NewMarket Co. (NYSE:NEU – Get Rating) was the recipient of a large decrease in short interest in August. As of August 31st, there was short interest totalling 85,800 shares, a decrease of 16.5% from the August 15th total of 102,700 shares. Based on an average trading volume of 38,100 shares, the days-to-cover ratio is presently 2.3 days. Approximately 1.3% of the company's stock are short sold.
Hedge Funds Weigh In On NewMarket
Several institutional investors have recently added to or reduced their stakes in NEU. First Trust Advisors LP grew its position in NewMarket by 23.9% during the first quarter. First Trust Advisors LP now owns 288,937 shares of the specialty chemicals company's stock valued at $93,725,000 after buying an additional 55,691 shares during the period. Alberta Investment Management Corp bought a new position in NewMarket during the fourth quarter valued at about $3,651,000. Principal Financial Group Inc. grew its position in NewMarket by 40.5% during the fourth quarter. Principal Financial Group Inc. now owns 35,340 shares of the specialty chemicals company's stock valued at $12,112,000 after buying an additional 10,182 shares during the period. DAVENPORT & Co LLC grew its position in NewMarket by 5.2% during the second quarter. DAVENPORT & Co LLC now owns 138,477 shares of the specialty chemicals company's stock valued at $41,676,000 after buying an additional 6,886 shares during the period. Finally, State Street Corp grew its position in NewMarket by 2.9% during the first quarter. State Street Corp now owns 204,125 shares of the specialty chemicals company's stock valued at $66,638,000 after buying an additional 5,847 shares during the period. Institutional investors own 65.94% of the company's stock.
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NewMarket Stock Down 0.0 %
Shares of NYSE NEU traded down $0.07 during trading on Friday, hitting $297.14. The stock had a trading volume of 78,957 shares, compared to its average volume of 37,173. NewMarket has a 12 month low of $280.28 and a 12 month high of $378.63. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.60 and a quick ratio of 1.41. The company has a market capitalization of $2.97 billion, a PE ratio of 15.86 and a beta of 0.37. The firm has a fifty day moving average of $299.73 and a two-hundred day moving average of $314.16.
NewMarket Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be given a dividend of $2.10 per share. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $8.40 annualized dividend and a yield of 2.83%. NewMarket's payout ratio is currently 44.82%.
Analyst Upgrades and Downgrades
Separately, StockNews.com lowered shares of NewMarket from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, August 23rd.
NewMarket Company Profile
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NewMarket Corporation, through its subsidiaries, engages in the petroleum additives business. 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.
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