SCS Capital Management LLC Takes Position in NewMarket Corporation $NEU

Key Points

• SCS Capital Management LLC has acquired 6,761 shares of NewMarket Corporation, valued at approximately $3.85 million, indicating increased institutional interest in the company.
• NewMarket Corporation declared a quarterly dividend of $2.75 per share, set to be paid on October 1st, which translates to a 1.3% yield.
• Wall Street analysts have downgraded NewMarket from a "buy" rating to a "hold" rating as of August 30th, reflecting shifting market sentiments.

SCS Capital Management LLC purchased a new stake in NewMarket Corporation (NYSE:NEU - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 6,761 shares of the specialty chemicals company's stock, valued at approximately $3,848,000. SCS Capital Management LLC owned 0.07% of NewMarket at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in NEU. MassMutual Private Wealth & Trust FSB increased its holdings in shares of NewMarket by 557.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 46 shares of the specialty chemicals company's stock valued at $26,000 after acquiring an additional 39 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in NewMarket by 587.5% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 55 shares of the specialty chemicals company's stock worth $31,000 after buying an additional 47 shares during the last quarter. Whipplewood Advisors LLC grew its stake in NewMarket by 7,700.0% during the 1st quarter. Whipplewood Advisors LLC now owns 78 shares of the specialty chemicals company's stock worth $44,000 after buying an additional 77 shares during the last quarter. Private Trust Co. NA grew its stake in NewMarket by 185.2% during the 1st quarter. Private Trust Co. NA now owns 77 shares of the specialty chemicals company's stock worth $44,000 after buying an additional 50 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in NewMarket by 100.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78 shares of the specialty chemicals company's stock worth $44,000 after buying an additional 39 shares during the last quarter. 61.09% of the stock is currently owned by hedge funds and other institutional investors.

NewMarket Stock Down 1.2%

NEU stock traded down $10.36 on Friday, hitting $838.58. 71,470 shares of the company's stock were exchanged, compared to its average volume of 97,778. The firm has a 50 day moving average price of $761.79 and a two-hundred day moving average price of $659.29. NewMarket Corporation has a 12-month low of $480.00 and a 12-month high of $854.75. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.43 and a current ratio of 2.66. The stock has a market cap of $7.88 billion, a P/E ratio of 16.62 and a beta of 0.49.

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

NewMarket Dividend Announcement

The company 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 dividend of $2.75 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $11.00 dividend on an annualized basis and a yield of 1.3%. NewMarket's payout ratio is currently 21.80%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded NewMarket from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th.

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.