NewMarket (NYSE:NEU) Cut to Sell at Zacks Investment Research

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Zacks Investment Research lowered shares of NewMarket (NYSE:NEU) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “NewMarket Corporation through its subsidiaries, Afton Chemical Corporation and Ethyl Corporation, develops, manufactures, blends, and delivers chemical additives that enhance the performance of petroleum products. From custom-formulated chemical blends to market-general additive components, the NewMarket family of companies provides the world with the technology to make fuels burn cleaner, engines run smoother and machines last longer. “

NYSE:NEU opened at $487.23 on Tuesday. NewMarket has a 1 year low of $378.24 and a 1 year high of $505.16. The stock’s fifty day moving average price is $483.06 and its two-hundred day moving average price is $447.25. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.95 and a quick ratio of 1.63. The company has a market cap of $5.38 billion, a P/E ratio of 23.95 and a beta of 0.44.

NewMarket (NYSE:NEU) last announced its quarterly earnings results on Wednesday, October 23rd. The specialty chemicals company reported $6.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $5.93 by $0.13. NewMarket had a return on equity of 47.54% and a net margin of 12.17%. The company had revenue of $555.82 million during the quarter. On average, analysts expect that NewMarket will post 23.42 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend is Friday, December 13th. NewMarket’s payout ratio is presently 37.36%.

In other news, CAO Bruce R. Hazelgrove III sold 171 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $479.16, for a total value of $81,936.36. Following the sale, the chief accounting officer now directly owns 358 shares of the company’s stock, valued at $171,539.28. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 17.02% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC purchased a new position in NewMarket during the second quarter worth about $41,000. Point72 Asset Management L.P. purchased a new stake in shares of NewMarket in the 3rd quarter valued at about $47,000. Oppenheimer Asset Management Inc. boosted its position in shares of NewMarket by 49.4% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 133 shares of the specialty chemicals company’s stock valued at $53,000 after acquiring an additional 44 shares during the last quarter. SRS Capital Advisors Inc. bought a new stake in shares of NewMarket during the 2nd quarter valued at about $54,000. Finally, Point72 Hong Kong Ltd grew its holdings in shares of NewMarket by 41.2% during the second quarter. Point72 Hong Kong Ltd now owns 257 shares of the specialty chemicals company’s stock worth $103,000 after purchasing an additional 75 shares in the last quarter. Institutional investors own 53.54% of the company’s stock.

NewMarket Company Profile

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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