The Manufacturers Life Insurance Company Takes $4.35 Million Position in NewMarket Corporation $NEU

The Manufacturers Life Insurance Company bought a new stake in NewMarket Corporation (NYSE:NEU) during the second quarter, Holdings Channel.com reports. The fund bought 5,503 shares of the specialty chemicals company’s stock, valued at approximately $4,354,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NEU. L2 Asset Management LLC purchased a new stake in NewMarket in the second quarter valued at $543,000. Cibc World Market Inc. purchased a new position in shares of NewMarket during the second quarter worth about $234,000. Sanctuary Advisors LLC purchased a new position in shares of NewMarket during the second quarter worth about $208,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of NewMarket during the second quarter worth about $518,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of NewMarket during the second quarter worth about $275,000. 61.09% of the stock is currently owned by institutional investors and hedge funds.

NewMarket Price Performance

Shares of NEU opened at $897.87 on Tuesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.23 and a current ratio of 2.25. NewMarket Corporation has a fifty-two week low of $580.03 and a fifty-two week high of $981.66. The firm has a 50-day simple moving average of $841.03 and a 200-day simple moving average of $735.43. The company has a market capitalization of $8.26 billion, a price-to-earnings ratio of 19.32 and a beta of 0.56.

NewMarket (NYSE:NEU) last issued its quarterly earnings results on Wednesday, July 29th. The specialty chemicals company reported $14.54 earnings per share (EPS) for the quarter. The firm had revenue of $747.09 million for the quarter. NewMarket had a return on equity of 24.62% and a net margin of 15.80%.

NewMarket Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 1.3%. NewMarket’s payout ratio is presently 25.82%.

Analyst Ratings Changes

A number of analysts recently issued reports on NEU shares. Weiss Ratings raised NewMarket from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 12th. Wall Street Zen raised NewMarket from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy”.

About NewMarket

NewMarket Corporation is a specialty chemicals and lubricants company headquartered in Richmond, Virginia. Through its Valvoline business, the company markets a broad portfolio of automotive aftermarket products, including engine oils, transmission fluids, greases and vehicle care solutions. Valvoline products are distributed through retail and commercial channels as well as a network of quick-lube service centers that provide oil changes, preventive maintenance and related services.

In its chemical additives segment, NewMarket develops, manufactures and sells performance additives for fuels, lubricants and industrial fluids.