NewMarket Co. (NYSE:NEU) Sees Large Increase in Short Interest

NewMarket Co. (NYSE:NEU) was the recipient of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 163,500 shares, an increase of 51.1% from the February 28th total of 108,200 shares. Based on an average daily volume of 47,100 shares, the short-interest ratio is currently 3.5 days. Approximately 2.1% of the shares of the company are short sold.

Hedge Funds Weigh In On NewMarket

Several hedge funds and other institutional investors have recently modified their holdings of NEU. Bessemer Group Inc. lifted its stake in shares of NewMarket by 166.7% during the 4th quarter. Bessemer Group Inc. now owns 48 shares of the specialty chemicals company’s stock valued at $25,000 after buying an additional 30 shares in the last quarter. Eagle Bay Advisors LLC bought a new stake in shares of NewMarket during the fourth quarter worth $40,000. Centricity Wealth Management LLC purchased a new position in NewMarket during the 4th quarter worth $56,000. Kapitalo Investimentos Ltda bought a new position in NewMarket during the 4th quarter worth about $59,000. Finally, Blue Trust Inc. raised its holdings in shares of NewMarket by 55.3% in the 4th quarter. Blue Trust Inc. now owns 118 shares of the specialty chemicals company’s stock valued at $65,000 after purchasing an additional 42 shares in the last quarter. 61.09% of the stock is owned by institutional investors.

NewMarket Stock Performance

Shares of NewMarket stock traded up $14.91 during mid-day trading on Monday, hitting $567.08. 50,196 shares of the stock were exchanged, compared to its average volume of 35,976. The company has a 50-day simple moving average of $532.52 and a 200 day simple moving average of $532.78. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.40 and a current ratio of 2.75. NewMarket has a 12 month low of $480.00 and a 12 month high of $637.40. The company has a market capitalization of $5.38 billion, a P/E ratio of 11.76 and a beta of 0.41.

NewMarket (NYSE:NEU) last posted its quarterly earnings data on Monday, February 3rd. The specialty chemicals company reported $11.56 earnings per share (EPS) 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 announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th will be paid a $2.75 dividend. This represents a $11.00 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend is Monday, March 17th. This is an increase from NewMarket’s previous quarterly dividend of $2.50. NewMarket’s dividend payout ratio is currently 22.82%.

Wall Street Analysts Forecast Growth

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

About NewMarket

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.