NewMarket Co. (NYSE:NEU) Stake Increased by Bank of America Corp DE

Bank of America Corp DE increased its stake in NewMarket Co. (NYSE:NEUGet Rating) by 0.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 811,226 shares of the specialty chemicals company’s stock after buying an additional 3,091 shares during the period. Bank of America Corp DE owned about 7.91% of NewMarket worth $263,146,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in NEU. GHP Investment Advisors Inc. bought a new stake in NewMarket during the first quarter valued at $27,000. SRS Capital Advisors Inc. increased its stake in NewMarket by 15.6% during the first quarter. SRS Capital Advisors Inc. now owns 259 shares of the specialty chemicals company’s stock valued at $84,000 after purchasing an additional 35 shares during the last quarter. Covestor Ltd increased its stake in NewMarket by 69.6% during the first quarter. Covestor Ltd now owns 570 shares of the specialty chemicals company’s stock valued at $185,000 after purchasing an additional 234 shares during the last quarter. Hightower 6M Holding LLC bought a new stake in NewMarket during the first quarter valued at $225,000. Finally, Inspire Investing LLC bought a new stake in NewMarket during the first quarter valued at $236,000. Institutional investors own 65.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of NewMarket from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 23rd.

NewMarket Stock Up 1.1 %

NewMarket stock opened at $300.48 on Tuesday. The company has a 50-day simple moving average of $299.77 and a 200-day simple moving average of $313.93. The firm has a market capitalization of $3.01 billion, a P/E ratio of 16.03 and a beta of 0.37. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.41 and a current ratio of 2.60. NewMarket Co. has a one year low of $280.28 and a one year high of $378.63.

NewMarket Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be given a dividend of $2.10 per share. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $8.40 annualized dividend and a dividend yield of 2.80%. NewMarket’s dividend payout ratio is currently 44.82%.

About NewMarket

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NewMarket Corporation, through its subsidiaries, engages in the petroleum additives business. 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.

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Institutional Ownership by Quarter for NewMarket (NYSE:NEU)

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