NewMarket (NYSE:NEU) Trading Down 6.6% - Here's What Happened

Key Points

• NewMarket Corporation (NYSE:NEU) shares fell 6.6% to $815.09 during mid-day trading, marking a significant decline from a previous close of $873.09.
• Recent analyst ratings for NewMarket include a downgrade from a "buy" to a "hold" by Wall Street Zen, while Weiss Ratings maintained a "buy (b+)" rating, resulting in a consensus rating of "Buy."
• The company announced a quarterly dividend of $2.75 per share, resulting in an annualized dividend of $11.00 and a dividend yield of 1.4%, with a payout ratio of 21.80%.

NewMarket Corporation (NYSE:NEU - Get Free Report)'s share price fell 6.6% during mid-day trading on Thursday . The company traded as low as $824.73 and last traded at $815.09. 73,488 shares changed hands during trading, a decline of 8% from the average session volume of 80,041 shares. The stock had previously closed at $873.09.

Analysts Set New Price Targets

NEU has been the subject of a number of recent research reports. Wall Street Zen downgraded NewMarket from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Weiss Ratings reiterated a "buy (b+)" rating on shares of NewMarket in a research note on Wednesday. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy".

NewMarket Trading Down 10.6%

The stock has a fifty day moving average of $803.52 and a 200 day moving average of $695.93. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.43 and a current ratio of 2.66. The company has a market capitalization of $7.34 billion, a PE ratio of 15.48 and a beta of 0.45.

NewMarket (NYSE:NEU - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $11.84 EPS for the quarter. The company 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 company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were issued a dividend of $2.75 per share. This represents a $11.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Monday, September 15th. NewMarket's dividend payout ratio is 21.80%.

Institutional Trading of NewMarket

Several hedge funds have recently modified their holdings of NEU. Caitong International Asset Management Co. Ltd raised its holdings in shares of NewMarket by 587.5% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 55 shares of the specialty chemicals company's stock worth $31,000 after acquiring an additional 47 shares in the last quarter. Private Trust Co. NA raised its holdings in shares of NewMarket by 185.2% during the 1st quarter. Private Trust Co. NA now owns 77 shares of the specialty chemicals company's stock worth $44,000 after acquiring an additional 50 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of NewMarket by 100.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78 shares of the specialty chemicals company's stock worth $44,000 after acquiring an additional 39 shares in the last quarter. UMB Bank n.a. raised its holdings in NewMarket by 39.2% during the 1st quarter. UMB Bank n.a. now owns 103 shares of the specialty chemicals company's stock valued at $58,000 after buying an additional 29 shares during the period. Finally, ST Germain D J Co. Inc. purchased a new stake in NewMarket during the 2nd quarter valued at $83,000. 61.09% of the stock is owned by hedge funds and other institutional investors.

About NewMarket

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.

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