NewMarket Corp. (NEU) Lowered to “Hold” at Zacks Investment Research
NewMarket Corp. (NYSE:NEU) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
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. “
Separately, Longbow Research lowered shares of NewMarket Corp. from a “buy” rating to a “neutral” rating in a research note on Friday, July 29th.
Shares of NewMarket Corp. (NYSE:NEU) opened at 419.48 on Wednesday. The stock has a market capitalization of $4.97 billion, a PE ratio of 20.74 and a beta of 0.97. NewMarket Corp. has a 12 month low of $322.54 and a 12 month high of $447.97. The company’s 50-day moving average is $428.86 and its 200-day moving average is $412.15.
NewMarket Corp. (NYSE:NEU) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $5.50 EPS for the quarter, topping analysts’ consensus estimates of $5.45 by $0.05. NewMarket Corp. had a net margin of 11.80% and a return on equity of 62.23%. The firm earned $521.80 million during the quarter, compared to analyst estimates of $556.60 million. During the same quarter last year, the business posted $4.65 EPS. The company’s revenue was down 6.9% on a year-over-year basis. Equities research analysts expect that NewMarket Corp. will post $20.30 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 1st. Investors of record on Thursday, September 15th will be paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend is Tuesday, September 13th. NewMarket Corp.’s dividend payout ratio is 31.64%.
A number of institutional investors have recently bought and sold shares of NEU. Zebra Capital Management LLC raised its position in NewMarket Corp. by 30.5% in the first quarter. Zebra Capital Management LLC now owns 3,303 shares of the company’s stock worth $1,309,000 after buying an additional 771 shares in the last quarter. Credit Agricole S A increased its stake in NewMarket Corp. by 792.7% in the first quarter. Credit Agricole S A now owns 4,919 shares of the company’s stock worth $1,949,000 after buying an additional 4,368 shares during the last quarter. JPMorgan Chase & Co. increased its stake in NewMarket Corp. by 4.7% in the first quarter. JPMorgan Chase & Co. now owns 36,096 shares of the company’s stock worth $14,304,000 after buying an additional 1,625 shares during the last quarter. BlackRock Group LTD increased its stake in NewMarket Corp. by 16.9% in the first quarter. BlackRock Group LTD now owns 7,614 shares of the company’s stock worth $3,018,000 after buying an additional 1,099 shares during the last quarter. Finally, BlackRock Inc. increased its stake in NewMarket Corp. by 17.0% in the first quarter. BlackRock Inc. now owns 4,353 shares of the company’s stock worth $1,725,000 after buying an additional 633 shares during the last quarter. 58.47% of the stock is owned by hedge funds and other institutional investors.
NewMarket Corp. Company Profile
NewMarket Corporation is a holding company. The Company is the parent company of Afton Chemical Corporation (Afton), Ethyl Corporation (Ethyl), NewMarket Services Corporation (NewMarket Services) and NewMarket Development Corporation (NewMarket Development). It operates in petroleum additives segment, which is primarily represented by Afton.
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