Cubist Systematic Strategies LLC Has $1.56 Million Position in NewMarket Corporation $NEU

Key Points

• Cubist Systematic Strategies LLC significantly increased its stake in NewMarket Corporation, raising it by 587.3% to own 2,756 shares, valued at approximately $1.56 million.
• Several other institutional investors have also boosted their holdings in NewMarket, with MassMutual Private Wealth & Trust FSB increasing its position by 557.1% during the same quarter.
• NewMarket recently announced a quarterly dividend of $2.75 per share, which will be distributed on October 1st, reflecting an annual yield of 1.4%.

Cubist Systematic Strategies LLC lifted its position in shares of NewMarket Corporation (NYSE:NEU - Free Report) by 587.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,756 shares of the specialty chemicals company's stock after purchasing an additional 2,355 shares during the quarter. Cubist Systematic Strategies LLC's holdings in NewMarket were worth $1,561,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. boosted its position in shares of NewMarket by 13.1% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 198 shares of the specialty chemicals company's stock worth $112,000 after purchasing an additional 23 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of NewMarket by 4.0% during the first quarter. Federated Hermes Inc. now owns 722 shares of the specialty chemicals company's stock worth $409,000 after purchasing an additional 28 shares in the last quarter. UMB Bank n.a. boosted its position in shares of NewMarket by 39.2% during the first quarter. UMB Bank n.a. now owns 103 shares of the specialty chemicals company's stock worth $58,000 after purchasing an additional 29 shares in the last quarter. Resona Asset Management Co. Ltd. boosted its position in shares of NewMarket by 2.6% during the first quarter. Resona Asset Management Co. Ltd. now owns 1,322 shares of the specialty chemicals company's stock worth $749,000 after purchasing an additional 33 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of NewMarket by 557.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 46 shares of the specialty chemicals company's stock worth $26,000 after purchasing an additional 39 shares in the last quarter. 61.09% of the stock is owned by institutional investors.

NewMarket Stock Down 1.2%

NEU traded down $10.36 during trading on Friday, hitting $838.58. The company had a trading volume of 71,470 shares, compared to its average volume of 97,778. The company has a market capitalization of $7.88 billion, a PE ratio of 16.62 and a beta of 0.49. NewMarket Corporation has a one year low of $480.00 and a one year high of $854.75. The firm's 50-day moving average price is $761.79 and its 200 day moving average price is $658.63. The company has a quick ratio of 1.43, a current ratio of 2.66 and a debt-to-equity ratio of 0.52.

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

NewMarket Dividend Announcement

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

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of 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.