Federated Hermes Inc. Has $496,000 Stake in NewMarket Co. (NYSE:NEU)

Federated Hermes Inc. lessened its holdings in NewMarket Co. (NYSE:NEU) by 26.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 962 shares of the specialty chemicals company’s stock after selling 338 shares during the period. Federated Hermes Inc.’s holdings in NewMarket were worth $496,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in shares of NewMarket during the fourth quarter valued at $37,659,000. Lazard Asset Management LLC raised its holdings in shares of NewMarket by 102.6% in the first quarter. Lazard Asset Management LLC now owns 36,368 shares of the specialty chemicals company’s stock valued at $23,079,000 after buying an additional 18,413 shares during the last quarter. Los Angeles Capital Management LLC raised its stake in shares of NewMarket by 170.7% in the second quarter. Los Angeles Capital Management LLC now owns 23,633 shares of the specialty chemicals company’s stock worth $12,184,000 after acquiring an additional 14,902 shares during the last quarter. Alaska Permanent Fund Corp grew its stake in shares of NewMarket by 142.6% during the first quarter. Alaska Permanent Fund Corp now owns 17,320 shares of the specialty chemicals company’s stock valued at $10,992,000 after purchasing an additional 10,182 shares during the last quarter. Finally, HB Wealth Management LLC raised its position in NewMarket by 38.8% in the 1st quarter. HB Wealth Management LLC now owns 31,008 shares of the specialty chemicals company’s stock worth $19,678,000 after purchasing an additional 8,667 shares during the last quarter. Institutional investors and hedge funds own 61.09% of the company’s stock.

Insider Transactions at NewMarket

In related news, CAO Bruce R. Hazelgrove III sold 1,270 shares of the 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 sale, the chief accounting officer now owns 358 shares in the company, valued at approximately $194,862.98. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 20.40% of the company’s stock.

Analysts Set New Price Targets

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

NewMarket Price Performance

Shares of NEU opened at $553.46 on Tuesday. The company has a current ratio of 2.66, a quick ratio of 1.48 and a debt-to-equity ratio of 0.95. The stock has a market cap of $5.31 billion, a P/E ratio of 13.31 and a beta of 0.50. The stock’s 50-day moving average price is $553.24 and its two-hundred day moving average price is $559.43. NewMarket Co. has a 1 year low of $436.90 and a 1 year high of $650.00.

NewMarket (NYSE:NEU) last announced its earnings results 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 during the quarter.

NewMarket Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be issued a dividend of $2.50 per share. The ex-dividend date is Monday, September 16th. This represents a $10.00 annualized dividend and a yield of 1.81%. NewMarket’s payout ratio is presently 24.06%.

NewMarket Company Profile

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.