NewMarket (NYSE:NEU) Releases Quarterly Earnings Results

NewMarket (NYSE:NEU) announced its quarterly earnings results on Wednesday. The specialty chemicals company reported $13.50 EPS for the quarter, FiscalAI reports. The business had revenue of $716.50 million for the quarter. NewMarket had a return on equity of 25.64% and a net margin of 16.51%.

NewMarket Stock Performance

NewMarket stock traded down $13.38 during trading on Friday, reaching $789.70. The company had a trading volume of 114,816 shares, compared to its average volume of 128,072. The firm’s 50-day simple moving average is $896.00 and its 200 day simple moving average is $762.80. NewMarket has a 52 week low of $580.03 and a 52 week high of $981.66. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $7.27 billion, a price-to-earnings ratio of 16.01 and a beta of 0.55.

NewMarket Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 1st. Stockholders of record on Tuesday, December 15th will be paid a dividend of $3.25 per share. The ex-dividend date is Tuesday, December 15th. This represents a $13.00 annualized dividend and a dividend yield of 1.6%. This is a boost from NewMarket’s previous quarterly dividend of $3.00. NewMarket’s dividend payout ratio is 24.34%.

Analysts Set New Price Targets

Several equities analysts have commented on NEU shares. Wall Street Zen raised NewMarket from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Weiss Ratings raised shares of NewMarket from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. One analyst has rated the stock with a Buy rating. According to data from MarketBeat.com, the stock has an average rating of “Buy”.

Institutional Trading of NewMarket

Hedge funds and other institutional investors have recently modified their holdings of the company. Entropy Technologies LP purchased a new stake in NewMarket in the first quarter worth $1,751,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of NewMarket during the 2nd quarter worth $2,250,000. The Manufacturers Life Insurance Company bought a new position in NewMarket during the 2nd quarter worth about $4,354,000. BlackRock Inc. bought a new position in shares of NewMarket during the second quarter valued at approximately $556,339,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in NewMarket during the second quarter worth $1,463,000. 61.09% of the stock is owned by hedge funds and other institutional investors.

NewMarket Company Profile

NewMarket Corporation (NYSE: NEU) is a holding company focused primarily on the development, manufacture and sale of petroleum additives. Its products are used to improve the performance, durability, efficiency and environmental characteristics of fuels, lubricants and other petroleum-based products.

NewMarket’s principal operating businesses include Afton Chemical Corporation and Ethyl Corporation. Afton Chemical develops and supplies additive packages and components for engine oils, transmission fluids, hydraulic fluids, fuels and other industrial applications.