DAVENPORT & Co LLC Sells 37,230 Shares of NewMarket Co. (NYSE:NEU)

DAVENPORT & Co LLC decreased its stake in shares of NewMarket Co. (NYSE:NEU) by 51.5% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 35,110 shares of the specialty chemicals company’s stock after selling 37,230 shares during the period. DAVENPORT & Co LLC owned 0.37% of NewMarket worth $22,167,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. UMB Bank n.a. boosted its position in shares of NewMarket by 64.5% in the first quarter. UMB Bank n.a. now owns 51 shares of the specialty chemicals company’s stock valued at $32,000 after acquiring an additional 20 shares during the period. Janiczek Wealth Management LLC increased its holdings in shares of NewMarket by 1,300.0% during the 1st quarter. Janiczek Wealth Management LLC now owns 56 shares of the specialty chemicals company’s stock worth $36,000 after purchasing an additional 52 shares during the period. FSC Wealth Advisors LLC bought a new position in shares of NewMarket during the 4th quarter worth about $39,000. Lindbrook Capital LLC raised its position in shares of NewMarket by 35.6% during the fourth quarter. Lindbrook Capital LLC now owns 80 shares of the specialty chemicals company’s stock valued at $44,000 after buying an additional 21 shares during the last quarter. Finally, GAMMA Investing LLC bought a new stake in shares of NewMarket in the fourth quarter valued at about $50,000. Institutional investors and hedge funds own 61.09% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded NewMarket from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 4th.

NewMarket Stock Performance

NEU traded up $14.46 during trading on Thursday, reaching $528.46. 18,262 shares of the company’s stock were exchanged, compared to its average volume of 41,132. NewMarket Co. has a fifty-two week low of $425.85 and a fifty-two week high of $650.00. The company has a market capitalization of $5.07 billion, a P/E ratio of 12.36 and a beta of 0.47. The company has a quick ratio of 1.60, a current ratio of 2.86 and a debt-to-equity ratio of 1.11. The business has a 50 day moving average price of $534.76 and a 200 day moving average price of $572.58.

NewMarket (NYSE:NEU) last posted its earnings results on Wednesday, April 24th. The specialty chemicals company reported $11.23 earnings per share for the quarter. The business had revenue of $696.74 million for the quarter. NewMarket had a net margin of 14.82% and a return on equity of 38.99%.

NewMarket Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were issued a dividend of $2.50 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $10.00 dividend on an annualized basis and a dividend yield of 1.89%. NewMarket’s payout ratio is presently 24.06%.

NewMarket Profile

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.