VIRGINIA RETIREMENT SYSTEMS ET Al Sells 2,120 Shares of NewMarket Corporation $NEU

Key Points

• Virginia Retirement Systems cut its NewMarket stake by 74.5% in the third quarter, selling 2,120 shares and retaining 724 shares.
• NewMarket reported quarterly EPS of $13.50 on revenue of $716.5 million.
• The company raised its quarterly dividend from $3.00 to $3.25 per share, equivalent to $13.00 annually and a 1.9% yield. MarketBeat reported a consensus “Buy” rating.

VIRGINIA RETIREMENT SYSTEMS ET Al trimmed its position in shares of NewMarket Corporation (NYSE:NEU - Free Report) by 74.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 724 shares of the specialty chemicals company's stock after selling 2,120 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in NewMarket were worth $650,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. D.A. Davidson & CO. bought a new position in NewMarket in the third quarter valued at about $219,000. Level Wealth Management LLC bought a new stake in shares of NewMarket during the 3rd quarter valued at about $226,000. Signaturefd LLC increased its position in shares of NewMarket by 17.0% during the 3rd quarter. Signaturefd LLC now owns 206 shares of the specialty chemicals company's stock valued at $185,000 after purchasing an additional 30 shares during the last quarter. Citizens Financial Group Inc. RI increased its position in shares of NewMarket by 7.7% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 321 shares of the specialty chemicals company's stock valued at $289,000 after purchasing an additional 23 shares during the last quarter. Finally, Garrett Wealth Advisory Group LLC purchased a new stake in shares of NewMarket during the 3rd quarter valued at about $224,000. 61.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Wall Street Zen raised shares of NewMarket from a "hold" rating to a "buy" rating in a report on Saturday, August 1st. Weiss Ratings cut shares of NewMarket from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday. One research analyst has rated the stock with a Buy rating. According to MarketBeat.com, the stock presently has a consensus rating of "Buy".

NewMarket Stock Performance

NYSE NEU traded down $0.45 on Friday, hitting $692.63. 122,558 shares of the company traded hands, compared to its average volume of 128,054. The business's 50 day moving average price is $872.32 and its 200-day moving average price is $764.48. NewMarket Corporation has a 52-week low of $580.03 and a 52-week high of $981.66. The company has a current ratio of 2.46, a quick ratio of 1.24 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $6.37 billion, a price-to-earnings ratio of 14.05 and a beta of 0.59.

NewMarket (NYSE:NEU - Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The specialty chemicals company reported $13.50 EPS for the quarter. NewMarket had a return on equity of 25.12% and a net margin of 16.51%. The business had revenue of $716.50 million during the quarter.

NewMarket Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 1st. Shareholders of record on Tuesday, December 15th will be paid a dividend of $3.25 per share. This represents a $13.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Tuesday, December 15th. This is a positive change from NewMarket's previous quarterly dividend of $3.00. NewMarket's dividend payout ratio (DPR) is 24.34%.

NewMarket Company Profile

NewMarket Corporation NYSE: NEU is a holding company focused primarily on the development, manufacture and sale of petroleum additives. Its products are used to improve the performance, durability, efficiency and environmental characteristics of fuels, lubricants and other petroleum-based products.

NewMarket's principal operating businesses include Afton Chemical Corporation and Ethyl Corporation. Afton Chemical develops and supplies additive packages and components for engine oils, transmission fluids, hydraulic fluids, fuels and other industrial applications.

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