NewMarket Corporation $NEU Shares Sold by Bank of America Corp DE

Key Points

• Bank of America Corp DE trimmed its stake in NewMarket by 1.8%, selling 18,717 shares and leaving it with 997,112 shares — a 10.61% stake valued at about $825.8 million.
• Director Ting Xu made a notable insider purchase, buying 400 shares at $619.21 on Feb. 24 and increasing their holding by 75.6% to 929 shares.
• NewMarket declared a quarterly dividend of $3.00 (annualized $12.00) with an ex-dividend/record date of March 16 and payment on April 1, implying a 2.0% yield.

Bank of America Corp DE cut its position in NewMarket Corporation (NYSE:NEU - Free Report) by 1.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 997,112 shares of the specialty chemicals company's stock after selling 18,717 shares during the period. Bank of America Corp DE owned 10.61% of NewMarket worth $825,818,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of NEU. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of NewMarket by 100.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78 shares of the specialty chemicals company's stock worth $44,000 after purchasing an additional 39 shares in the last quarter. NewEdge Advisors LLC increased its holdings in NewMarket by 1,442.4% in the first quarter. NewEdge Advisors LLC now owns 509 shares of the specialty chemicals company's stock valued at $288,000 after buying an additional 476 shares during the last quarter. United Services Automobile Association acquired a new stake in NewMarket in the first quarter valued at $266,000. Empowered Funds LLC raised its stake in NewMarket by 4.8% in the first quarter. Empowered Funds LLC now owns 1,562 shares of the specialty chemicals company's stock valued at $885,000 after buying an additional 72 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in NewMarket by 9.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 22,268 shares of the specialty chemicals company's stock worth $12,614,000 after buying an additional 1,995 shares during the last quarter. 61.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at NewMarket

In related news, Director Ting Xu acquired 400 shares of the firm's stock in a transaction on Tuesday, February 24th. The stock was bought at an average price of $619.21 per share, for a total transaction of $247,684.00. Following the completion of the purchase, the director directly owned 929 shares of the company's stock, valued at approximately $575,246.09. The trade was a 75.61% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 19.10% of the stock is owned by corporate insiders.

NewMarket Stock Up 3.6%

NEU stock opened at $605.48 on Tuesday. The stock has a market cap of $5.69 billion, a P/E ratio of 13.63 and a beta of 0.50. The company has a current ratio of 2.53, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. NewMarket Corporation has a twelve month low of $510.07 and a twelve month high of $875.97. The company's 50 day moving average is $651.00 and its two-hundred day moving average is $731.89.

NewMarket (NYSE:NEU - Get Free Report) last issued its earnings results on Wednesday, February 11th. The specialty chemicals company reported $8.65 earnings per share (EPS) for the quarter. The business had revenue of $635.40 million during the quarter. NewMarket had a net margin of 15.37% and a return on equity of 25.38%.

NewMarket Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 16th will be given a $3.00 dividend. The ex-dividend date of this dividend is Monday, March 16th. This represents a $12.00 dividend on an annualized basis and a yield of 2.0%. NewMarket's payout ratio is 27.01%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised NewMarket from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, March 2nd. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company 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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