NewMarket Co. (NYSE:NEU) was the recipient of a significant decrease in short interest in August. As of August 31st, there was short interest totalling 209,700 shares, a decrease of 12.5% from the July 31st total of 239,600 shares. Currently, 2.4% of the shares of the stock are short sold. Based on an average daily volume of 77,700 shares, the short-interest ratio is presently 2.7 days.
A number of institutional investors and hedge funds have recently bought and sold shares of NEU. Atria Investments LLC purchased a new position in NewMarket in the 2nd quarter worth about $1,316,000. BlackRock Inc. increased its stake in NewMarket by 0.4% in the 2nd quarter. BlackRock Inc. now owns 768,325 shares of the specialty chemicals company’s stock worth $308,052,000 after buying an additional 3,062 shares during the period. Magnetar Financial LLC increased its stake in NewMarket by 1.9% in the 2nd quarter. Magnetar Financial LLC now owns 2,282 shares of the specialty chemicals company’s stock worth $915,000 after buying an additional 42 shares during the period. Royal Bank of Canada increased its stake in NewMarket by 17.4% in the 2nd quarter. Royal Bank of Canada now owns 18,921 shares of the specialty chemicals company’s stock worth $7,587,000 after buying an additional 2,810 shares during the period. Finally, Eaton Vance Management increased its stake in NewMarket by 5.2% in the 2nd quarter. Eaton Vance Management now owns 41,466 shares of the specialty chemicals company’s stock worth $16,625,000 after buying an additional 2,061 shares during the period. 55.50% of the stock is owned by institutional investors.
A number of analysts have recently issued reports on NEU shares. Zacks Investment Research raised shares of NewMarket from a “hold” rating to a “strong-buy” rating and set a $512.00 price objective for the company in a research note on Friday, August 9th. Buckingham Research raised shares of NewMarket from an “underperform” rating to a “neutral” rating and set a $420.00 price objective for the company in a research note on Friday, August 2nd.
NEU traded up $0.01 during trading on Thursday, hitting $455.53. 1,012 shares of the company traded hands, compared to its average volume of 58,193. The company has a market cap of $5.11 billion, a PE ratio of 22.39 and a beta of 0.46. The stock’s 50-day simple moving average is $458.65 and its two-hundred day simple moving average is $428.94. NewMarket has a 1 year low of $352.89 and a 1 year high of $489.11. The company has a current ratio of 2.93, a quick ratio of 1.60 and a debt-to-equity ratio of 1.22.
NewMarket (NYSE:NEU) last posted its earnings results on Wednesday, July 31st. The specialty chemicals company reported $6.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $5.16 by $1.47. The company had revenue of $563.42 million during the quarter. NewMarket had a net margin of 11.70% and a return on equity of 47.25%. Equities analysts expect that NewMarket will post 23.63 EPS for the current year.
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 paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 1.67%. This is a boost from NewMarket’s previous quarterly dividend of $1.75. The ex-dividend date is Friday, September 13th. NewMarket’s dividend payout ratio (DPR) is presently 34.41%.
NewMarket Corporation, through its subsidiaries, engages in the petroleum additives businesses. 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, metalworking fluids, and other applications where metal-to-metal moving parts are utilized; and engine oil, driveline, and industrial additives.
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