DAVENPORT & Co LLC Acquires 590 Shares of NewMarket Corporation $NEU

Key Points

• DAVENPORT & Co LLC increased its stake in NewMarket Corporation by 0.8% during the second quarter, now holding 71,436 shares valued at approximately $49.1 million.
• NewMarket announced a quarterly dividend of $2.75, resulting in an annualized dividend yield of 1.3% and a payout ratio of 21.80%.
• Analysts currently maintain a mixed outlook on NewMarket, with a majority rating of "Buy," while one analyst downgraded the stock from "Buy" to "Hold."

DAVENPORT & Co LLC lifted its holdings in NewMarket Corporation (NYSE:NEU - Free Report) by 0.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 71,436 shares of the specialty chemicals company's stock after buying an additional 590 shares during the quarter. DAVENPORT & Co LLC owned about 0.76% of NewMarket worth $49,130,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. JLB & Associates Inc. bought a new position in shares of NewMarket in the second quarter worth about $289,000. ST Germain D J Co. Inc. bought a new position in NewMarket in the 2nd quarter worth approximately $83,000. Fortune Financial Advisors LLC acquired a new position in NewMarket during the 2nd quarter worth $231,000. Dakota Wealth Management bought a new position in NewMarket in the 2nd quarter valued at $490,000. Finally, CHICAGO TRUST Co NA acquired a new stake in shares of NewMarket in the 2nd quarter valued at $218,000. Institutional investors own 61.09% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on NEU. Weiss Ratings reaffirmed a "buy (b+)" rating on shares of NewMarket in a research note on Saturday, September 27th. Wall Street Zen downgraded shares of NewMarket from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy".

NewMarket Trading Up 1.1%

NYSE NEU opened at $845.00 on Monday. NewMarket Corporation has a 12 month low of $480.00 and a 12 month high of $854.75. The stock has a 50-day simple moving average of $791.07 and a 200 day simple moving average of $689.61. The company has a current ratio of 2.66, a quick ratio of 1.43 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $7.94 billion, a PE ratio of 16.75 and a beta of 0.45.

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

NewMarket Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were issued a $2.75 dividend. The ex-dividend date was Monday, September 15th. This represents a $11.00 annualized dividend and a yield of 1.3%. NewMarket's dividend payout ratio (DPR) is 21.80%.

NewMarket Company Profile

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.

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