Victory Capital Management Inc. Acquires 5,720 Shares of NewMarket Corporation $NEU

Key Points

• Victory Capital Management Inc. increased its stake in NewMarket by 50.4%, acquiring 5,720 shares to hold 17,078 shares (about 0.18% of the company) valued at roughly $14.14 million per its latest 13F filing.
• Director Ting Xu bought 400 shares at $619.21 on Feb. 24, raising their holdings 75.6% to 929 shares; corporate insiders collectively own about 19.10% of NewMarket.
• NewMarket declared a quarterly dividend of $3.00 per share (annualized $12.00) with an ex‑dividend/record date of March 16, implying a yield of approximately 1.9%.

Victory Capital Management Inc. increased its stake in NewMarket Corporation (NYSE:NEU - Free Report) by 50.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,078 shares of the specialty chemicals company's stock after acquiring an additional 5,720 shares during the period. Victory Capital Management Inc. owned approximately 0.18% of NewMarket worth $14,144,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NEU. LSV Asset Management increased its position in shares of NewMarket by 2.4% during the 3rd quarter. LSV Asset Management now owns 268,432 shares of the specialty chemicals company's stock valued at $222,318,000 after purchasing an additional 6,284 shares during the last quarter. Geode Capital Management LLC increased its position in NewMarket by 20.1% during the second quarter. Geode Capital Management LLC now owns 156,613 shares of the specialty chemicals company's stock valued at $108,212,000 after acquiring an additional 26,254 shares during the last quarter. American Century Companies Inc. raised its stake in shares of NewMarket by 13.3% in the third quarter. American Century Companies Inc. now owns 128,933 shares of the specialty chemicals company's stock valued at $106,784,000 after acquiring an additional 15,179 shares during the period. Norges Bank bought a new stake in shares of NewMarket in the 2nd quarter worth about $51,515,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of NewMarket by 2.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 55,073 shares of the specialty chemicals company's stock worth $45,612,000 after acquiring an additional 1,118 shares during the last quarter. 61.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at NewMarket

In other news, Director Ting Xu purchased 400 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was purchased at an average price of $619.21 per share, for a total transaction of $247,684.00. Following the completion of the acquisition, the director owned 929 shares of the company's stock, valued at approximately $575,246.09. This trade represents a 75.61% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 19.10% of the company's stock.

NewMarket Stock Performance

NEU stock opened at $622.18 on Wednesday. NewMarket Corporation has a twelve month low of $510.07 and a twelve month high of $875.97. The firm has a market cap of $5.85 billion, a price-to-earnings ratio of 14.01 and a beta of 0.50. The business's fifty day simple moving average is $658.75 and its two-hundred day simple moving average is $738.09. The company has a quick ratio of 1.33, a current ratio of 2.53 and a debt-to-equity ratio of 0.50.

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 firm 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 announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 1.9%. NewMarket's dividend payout ratio (DPR) is 27.01%.

Analyst Ratings Changes

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

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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