Truist Financial Corp Lowers Stock Position in NewMarket Co. (NYSE:NEU)

Truist Financial Corp cut its holdings in shares of NewMarket Co. (NYSE:NEU) by 6.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,826 shares of the specialty chemicals company’s stock after selling 183 shares during the period. Truist Financial Corp’s holdings in NewMarket were worth $1,457,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its position in shares of NewMarket by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 722,184 shares of the specialty chemicals company’s stock worth $394,190,000 after acquiring an additional 4,261 shares during the last quarter. Pacer Advisors Inc. grew its position in shares of NewMarket by 64.7% during the second quarter. Pacer Advisors Inc. now owns 198,249 shares of the specialty chemicals company’s stock worth $102,211,000 after acquiring an additional 77,908 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of NewMarket by 8.2% during the second quarter. Dimensional Fund Advisors LP now owns 159,467 shares of the specialty chemicals company’s stock worth $82,214,000 after acquiring an additional 12,110 shares during the last quarter. HB Wealth Management LLC grew its position in shares of NewMarket by 27.4% during the second quarter. HB Wealth Management LLC now owns 39,504 shares of the specialty chemicals company’s stock worth $20,367,000 after acquiring an additional 8,496 shares during the last quarter. Finally, Lazard Asset Management LLC grew its position in shares of NewMarket by 102.6% during the first quarter. Lazard Asset Management LLC now owns 36,368 shares of the specialty chemicals company’s stock worth $23,079,000 after acquiring an additional 18,413 shares during the last quarter. 61.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at NewMarket

In other NewMarket news, CAO Bruce R. Hazelgrove III sold 1,270 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $544.31, for a total value of $691,273.70. Following the completion of the sale, the chief accounting officer now owns 358 shares of the company’s stock, valued at approximately $194,862.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 20.40% of the stock is owned by corporate insiders.

NewMarket Stock Performance

NYSE:NEU opened at $525.23 on Friday. The firm’s fifty day moving average price is $549.04 and its 200 day moving average price is $552.30. NewMarket Co. has a 1-year low of $436.90 and a 1-year high of $650.00. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.66 and a quick ratio of 1.48. The firm has a market cap of $5.04 billion, a price-to-earnings ratio of 12.63 and a beta of 0.49.

NewMarket (NYSE:NEU) last posted its quarterly earnings data on Monday, July 29th. The specialty chemicals company reported $11.63 earnings per share for the quarter. NewMarket had a net margin of 15.12% and a return on equity of 37.06%. The firm had revenue of $710.23 million for the quarter.

NewMarket Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were issued a $2.50 dividend. This represents a $10.00 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend was Monday, September 16th. NewMarket’s dividend payout ratio (DPR) is currently 24.06%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of NewMarket from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 6th.

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.