NewMarket (NYSE:NEU) Reaches New 1-Year High - Here's What Happened

Key Points

• NewMarket Corporation reached a new 52-week high of $836.30 during trading, closing at $835.98 with a significant volume of 41,602 shares.
• Analyst ratings saw a recent downgrade from "buy" to "hold" by Wall Street Zen, potentially impacting investor sentiment.
• The company announced a quarterly dividend of $2.75 per share, with a dividend yield of 1.3%, set to be paid on October 1st.

NewMarket Corporation (NYSE:NEU - Get Free Report) hit a new 52-week high during trading on Wednesday . The company traded as high as $836.30 and last traded at $835.98, with a volume of 41602 shares. The stock had previously closed at $823.98.

Analyst Upgrades and Downgrades

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

NewMarket Trading Up 1.6%

The company has a quick ratio of 1.43, a current ratio of 2.66 and a debt-to-equity ratio of 0.52. The company has a 50-day moving average price of $755.19 and a 200-day moving average price of $653.44. The company has a market capitalization of $7.87 billion, a price-to-earnings ratio of 16.59 and a beta of 0.49.

NewMarket (NYSE:NEU - Get Free Report) last announced 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 net margin of 17.28% and a return on equity of 32.25%.

NewMarket Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a dividend of $2.75 per share. This represents a $11.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, September 15th. NewMarket's dividend payout ratio (DPR) is presently 21.80%.

Hedge Funds Weigh In On NewMarket

A number of hedge funds have recently made changes to their positions in NEU. Parallel Advisors LLC boosted its holdings in shares of NewMarket by 2.1% during the 2nd quarter. Parallel Advisors LLC now owns 740 shares of the specialty chemicals company's stock worth $511,000 after buying an additional 15 shares in the last quarter. MAI Capital Management lifted its stake in NewMarket by 20.8% during the 2nd quarter. MAI Capital Management now owns 122 shares of the specialty chemicals company's stock valued at $84,000 after acquiring an additional 21 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in NewMarket by 13.1% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 198 shares of the specialty chemicals company's stock worth $112,000 after purchasing an additional 23 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of NewMarket by 12.6% during the 2nd quarter. GAMMA Investing LLC now owns 205 shares of the specialty chemicals company's stock worth $142,000 after purchasing an additional 23 shares during the period. Finally, Ritholtz Wealth Management raised its stake in shares of NewMarket by 2.4% during the 2nd quarter. Ritholtz Wealth Management now owns 1,110 shares of the specialty chemicals company's stock worth $767,000 after purchasing an additional 26 shares during the period. Institutional investors and hedge funds own 61.09% of the company's stock.

NewMarket Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.