Short Interest in NewMarket Corporation (NYSE:NEU) Grows By 31.6%

NewMarket Corporation (NYSE:NEU) was the target of a significant increase in short interest during the month of March. As of March 13th, there was short interest totaling 617,168 shares, an increase of 31.6% from the February 26th total of 468,930 shares. Currently, 7.2% of the shares of the company are sold short. Based on an average daily volume of 170,040 shares, the days-to-cover ratio is presently 3.6 days.

NewMarket Trading Down 0.2%

NYSE:NEU traded down $1.41 during mid-day trading on Friday, reaching $627.72. 55,140 shares of the company’s stock traded hands, compared to its average volume of 159,131. The company has a 50 day moving average price of $636.75 and a 200-day moving average price of $718.93. The firm has a market capitalization of $5.90 billion, a price-to-earnings ratio of 14.13 and a beta of 0.50. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.53 and a quick ratio of 1.33. NewMarket has a 12-month low of $510.07 and a 12-month high of $875.97.

NewMarket (NYSE:NEU) last issued its quarterly earnings data on Wednesday, February 11th. The specialty chemicals company reported $8.65 earnings per share for the quarter. NewMarket had a return on equity of 25.38% and a net margin of 15.37%.The firm had revenue of $635.40 million for the quarter.

NewMarket Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th will be issued a $3.00 dividend. The ex-dividend date is Monday, March 16th. This represents a $12.00 annualized dividend and a yield of 1.9%. NewMarket’s dividend payout ratio is 27.01%.

Insiders Place Their Bets

In other NewMarket news, Director Ting Xu bought 400 shares of NewMarket stock in a transaction dated Tuesday, February 24th. The stock was purchased at an average price of $619.21 per share, for a total transaction of $247,684.00. Following the completion of the purchase, the director directly owned 929 shares of the company’s stock, valued at approximately $575,246.09. This trade represents a 75.61% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 8.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NewMarket

A number of institutional investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. raised its position in shares of NewMarket by 3.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 39,452 shares of the specialty chemicals company’s stock worth $32,675,000 after acquiring an additional 1,192 shares in the last quarter. Monument Capital Management bought a new stake in shares of NewMarket during the third quarter valued at approximately $2,548,000. Anfield Capital Management LLC bought a new stake in shares of NewMarket during the third quarter valued at approximately $2,321,000. Nisa Investment Advisors LLC grew its stake in NewMarket by 151.3% in the third quarter. Nisa Investment Advisors LLC now owns 4,118 shares of the specialty chemicals company’s stock worth $3,416,000 after purchasing an additional 2,479 shares during the period. Finally, Advisors Asset Management Inc. grew its stake in NewMarket by 221.5% in the third quarter. Advisors Asset Management Inc. now owns 2,662 shares of the specialty chemicals company’s stock worth $2,205,000 after purchasing an additional 1,834 shares during the period. 61.09% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded shares of NewMarket from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, March 20th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has an average rating of “Hold”.

NewMarket Company Profile

NewMarket Corporation is a specialty chemicals and lubricants company headquartered in Richmond, Virginia. Through its Valvoline business, the company markets a broad portfolio of automotive aftermarket products, including engine oils, transmission fluids, greases and vehicle care solutions. Valvoline products are distributed through retail and commercial channels as well as a network of quick-lube service centers that provide oil changes, preventive maintenance and related services.

In its chemical additives segment, NewMarket develops, manufactures and sells performance additives for fuels, lubricants and industrial fluids.