Bank of New York Mellon Corp Cuts Stake in NewMarket Co. (NYSE:NEU)

Bank of New York Mellon Corp lessened its holdings in shares of NewMarket Co. (NYSE:NEU – Get Rating) by 0.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 107,542 shares of the specialty chemicals company’s stock after selling 859 shares during the quarter. Bank of New York Mellon Corp’s holdings in NewMarket were worth $32,351,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. US Bancorp DE lifted its holdings in shares of NewMarket by 33.3% in the third quarter. US Bancorp DE now owns 160 shares of the specialty chemicals company’s stock worth $48,000 after buying an additional 40 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of NewMarket by 133.3% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 238 shares of the specialty chemicals company’s stock valued at $71,000 after purchasing an additional 136 shares during the last quarter. MCF Advisors LLC purchased a new position in shares of NewMarket during the third quarter valued at about $93,000. Covestor Ltd increased its holdings in shares of NewMarket by 69.6% in the first quarter. Covestor Ltd now owns 570 shares of the specialty chemicals company’s stock worth $185,000 after purchasing an additional 234 shares during the last quarter. Finally, Quantbot Technologies LP lifted its position in shares of NewMarket by 12,580.0% in the second quarter. Quantbot Technologies LP now owns 634 shares of the specialty chemicals company’s stock worth $190,000 after buying an additional 629 shares in the last quarter. 58.48% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com upgraded NewMarket from a “buy” rating to a “strong-buy” rating in a report on Thursday, February 2nd.

Insider Buying and Selling

In other news, Director James E. Rogers sold 393 shares of the firm’s stock in a transaction that occurred on Monday, February 6th. The stock was sold at an average price of $360.24, for a total value of $141,574.32. Following the completion of the sale, the director now directly owns 3,205 shares of the company’s stock, valued at approximately $1,154,569.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 19.89% of the stock is currently owned by company insiders.

NewMarket Price Performance

NewMarket stock opened at $337.12 on Tuesday. NewMarket Co. has a 52-week low of $280.28 and a 52-week high of $370.58. The company has a quick ratio of 1.32, a current ratio of 2.81 and a debt-to-equity ratio of 1.32. The firm’s fifty day moving average is $344.66 and its 200 day moving average is $318.33. The company has a market cap of $3.27 billion, a price-to-earnings ratio of 12.10 and a beta of 0.36.

NewMarket Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Wednesday, March 15th will be given a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 2.49%. The ex-dividend date of this dividend is Tuesday, March 14th. NewMarket’s dividend payout ratio is 30.14%.

NewMarket Profile

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NewMarket Corp. operates as a holding company. The firm’s segment include petroleum additives. Petroleum additives are used in lubricating oils and fuels to enhance their performance in machinery, vehicles, and other equipment. It manages properties owned in Virginia and provides various administrative services.