesday, September 9th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of "Buy".

NewMarket Stock Performance

Shares of NewMarket stock opened at $893.70 on Monday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 0.47. The stock's fifty day moving average price is $869.14 and its 200-day moving average price is $762.28. The firm has a market cap of $8.22 billion, a P/E ratio of 19.23 and a beta of 0.55. NewMarket Corporation has a 12 month low of $580.03 and a 12 month high of $981.66.

NewMarket (NYSE:NEU - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The specialty chemicals company reported $14.54 earnings per share (EPS) for the quarter. NewMarket had a return on equity of 24.62% and a net margin of 15.80%.The business had revenue of $747.09 million for the quarter.

NewMarket Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $12.00 dividend on an annualized basis and a yield of 1.3%. NewMarket's dividend payout ratio is presently 25.82%.

NewMarket Company Profile

NewMarket Corporation NYSE: NEU is a holding company that develops, manufactures and supplies specialty chemicals, primarily for the petroleum and related industries. Its products are designed to improve the performance, efficiency and durability of fuels, lubricants and other petroleum-based products.

NewMarket operates through its principal subsidiaries, including Afton Chemical Corporation and Ethyl Corporation. Afton Chemical develops and produces fuel and lubricant additives used in automotive, marine, aviation, commercial and industrial applications.

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