Sequoia Financial Advisors LLC has taken a new position in NewMarket Corporation (NYSE: NEU), acquiring 479 shares during the second quarter of 2023. This investment is valued at approximately $331,000, as disclosed in the company’s latest filing with the Securities and Exchange Commission (SEC).
The interest from institutional investors in NewMarket has been notable, with several firms increasing their stakes significantly in recent months. Notably, Caitong International Asset Management Co. Ltd boosted its stake by 587.5% in the first quarter, now holding 55 shares worth around $31,000 after acquiring an additional 47 shares. Similarly, Private Trust Co. NA raised its holdings by 185.2%, bringing its total to 77 shares valued at $44,000 after purchasing 50 shares last quarter.
In addition, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. doubled its investment by increasing its stake by 100.0%, now owning 78 shares worth $44,000. Other investors include ST Germain D J Co. Inc., which acquired a new stake valued at approximately $83,000, and Northwestern Mutual Wealth Management Co., which grew its position by 13.1%, now owning 198 shares valued at $112,000.
Analyst Ratings and Market Performance
Analysts have recently updated their outlook on NewMarket’s stock. On October 8, 2023, Weiss Ratings reaffirmed a “buy (B+)” rating for NewMarket shares. In contrast, Wall Street Zen downgraded the stock from a “buy” to a “hold” rating in a report dated August 30, 2023. Currently, one analyst rates the stock as a buy, contributing to an average rating of “buy” according to MarketBeat.
As of the latest trading session, NewMarket shares opened at $760.26. The company boasts a market capitalization of $7.14 billion, a price-to-earnings ratio of 15.07, and a beta of 0.45. Financial metrics indicate a debt-to-equity ratio of 0.52, a current ratio of 2.66, and a quick ratio of 1.43. Over the past year, the stock’s price has fluctuated between a low of $480.00 and a high of $875.97.
Recent Earnings and Dividends
NewMarket Corporation announced its quarterly earnings on July 30, 2023, reporting earnings per share (EPS) of $11.84 for the quarter, with total revenue reaching $698.51 million. The firm recorded a net margin of 17.28% and a return on equity of 32.25%.
The company also declared a quarterly dividend, which was paid on October 1, 2023. Shareholders who were on record as of September 15, 2023, received a dividend of $2.75. This translates to an annualized dividend of $11.00 and a yield of 1.4%. The dividend payout ratio currently stands at 21.80%.
NewMarket Corporation primarily focuses on the manufacture and sale of petroleum additives through its subsidiaries. The company provides lubricant additives for a range of applications, including engine oils, transmission fluids, and hydraulic systems, among others. Its diverse product offerings cater to various sectors, ensuring a broad market presence.
Investors and analysts alike will be watching NewMarket’s performance closely as institutional interest continues to grow.
