NewMarket (NYSE:NEU) Rating Lowered to Sell at Zacks Investment Research

NewMarket (NYSE:NEU) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “NewMarket Corporation through its subsidiaries, Afton Chemical Corporation and Ethyl Corporation, develops, manufactures, blends, and delivers chemical additives that enhance the performance of petroleum products. From custom-formulated chemical blends to market-general additive components, the NewMarket family of companies provides the world with the technology to make fuels burn cleaner, engines run smoother and machines last longer. “

NewMarket stock opened at $486.52 on Tuesday. NewMarket has a 52 week low of $378.24 and a 52 week high of $505.16. The company has a quick ratio of 1.63, a current ratio of 2.95 and a debt-to-equity ratio of 1.09. The firm’s 50-day simple moving average is $482.62 and its 200 day simple moving average is $446.91. The firm has a market capitalization of $5.53 billion, a PE ratio of 23.92 and a beta of 0.44.

NewMarket (NYSE:NEU) last released its quarterly earnings data on Wednesday, October 23rd. The specialty chemicals company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.93 by $0.13. NewMarket had a net margin of 12.17% and a return on equity of 47.54%. The business had revenue of $555.82 million for the quarter. On average, research analysts expect that NewMarket will post 23.42 EPS for the current fiscal year.

In related news, CAO Bruce R. Hazelgrove III sold 171 shares of the business’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $479.16, for a total value of $81,936.36. Following the sale, the chief accounting officer now directly owns 358 shares in the company, valued at approximately $171,539.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 17.02% of the stock is owned by insiders.

Large investors have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. purchased a new position in NewMarket in the 2nd quarter valued at about $19,519,000. Eaton Vance Management lifted its holdings in NewMarket by 5.2% in the 2nd quarter. Eaton Vance Management now owns 41,466 shares of the specialty chemicals company’s stock valued at $16,625,000 after purchasing an additional 2,061 shares in the last quarter. Point72 Hong Kong Ltd lifted its holdings in NewMarket by 41.2% in the 2nd quarter. Point72 Hong Kong Ltd now owns 257 shares of the specialty chemicals company’s stock valued at $103,000 after purchasing an additional 75 shares in the last quarter. BNP Paribas Arbitrage SA lifted its holdings in NewMarket by 3,890.7% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 11,573 shares of the specialty chemicals company’s stock valued at $4,640,000 after purchasing an additional 11,283 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in NewMarket by 915.5% in the 3rd quarter. Squarepoint Ops LLC now owns 34,475 shares of the specialty chemicals company’s stock valued at $16,275,000 after purchasing an additional 31,080 shares in the last quarter. Institutional investors own 53.54% of the company’s stock.

NewMarket Company Profile

NewMarket Corporation, through its subsidiaries, engages in the petroleum additives businesses. 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, metalworking fluids, and other applications where metal-to-metal moving parts are utilized; and engine oil, driveline, and industrial additives.

Read More: How can investors find ex-dividend dates?

Get a free copy of the Zacks research report on NewMarket (NEU)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for NewMarket Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NewMarket and related companies with MarketBeat.com's FREE daily email newsletter.