M&T Bank Corp Acquires 9,309 Shares of NewMarket Corporation $NEU

Key Points

• M&T Bank Corp boosted its stake in NewMarket by 195.6% in Q4, buying 9,309 shares to own 14,069 shares valued at about $9.67 million (≈0.15% of the company).
• NewMarket reported strong quarter results with $12.62 EPS and $669.72 million revenue, and declared a quarterly dividend of $3.00 (annualized $12.00, ~1.7% yield).
• Institutional investors own about 61.09% of the stock with large position increases from AQR, Caisse and Invesco, while insiders hold 8.60% and director Ting Xu recently bought 400 shares.

M&T Bank Corp raised its position in NewMarket Corporation (NYSE:NEU - Free Report) by 195.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 14,069 shares of the specialty chemicals company's stock after buying an additional 9,309 shares during the period. M&T Bank Corp owned about 0.15% of NewMarket worth $9,669,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of NEU. AQR Capital Management LLC boosted its position in NewMarket by 196.7% in the 3rd quarter. AQR Capital Management LLC now owns 137,943 shares of the specialty chemicals company's stock valued at $114,246,000 after buying an additional 91,458 shares during the last quarter. Caisse de depot et placement du Quebec boosted its position in NewMarket by 376.4% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 99,256 shares of the specialty chemicals company's stock valued at $82,205,000 after buying an additional 78,422 shares during the last quarter. Invesco Ltd. boosted its position in NewMarket by 112.4% in the 3rd quarter. Invesco Ltd. now owns 67,633 shares of the specialty chemicals company's stock valued at $56,014,000 after buying an additional 35,789 shares during the last quarter. Orion Porfolio Solutions LLC boosted its position in NewMarket by 748.6% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 30,523 shares of the specialty chemicals company's stock valued at $21,087,000 after buying an additional 26,926 shares during the last quarter. Finally, HB Wealth Management LLC boosted its position in NewMarket by 643.3% in the 3rd quarter. HB Wealth Management LLC now owns 29,948 shares of the specialty chemicals company's stock valued at $24,803,000 after buying an additional 25,919 shares during the last quarter. 61.09% of the stock is currently owned by institutional investors.

NewMarket Stock Performance

NEU stock opened at $696.20 on Friday. The business's fifty day moving average is $627.86 and its 200-day moving average is $694.89. The company has a quick ratio of 1.33, a current ratio of 2.55 and a debt-to-equity ratio of 0.54. The company has a market cap of $6.54 billion, a P/E ratio of 15.90 and a beta of 0.48. NewMarket Corporation has a twelve month low of $580.03 and a twelve month high of $875.97.

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. The company had revenue of $669.72 million for the quarter. NewMarket had a return on equity of 24.12% and a net margin of 15.25%.

NewMarket Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 1.7%. NewMarket's dividend payout ratio is 27.01%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered NewMarket from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, March 20th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of "Hold".

Insider Buying and Selling at NewMarket

In related news, Director Ting Xu purchased 400 shares of the business's stock in a transaction dated Tuesday, February 24th. The shares were bought at an average price of $619.21 per share, with a total value of $247,684.00. Following the purchase, the director directly owned 929 shares in the company, valued at $575,246.09. This trade represents a 75.61% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. 8.60% of the stock is currently owned by company insiders.

About NewMarket

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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