KLP Kapitalforvaltning AS Acquires New Position in NewMarket Co. (NYSE:NEU)

KLP Kapitalforvaltning AS bought a new position in NewMarket Co. (NYSE:NEU) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 3,200 shares of the specialty chemicals company’s stock, valued at approximately $1,698,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in NEU. Thrivent Financial for Lutherans increased its position in shares of NewMarket by 8.0% during the third quarter. Thrivent Financial for Lutherans now owns 1,803 shares of the specialty chemicals company’s stock valued at $995,000 after acquiring an additional 134 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in NewMarket by 10.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 78,746 shares of the specialty chemicals company’s stock valued at $43,459,000 after purchasing an additional 7,719 shares during the last quarter. Citigroup Inc. increased its holdings in shares of NewMarket by 51.2% in the 3rd quarter. Citigroup Inc. now owns 6,679 shares of the specialty chemicals company’s stock worth $3,686,000 after purchasing an additional 2,262 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of NewMarket in the third quarter worth $275,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of NewMarket by 5.0% during the third quarter. The Manufacturers Life Insurance Company now owns 6,186 shares of the specialty chemicals company’s stock valued at $3,414,000 after purchasing an additional 294 shares in the last quarter. Institutional investors own 61.09% of the company’s stock.

NewMarket Stock Down 1.1 %

NEU opened at $552.19 on Friday. NewMarket Co. has a twelve month low of $480.00 and a twelve month high of $637.40. The company has a quick ratio of 1.40, a current ratio of 2.75 and a debt-to-equity ratio of 0.66. The firm has a 50 day moving average price of $532.52 and a 200-day moving average price of $533.20. The stock has a market capitalization of $5.24 billion, a price-to-earnings ratio of 11.45 and a beta of 0.41.

NewMarket (NYSE:NEU) last released its quarterly earnings results on Monday, February 3rd. The specialty chemicals company reported $11.56 earnings per share for the quarter. NewMarket had a return on equity of 35.48% and a net margin of 16.59%.

NewMarket Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th will be paid a dividend of $2.75 per share. This is an increase from NewMarket’s previous quarterly dividend of $2.50. This represents a $11.00 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date is Monday, March 17th. NewMarket’s payout ratio is currently 22.82%.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded NewMarket from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 19th.

NewMarket 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.