Citigroup Inc. Increases Stake in NewMarket Corporation $NEU

Citigroup Inc. grew its stake in NewMarket Corporation (NYSE:NEU) by 53.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,841 shares of the specialty chemicals company’s stock after purchasing an additional 8,285 shares during the period. Citigroup Inc. owned about 0.25% of NewMarket worth $19,745,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in NEU. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in NewMarket by 100.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78 shares of the specialty chemicals company’s stock valued at $44,000 after buying an additional 39 shares in the last quarter. NewEdge Advisors LLC grew its position in shares of NewMarket by 1,442.4% during the 1st quarter. NewEdge Advisors LLC now owns 509 shares of the specialty chemicals company’s stock valued at $288,000 after acquiring an additional 476 shares during the period. United Services Automobile Association purchased a new position in shares of NewMarket in the 1st quarter valued at about $266,000. Empowered Funds LLC boosted its position in NewMarket by 4.8% during the first quarter. Empowered Funds LLC now owns 1,562 shares of the specialty chemicals company’s stock worth $885,000 after purchasing an additional 72 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in NewMarket by 9.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 22,268 shares of the specialty chemicals company’s stock worth $12,614,000 after purchasing an additional 1,995 shares in the last quarter. 61.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut NewMarket from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, February 13th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has a consensus rating of “Hold”.

NewMarket Price Performance

NEU stock opened at $628.15 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.53 and a quick ratio of 1.33. The business has a 50 day simple moving average of $671.50 and a 200-day simple moving average of $746.67. The firm has a market capitalization of $5.90 billion, a PE ratio of 14.14 and a beta of 0.48. NewMarket Corporation has a 1 year low of $510.07 and a 1 year high of $875.97.

NewMarket (NYSE:NEU) last announced its quarterly earnings data on Wednesday, February 11th. The specialty chemicals company reported $8.65 EPS for the quarter. The firm had revenue of $635.40 million for the quarter. NewMarket had a return on equity of 25.38% and a net margin of 15.37%.

NewMarket Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 16th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Monday, March 16th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 1.9%. NewMarket’s dividend payout ratio is currently 27.01%.

Insider Transactions at NewMarket

In other news, Director Ting Xu acquired 400 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was purchased at an average cost of $619.21 per share, for a total transaction of $247,684.00. Following the completion of the transaction, the director owned 929 shares in the company, valued at approximately $575,246.09. This trade represents a 75.61% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 19.10% of the company’s stock.

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.