Bank of New York Mellon Corp Sells 10,566 Shares of NewMarket Corporation $NEU

Key Points

• Bank of New York Mellon reduced its NewMarket stake by 12.2% in the first quarter, selling 10,566 shares and ending with 76,249 shares worth about $48.9 million.
• Institutional ownership remains high, with hedge funds and other large investors holding 61.09% of NewMarket’s stock, and several firms either initiating or increasing positions recently.
• Analyst sentiment improved after Weiss Ratings upgraded NewMarket from “hold” to “buy,” while MarketBeat’s consensus rating also stands at “Buy.”

Bank of New York Mellon Corp lessened its position in shares of NewMarket Corporation (NYSE:NEU - Free Report) by 12.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 76,249 shares of the specialty chemicals company's stock after selling 10,566 shares during the period. Bank of New York Mellon Corp owned 0.83% of NewMarket worth $48,872,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of NEU. Los Angeles Capital Management LLC bought a new stake in shares of NewMarket during the 4th quarter valued at $25,000. International Assets Investment Management LLC purchased a new stake in shares of NewMarket in the fourth quarter worth $27,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of NewMarket by 100.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78 shares of the specialty chemicals company's stock worth $44,000 after buying an additional 39 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its stake in NewMarket by 50.0% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 75 shares of the specialty chemicals company's stock valued at $52,000 after buying an additional 25 shares during the period. Finally, Quarry LP bought a new stake in NewMarket during the third quarter valued at $52,000. Hedge funds and other institutional investors own 61.09% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded NewMarket from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, June 12th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, NewMarket presently has a consensus rating of "Buy".

NewMarket Stock Performance

Shares of NYSE NEU opened at $779.99 on Friday. The stock's 50-day moving average is $777.63 and its 200 day moving average is $696.02. The stock has a market cap of $7.18 billion, a price-to-earnings ratio of 17.82 and a beta of 0.56. NewMarket Corporation has a 1-year low of $580.03 and a 1-year high of $875.97. The company has a current ratio of 2.55, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54.

NewMarket (NYSE:NEU - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The specialty chemicals company reported $12.62 earnings per share (EPS) for the quarter. NewMarket had a return on equity of 24.12% and a net margin of 15.25%.The business had revenue of $669.72 million during the quarter.

NewMarket Profile

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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