New Mexico Educational Retirement Board lowered its stake in shares of NewMarket Co. (NYSE:NEU) by 16.7% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,500 shares of the specialty chemicals company’s stock after selling 300 shares during the period. New Mexico Educational Retirement Board’s holdings in NewMarket were worth $601,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in NEU. Dimensional Fund Advisors LP lifted its stake in shares of NewMarket by 5.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 95,846 shares of the specialty chemicals company’s stock worth $39,495,000 after purchasing an additional 4,644 shares in the last quarter. Geode Capital Management LLC lifted its position in NewMarket by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 83,419 shares of the specialty chemicals company’s stock valued at $34,376,000 after purchasing an additional 5,552 shares during the last quarter. Deutsche Bank AG lifted its position in NewMarket by 3.8% during the fourth quarter. Deutsche Bank AG now owns 6,931 shares of the specialty chemicals company’s stock valued at $2,854,000 after purchasing an additional 252 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in NewMarket during the first quarter valued at approximately $834,000. Finally, BNP Paribas Arbitrage SA raised its stake in shares of NewMarket by 74.7% during the first quarter. BNP Paribas Arbitrage SA now owns 290 shares of the specialty chemicals company’s stock worth $126,000 after acquiring an additional 124 shares in the last quarter. 57.03% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of NewMarket from a “hold” rating to a “strong-buy” rating and set a $512.00 price target on the stock in a research note on Friday, August 9th. Buckingham Research upgraded shares of NewMarket from an “underperform” rating to a “neutral” rating and set a $420.00 price target on the stock in a research note on Friday, August 2nd.
Shares of NEU opened at $471.61 on Thursday. The company has a market cap of $5.26 billion, a PE ratio of 23.19 and a beta of 0.52. The business has a fifty day moving average of $441.78 and a 200 day moving average of $426.07. NewMarket Co. has a 52-week low of $352.89 and a 52-week high of $484.99. The company has a quick ratio of 1.60, a current ratio of 2.93 and a debt-to-equity ratio of 1.22.
NewMarket (NYSE:NEU) last issued its quarterly earnings results on Wednesday, July 31st. The specialty chemicals company reported $6.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.16 by $1.47. The company had revenue of $563.42 million during the quarter. NewMarket had a return on equity of 47.25% and a net margin of 11.70%. As a group, research analysts anticipate that NewMarket Co. will post 23.63 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be given a $1.90 dividend. The ex-dividend date of this dividend is Friday, September 13th. This is a boost from NewMarket’s previous quarterly dividend of $1.75. This represents a $7.60 dividend on an annualized basis and a dividend yield of 1.61%. NewMarket’s payout ratio is 34.41%.
NewMarket Corporation, through its subsidiaries, engages in the petroleum additives businesses. 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, metalworking fluids, and other applications where metal-to-metal moving parts are utilized; and engine oil, driveline, and industrial additives.
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