Bank of America Corp DE Sells 918,978 Shares of NewMarket Corporation $NEU

Key Points

• Bank of America cut its NewMarket stake by 94.8% in the first quarter, selling 918,978 shares and retaining 49,914 shares valued at approximately $32 million.
• NewMarket shares rose 1.2% to $959.36, near their 52-week high, while the company reported quarterly revenue of $747.09 million and earnings of $14.54 per share.
• The company declared a quarterly dividend of $3.00 per share, equivalent to $12.00 annually and a 1.3% yield; analysts tracked by MarketBeat maintain an average “Buy” rating.

Bank of America Corp DE lessened its holdings in NewMarket Corporation (NYSE:NEU - Free Report) by 94.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 49,914 shares of the specialty chemicals company's stock after selling 918,978 shares during the period. Bank of America Corp DE owned approximately 0.54% of NewMarket worth $31,993,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in shares of NewMarket during the 4th quarter worth $64,654,000. AQR Capital Management LLC grew its position in NewMarket by 196.7% during the third quarter. AQR Capital Management LLC now owns 137,943 shares of the specialty chemicals company's stock valued at $114,246,000 after buying an additional 91,458 shares during the period. Caisse de depot et placement du Quebec grew its position in NewMarket by 376.4% during the third quarter. Caisse de depot et placement du Quebec now owns 99,256 shares of the specialty chemicals company's stock valued at $82,205,000 after buying an additional 78,422 shares during the period. Corient Private Wealth LLC increased its holdings in NewMarket by 7,743.0% during the fourth quarter. Corient Private Wealth LLC now owns 75,763 shares of the specialty chemicals company's stock worth $52,069,000 after buying an additional 74,797 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings 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 worth $35,004,000 after buying an additional 51,749 shares during the last quarter. 61.09% of the stock is owned by institutional investors.

NewMarket Trading Up 1.2%

Shares of NEU opened at $959.36 on Friday. NewMarket Corporation has a fifty-two week low of $580.03 and a fifty-two week high of $961.98. The business has a 50-day moving average of $812.96 and a 200 day moving average of $716.40. The firm has a market cap of $8.83 billion, a P/E ratio of 20.64 and a beta of 0.56. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.23 and a current ratio of 2.25.

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

NewMarket Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $12.00 annualized dividend and a yield of 1.3%. NewMarket's dividend payout ratio (DPR) is 25.82%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Weiss Ratings upgraded shares of NewMarket from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, June 12th. Wall Street Zen upgraded shares of NewMarket from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy".

About NewMarket

NewMarket Corporation is a specialty chemicals and lubricants company headquartered in Richmond, Virginia. Through its Valvoline business, the company markets a broad portfolio of automotive aftermarket products, including engine oils, transmission fluids, greases and vehicle care solutions. Valvoline products are distributed through retail and commercial channels as well as a network of quick-lube service centers that provide oil changes, preventive maintenance and related services.

In its chemical additives segment, NewMarket develops, manufactures and sells performance additives for fuels, lubricants and industrial fluids.

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