Engineers Gate Manager LP Sells 1,634 Shares of NewMarket Corporation $NEU

Key Points

• Engineers Gate Manager LP reduced its NewMarket position by 25.9%, selling 1,634 shares and retaining 4,668 shares valued at approximately $3.7 million.
• Institutional ownership stands at 61.09%, with several major investors increasing or initiating positions, including California State Teachers Retirement System and BlackRock.
• NewMarket reported quarterly EPS of $14.54 on $747.09 million in revenue and declared a $3.00 quarterly dividend, equivalent to a 1.4% yield. Analysts maintain a consensus “Buy” rating.

Engineers Gate Manager LP decreased its position in shares of NewMarket Corporation (NYSE:NEU - Free Report) by 25.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,668 shares of the specialty chemicals company's stock after selling 1,634 shares during the period. Engineers Gate Manager LP owned approximately 0.05% of NewMarket worth $3,694,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. California State Teachers Retirement System grew its holdings in NewMarket by 77,185.5% during the 2nd quarter. California State Teachers Retirement System now owns 7,117,995 shares of the specialty chemicals company's stock valued at $5,632,042,000 after buying an additional 7,108,785 shares in the last quarter. BlackRock Inc. bought a new position in shares of NewMarket during the 2nd quarter valued at approximately $556,339,000. Norges Bank purchased a new position in shares of NewMarket in the fourth quarter valued at $64,654,000. Caisse de depot et placement du Quebec bought a new stake in NewMarket in the second quarter worth $72,517,000. Finally, AQR Capital Management LLC raised its stake in NewMarket by 196.7% during 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 in the last quarter. 61.09% of the stock is owned by institutional investors.

NewMarket Price Performance

Shares of NEU opened at $887.29 on Friday. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 0.47. The company has a market cap of $8.16 billion, a price-to-earnings ratio of 19.09 and a beta of 0.55. The company has a 50 day moving average of $858.52 and a two-hundred day moving average of $751.89. NewMarket Corporation has a twelve month low of $580.03 and a twelve month high of $981.66.

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

NewMarket Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Tuesday, September 15th. NewMarket's payout ratio is presently 25.82%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NEU. Weiss Ratings restated a "buy (b-)" rating on shares of NewMarket in a report on Wednesday. Wall Street Zen raised shares of NewMarket from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, NewMarket currently has a consensus rating of "Buy".

NewMarket Profile

NewMarket Corporation NYSE: NEU is a holding company that develops, manufactures and supplies specialty chemicals, primarily for the petroleum and related industries. Its products are designed to improve the performance, efficiency and durability of fuels, lubricants and other petroleum-based products.

NewMarket operates through its principal subsidiaries, including Afton Chemical Corporation and Ethyl Corporation. Afton Chemical develops and produces fuel and lubricant additives used in automotive, marine, aviation, commercial and industrial applications.

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