London Co. of Virginia Sells 21,348 Shares of NewMarket Corporation $NEU

London Co. of Virginia lessened its stake in shares of NewMarket Corporation (NYSE:NEU) by 3.7% during the 2nd quarter, Holdings Channel reports. The fund owned 553,479 shares of the specialty chemicals company’s stock after selling 21,348 shares during the period. NewMarket comprises approximately 2.2% of London Co. of Virginia’s holdings, making the stock its 11th largest position. London Co. of Virginia owned about 0.06% of NewMarket worth $382,388,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of NewMarket in the 2nd quarter worth $51,515,000. Impala Asset Management LLC purchased a new stake in NewMarket in the first quarter valued at $36,819,000. American Century Companies Inc. grew its position in NewMarket by 120.3% during 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 last quarter. LSV Asset Management boosted its holdings in NewMarket by 27.8% in the 2nd quarter. LSV Asset Management now owns 262,148 shares of the specialty chemicals company’s stock valued at $181,108,000 after purchasing an additional 57,101 shares in the last quarter. Finally, Brandywine Global Investment Management LLC purchased a new stake in shares of NewMarket during the 1st quarter worth $19,348,000. 61.09% of the stock is currently owned by institutional investors and hedge funds.

NewMarket Trading Down 2.8%

Shares of NEU opened at $752.05 on Friday. NewMarket Corporation has a one year low of $480.00 and a one year high of $875.97. The stock has a 50-day moving average price of $770.63 and a 200 day moving average price of $751.80. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.43 and a current ratio of 2.68. The company has a market capitalization of $7.07 billion, a P/E ratio of 15.89 and a beta of 0.49.

NewMarket (NYSE:NEU) last announced its earnings results on Thursday, October 30th. The specialty chemicals company reported $10.67 earnings per share (EPS) for the quarter. The company had revenue of $690.31 million for the quarter. NewMarket had a return on equity of 28.53% and a net margin of 16.33%.

NewMarket Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a dividend of $3.00 per share. This is a positive change from NewMarket’s previous quarterly dividend of $2.75. The ex-dividend date is Monday, December 15th. This represents a $12.00 dividend on an annualized basis and a yield of 1.6%. NewMarket’s payout ratio is currently 23.24%.

Analyst Ratings Changes

NEU has been the topic of several research reports. Weiss Ratings reissued a “buy (b)” rating on shares of NewMarket in a report on Monday. Wall Street Zen lowered shares of NewMarket from a “buy” rating to a “hold” rating in a report on Saturday, August 30th. One analyst has rated the stock with a Buy rating, According to MarketBeat, NewMarket has a consensus rating of “Buy”.

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.