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

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NewMarket Co. (NYSE:NEU) saw a large drop in short interest in September. As of September 15th, there was short interest totalling 155,600 shares, a drop of 17.8% from the August 31st total of 189,300 shares. Based on an average trading volume of 44,100 shares, the days-to-cover ratio is presently 3.5 days. Currently, 1.9% of the company’s stock are short sold.

NYSE:NEU traded up $3.57 on Friday, reaching $345.10. 21,721 shares of the stock traded hands, compared to its average volume of 53,079. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of 17.03 and a beta of 0.47. The company has a current ratio of 3.38, a quick ratio of 1.86 and a debt-to-equity ratio of 1.09. NewMarket has a 12 month low of $304.65 and a 12 month high of $505.16. The company’s fifty day simple moving average is $365.41 and its 200 day simple moving average is $393.84.

NewMarket (NYSE:NEU) last released its quarterly earnings data on Wednesday, July 29th. The specialty chemicals company reported $2.05 earnings per share for the quarter, missing analysts’ consensus estimates of $7.13 by ($5.08). The firm had revenue of $410.86 million for the quarter. NewMarket had a net margin of 10.96% and a return on equity of 34.91%.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were paid a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, September 14th. This represents a $7.60 dividend on an annualized basis and a yield of 2.20%.

Large investors have recently added to or reduced their stakes in the business. Meeder Asset Management Inc. bought a new stake in NewMarket during the 1st quarter valued at about $36,000. Point72 Hong Kong Ltd purchased a new stake in shares of NewMarket during the 2nd quarter valued at about $42,000. Advisors Asset Management Inc. purchased a new stake in shares of NewMarket during the 2nd quarter valued at about $52,000. US Bancorp DE boosted its holdings in shares of NewMarket by 252.1% during the 1st quarter. US Bancorp DE now owns 169 shares of the specialty chemicals company’s stock valued at $65,000 after acquiring an additional 121 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. boosted its holdings in shares of NewMarket by 151.4% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 181 shares of the specialty chemicals company’s stock valued at $72,000 after acquiring an additional 109 shares during the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

Separately, TheStreet lowered shares of NewMarket from a “b” rating to a “c+” rating in a research note on Wednesday, July 29th.

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, and other applications where metal-to-metal moving parts are utilized; and engine oil, driveline, and industrial additives.

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