Martingale Asset Management L P Decreases Position in NewMarket Corporation $NEU

Key Points

• Martingale Asset Management L P reduced its stake in NewMarket Corporation by 6.2%, now owning approximately 20,393 shares valued at $11.55 million.
• NewMarket recently declared a quarterly dividend of $2.75 per share, resulting in an annualized dividend yield of 1.4%.
• The company's latest quarterly earnings report revealed an earnings per share (EPS) of $11.84 and a revenue of $698.51 million.

Martingale Asset Management L P lowered its stake in shares of NewMarket Corporation (NYSE:NEU - Free Report) by 6.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,393 shares of the specialty chemicals company's stock after selling 1,359 shares during the period. Martingale Asset Management L P owned 0.22% of NewMarket worth $11,552,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Quantbot Technologies LP purchased a new position in NewMarket in the 1st quarter valued at approximately $1,318,000. Northern Trust Corp raised its position in NewMarket by 3.8% in the 1st quarter. Northern Trust Corp now owns 83,207 shares of the specialty chemicals company's stock worth $47,133,000 after purchasing an additional 3,051 shares during the period. American Century Companies Inc. raised its position in NewMarket by 120.3% in the 1st quarter. American Century Companies Inc. now owns 105,120 shares of the specialty chemicals company's stock worth $59,545,000 after purchasing an additional 57,403 shares during the period. Ethic Inc. raised its position in NewMarket by 29.1% in the 1st quarter. Ethic Inc. now owns 2,591 shares of the specialty chemicals company's stock worth $1,468,000 after purchasing an additional 584 shares during the period. Finally, Brandywine Global Investment Management LLC purchased a new position in NewMarket in the 1st quarter worth $19,348,000. 61.09% of the stock is currently owned by hedge funds and other institutional investors.

NewMarket Trading Up 0.3%

Shares of NEU stock traded up $2.46 during mid-day trading on Wednesday, reaching $815.77. The stock had a trading volume of 89,786 shares, compared to its average volume of 77,405. NewMarket Corporation has a 52-week low of $480.00 and a 52-week high of $817.79. The firm has a market capitalization of $7.67 billion, a PE ratio of 16.17 and a beta of 0.45. The stock's 50-day moving average price is $725.66 and its two-hundred day moving average price is $634.04. The company has a current ratio of 2.66, a quick ratio of 1.43 and a debt-to-equity ratio of 0.52.

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

NewMarket Announces Dividend

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

About NewMarket

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.