Hsbc Holdings PLC Lowers Stock Position in NewMarket Corporation $NEU

Key Points

• HSBC Holdings PLC reduced its stake in NewMarket Corporation by 26.9% in the first quarter, selling 1,387 shares and ending with 3,761 shares valued at about $2.4 million.
• Institutional ownership remains significant, with several other hedge funds and investors increasing or starting positions; overall, 61.09% of NewMarket is owned by hedge funds and other institutional investors.
• NewMarket’s stock was trading at $779.99 with a market cap of $7.18 billion, and the company recently reported quarterly EPS of $12.62 on revenue of $669.72 million.

Hsbc Holdings PLC cut its stake in shares of NewMarket Corporation (NYSE:NEU - Free Report) by 26.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,761 shares of the specialty chemicals company's stock after selling 1,387 shares during the quarter. Hsbc Holdings PLC's holdings in NewMarket were worth $2,400,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Childress Capital Advisors LLC bought a new stake in NewMarket during the 1st quarter worth approximately $350,000. QRG Capital Management Inc. boosted its position in shares of NewMarket by 324.4% in the first quarter. QRG Capital Management Inc. now owns 2,504 shares of the specialty chemicals company's stock worth $1,605,000 after purchasing an additional 1,914 shares during the period. HB Wealth Management LLC increased its stake in shares of NewMarket by 0.3% in the first quarter. HB Wealth Management LLC now owns 29,946 shares of the specialty chemicals company's stock worth $19,194,000 after purchasing an additional 82 shares in the last quarter. Elevation Point Wealth Partners LLC increased its stake in shares of NewMarket by 100.0% in the first quarter. Elevation Point Wealth Partners LLC now owns 628 shares of the specialty chemicals company's stock worth $404,000 after purchasing an additional 314 shares in the last quarter. Finally, Strs Ohio raised its position in shares of NewMarket by 12.7% during the 1st quarter. Strs Ohio now owns 151 shares of the specialty chemicals company's stock valued at $97,000 after purchasing an additional 17 shares during the period. 61.09% of the stock is owned by hedge funds and other institutional investors.

NewMarket Stock Performance

NYSE:NEU opened at $779.99 on Friday. The stock has a 50-day moving average price of $777.63 and a 200 day moving average price of $696.02. The stock has a market capitalization of $7.18 billion, a P/E ratio of 17.82 and a beta of 0.56. NewMarket Corporation has a 12-month low of $580.03 and a 12-month 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 posted its quarterly earnings results on Wednesday, April 22nd. The specialty chemicals company reported $12.62 earnings per share 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.

Wall Street Analysts Forecast Growth

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

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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