Convergence Investment Partners LLC Takes Position in NewMarket Co. (NYSE:NEU)

Convergence Investment Partners LLC bought a new stake in shares of NewMarket Co. (NYSE:NEU) during the 4th quarter, according to its most recent filing with the SEC. The fund bought 2,090 shares of the specialty chemicals company’s stock, valued at approximately $1,141,000.

Other institutional investors have also made changes to their positions in the company. FSC Wealth Advisors LLC acquired a new stake in shares of NewMarket during the 4th quarter valued at about $39,000. Lindbrook Capital LLC lifted its holdings in NewMarket by 35.6% during the 4th quarter. Lindbrook Capital LLC now owns 80 shares of the specialty chemicals company’s stock valued at $44,000 after purchasing an additional 21 shares during the last quarter. GAMMA Investing LLC bought a new position in NewMarket during the 4th quarter valued at about $50,000. Hanseatic Management Services Inc. bought a new position in NewMarket during the 3rd quarter valued at about $41,000. Finally, UMB Bank n.a. bought a new position in NewMarket during the 3rd quarter valued at about $47,000. 61.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of NewMarket from a “strong-buy” rating to a “buy” rating in a report on Sunday, February 4th.

NewMarket Price Performance

NEU stock traded down $4.18 during trading on Friday, hitting $529.41. 65,326 shares of the stock traded hands, compared to its average volume of 39,737. NewMarket Co. has a one year low of $371.69 and a one year high of $650.00. The stock has a market cap of $5.08 billion, a price-to-earnings ratio of 12.74 and a beta of 0.45. The company has a 50 day simple moving average of $612.63 and a 200 day simple moving average of $561.87. The company has a current ratio of 2.86, a quick ratio of 1.60 and a debt-to-equity ratio of 1.11.

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

NewMarket Dividend Announcement

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

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.