Dark Forest Capital Management LP Takes Position in NewMarket Corporation $NEU

Key Points

• Dark Forest Capital Management LP has acquired a new stake in NewMarket Corporation, purchasing 7,185 shares valued at approximately $4,070,000.
• NewMarket's stock saw a decrease of 0.1%, trading at $826.36, while the company reported $11.84 earnings per share for the last quarter, with a revenue of $698.51 million.
• Wall Street Zen has downgraded NewMarket's rating from "buy" to "hold", reflecting a shift in analyst outlook on the stock.

Dark Forest Capital Management LP bought a new stake in shares of NewMarket Corporation (NYSE:NEU - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 7,185 shares of the specialty chemicals company's stock, valued at approximately $4,070,000. Dark Forest Capital Management LP owned approximately 0.08% of NewMarket at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Crossmark Global Holdings Inc. bought a new stake in NewMarket during the 1st quarter valued at $257,000. Private Trust Co. NA raised its stake in NewMarket by 185.2% during the 1st quarter. Private Trust Co. NA now owns 77 shares of the specialty chemicals company's stock valued at $44,000 after acquiring an additional 50 shares in the last quarter. Farther Finance Advisors LLC raised its stake in NewMarket by 34.1% during the 1st quarter. Farther Finance Advisors LLC now owns 444 shares of the specialty chemicals company's stock valued at $252,000 after acquiring an additional 113 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in NewMarket by 45.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 718 shares of the specialty chemicals company's stock valued at $407,000 after acquiring an additional 223 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its stake in NewMarket by 15.1% during the 1st quarter. Allianz Asset Management GmbH now owns 3,993 shares of the specialty chemicals company's stock valued at $2,262,000 after acquiring an additional 523 shares in the last quarter. Institutional investors own 61.09% of the company's stock.

NewMarket Price Performance

Shares of NYSE NEU traded up $11.15 during mid-day trading on Monday, reaching $824.59. The company had a trading volume of 13,562 shares, compared to its average volume of 77,890. The company has a current ratio of 2.66, a quick ratio of 1.43 and a debt-to-equity ratio of 0.52. The stock has a market cap of $7.75 billion, a PE ratio of 16.34 and a beta of 0.49. The company has a 50-day moving average price of $750.05 and a two-hundred day moving average price of $650.29. NewMarket Corporation has a 1-year low of $480.00 and a 1-year high of $835.10.

NewMarket (NYSE:NEU - Get Free Report) last issued its earnings results on Wednesday, July 30th. The specialty chemicals company reported $11.84 earnings per share (EPS) for the quarter. The business had revenue of $698.51 million for the quarter. NewMarket had a return on equity of 32.25% and a net margin of 17.28%.

NewMarket Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a $2.75 dividend. This represents a $11.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Monday, September 15th. NewMarket's payout ratio is presently 21.80%.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded NewMarket from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th.

NewMarket Profile

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.