Strong Earnings Report Pushed NewMarket (NEU)
The London Company, an investment management company, released “The London Company SMID Cap Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 5.0% (-5.1% net) compared to a 4.8% fall in the Russell 2500 Index. A lack of exposure to the Energy sector drove the portfolio's underperformance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company SMID Cap Strategy highlighted stocks like NewMarket Corporation (NYSE:NEU) in the third quarter 2023 investor letter. Headquartered in Richmond, Virginia, NewMarket Corporation (NYSE:NEU) engages in the manufacture and sale of petroleum additives. On November 2, 2023, NewMarket Corporation (NYSE:NEU) stock closed at $480.85 per share. One-month return of NewMarket Corporation (NYSE:NEU) was 4.82%, and its shares gained 60.26% of their value over the last 52 weeks. NewMarket Corporation (NYSE:NEU) has a market capitalization of $4.611 billion.
The London Company SMID Cap Strategy made the following comment about NewMarket Corporation (NYSE:NEU) in its Q3 2023 investor letter:
"NewMarket Corporation (NYSE:NEU) – NEU outperformed early in Q3 after a strong earnings report that showed some recovery in pricing and margins after a long period of higher base oil and chemical prices. The stock flattened out later in the quarter as oil prices rose. NEU also used stronger cash flow to repay debt and repurchase company shares."
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NewMarket Corporation (NYSE:NEU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held NewMarket Corporation (NYSE:NEU) at the end of second quarter which was 18 in the previous quarter.
We discussed NewMarket Corporation (NYSE:NEU) in another article and shared the list of best biofuel stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
