Bank of New York Mellon Corp Buys Shares of 71,085 NewMarket Corporation $NEU

Key Points

• Bank of New York Mellon acquired 71,085 NewMarket shares worth approximately $56.2 million, representing about 0.77% of the specialty chemicals company. Institutional investors collectively own 61.09% of the stock.
• Analysts recently upgraded NewMarket to “Buy,” giving the company a consensus Buy rating. The stock opened at $926.11, near its 52-week high of $981.66.
• NewMarket reported quarterly EPS of $14.54 on $747.09 million in revenue and announced a quarterly dividend of $3.00 per share, or $12.00 annually, yielding approximately 1.3%.

Bank of New York Mellon Corp bought a new position in NewMarket Corporation (NYSE:NEU - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 71,085 shares of the specialty chemicals company's stock, valued at approximately $56,245,000. Bank of New York Mellon Corp owned approximately 0.77% of NewMarket as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of NewMarket by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 828,798 shares of the specialty chemicals company's stock valued at $569,600,000 after buying an additional 15,813 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in NewMarket by 6.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 194,507 shares of the specialty chemicals company's stock valued at $124,658,000 after purchasing an additional 12,172 shares during the last quarter. Geode Capital Management LLC grew its stake in NewMarket by 5.4% during the 4th quarter. Geode Capital Management LLC now owns 175,649 shares of the specialty chemicals company's stock valued at $120,737,000 after purchasing an additional 8,978 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of NewMarket by 196.7% in 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 purchasing an additional 91,458 shares during the period. Finally, Caisse de depot et placement du Quebec increased its holdings in shares of NewMarket by 16.9% in the fourth quarter. Caisse de depot et placement du Quebec now owns 116,002 shares of the specialty chemicals company's stock valued at $79,724,000 after purchasing an additional 16,746 shares during the period. 61.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Weiss Ratings raised NewMarket from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, June 12th. Wall Street Zen upgraded NewMarket from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy".

NewMarket Stock Performance

NYSE:NEU opened at $926.11 on Thursday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.23 and a current ratio of 2.25. The stock has a market capitalization of $8.52 billion, a PE ratio of 19.92 and a beta of 0.56. NewMarket Corporation has a fifty-two week low of $580.03 and a fifty-two week high of $981.66. The company has a fifty day moving average of $833.01 and a two-hundred day moving average of $731.36.

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

NewMarket Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued 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 dividend yield of 1.3%. NewMarket's dividend payout ratio is presently 25.82%.

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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