Cove Street Capital LLC Sells 980 Shares of NewMarket Corporation $NEU

Key Points

• Cove Street Capital LLC reduced its stake in NewMarket Corporation by 27.8%, selling 980 shares and leaving them with 2,550 shares valued at $1,444,000.
• NewMarket's recent quarterly dividend of $2.75 per share will be paid on October 1st, indicating an annualized payout of $11.00 and a 1.4% dividend yield.
• Analyst ratings recently downgraded NewMarket from a "buy" to a "hold," reflecting a shift in market sentiment surrounding the stock.

Cove Street Capital LLC trimmed its stake in shares of NewMarket Corporation (NYSE:NEU - Free Report) by 27.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,550 shares of the specialty chemicals company's stock after selling 980 shares during the period. NewMarket comprises about 2.3% of Cove Street Capital LLC's holdings, making the stock its 15th biggest holding. Cove Street Capital LLC's holdings in NewMarket were worth $1,444,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Algorithmic Investment Models LLC purchased a new stake in shares of NewMarket during the first quarter valued at $626,000. Dark Forest Capital Management LP acquired a new position in NewMarket during the first quarter valued at $4,070,000. Cubist Systematic Strategies LLC raised its position in NewMarket by 587.3% during the first quarter. Cubist Systematic Strategies LLC now owns 2,756 shares of the specialty chemicals company's stock valued at $1,561,000 after buying an additional 2,355 shares during the period. Vident Advisory LLC acquired a new position in NewMarket during the first quarter valued at $371,000. Finally, Caisse DE Depot ET Placement DU Quebec raised its position in NewMarket by 785.9% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 15,405 shares of the specialty chemicals company's stock valued at $8,726,000 after buying an additional 13,666 shares during the period. 61.09% of the stock is owned by hedge funds and other institutional investors.

NewMarket Stock Down 0.8%

NEU stock traded down $6.49 during mid-day trading on Tuesday, hitting $823.26. The stock had a trading volume of 54,261 shares, compared to its average volume of 77,997. The company has a current ratio of 2.66, a quick ratio of 1.43 and a debt-to-equity ratio of 0.52. NewMarket Corporation has a 1-year low of $480.00 and a 1-year high of $835.10. The company has a fifty day moving average of $752.80 and a 200 day moving average of $652.25. The stock has a market capitalization of $7.74 billion, a price-to-earnings ratio of 16.32 and a beta of 0.49.

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

NewMarket Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a $2.75 dividend. The ex-dividend date is Monday, September 15th. This represents a $11.00 annualized dividend and a yield of 1.3%. NewMarket's payout ratio is presently 21.80%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered NewMarket from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th.

About NewMarket

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.