NewMarket (NYSE:NEU) Reaches New 52-Week High - Should You Buy?

Key Points

• NewMarket shares reached a new 52-week high, trading near $969, up significantly from their 50-day and 200-day moving averages. The company has a $9 billion market capitalization and a price-to-earnings ratio of 21.02.
• Analysts have recently upgraded NewMarket to “Buy,” giving the stock a consensus Buy rating. The company reported quarterly EPS of $14.54 on revenue of $747.09 million, with a 15.80% net margin and 24.62% return on equity.
• NewMarket declared a quarterly dividend of $3.00, equivalent to $12.00 annually and a 1.2% yield. Institutional investors own 61.09% of the company, with several major funds recently establishing or increasing positions.

NewMarket Corporation (NYSE:NEU - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $968.09 and last traded at $969.1370, with a volume of 4612 shares. The stock had previously closed at $961.92.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on NEU shares. Weiss Ratings upgraded shares of NewMarket from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, June 12th. Wall Street Zen upgraded shares of NewMarket from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, NewMarket has a consensus rating of "Buy".

NewMarket Price Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.23 and a current ratio of 2.25. The company has a 50-day simple moving average of $812.96 and a 200-day simple moving average of $716.88. The company has a market cap of $9.00 billion, a price-to-earnings ratio of 21.02 and a beta of 0.56.

NewMarket (NYSE:NEU - Get Free Report) last issued its earnings results on Wednesday, July 29th. The specialty chemicals company reported $14.54 earnings per share (EPS) for the quarter. The business had revenue of $747.09 million during the quarter. NewMarket had a return on equity of 24.62% and a net margin of 15.80%.

NewMarket Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a $3.00 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $12.00 annualized dividend and a yield of 1.2%. NewMarket's dividend payout ratio is presently 25.82%.

Institutional Investors Weigh In On NewMarket

Hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in NewMarket during the second quarter worth about $556,339,000. Norges Bank purchased a new position in NewMarket in the fourth quarter valued at about $64,654,000. Caisse de depot et placement du Quebec acquired a new stake in shares of NewMarket during the 2nd quarter valued at approximately $72,517,000. AQR Capital Management LLC lifted its position in shares of NewMarket by 196.7% during the 3rd quarter. AQR Capital Management LLC now owns 137,943 shares of the specialty chemicals company's stock valued at $114,246,000 after acquiring an additional 91,458 shares during the period. Finally, Corient Private Wealth LLC boosted its stake in shares of NewMarket by 7,743.0% during the 4th quarter. Corient Private Wealth LLC now owns 75,763 shares of the specialty chemicals company's stock worth $52,069,000 after acquiring an additional 74,797 shares in the last quarter. Institutional investors and hedge funds own 61.09% of the company's stock.

About NewMarket

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source