NewMarket Corporation (NYSE:NEU) Sees Significant Growth in Short Interest
by Renee Jackson · The Cerbat GemNewMarket Corporation (NYSE:NEU – Get Free Report) was the target of a significant growth in short interest during the month of January. As of January 15th, there was short interest totaling 307,236 shares, a growth of 34.2% from the December 31st total of 228,879 shares. Approximately 4.0% of the company’s shares are short sold. Based on an average daily volume of 160,614 shares, the days-to-cover ratio is currently 1.9 days. Based on an average daily volume of 160,614 shares, the days-to-cover ratio is currently 1.9 days. Approximately 4.0% of the company’s shares are short sold.
NewMarket Stock Up 0.9%
NEU traded up $5.70 during trading on Friday, reaching $670.17. The company had a trading volume of 174,651 shares, compared to its average volume of 141,750. The company has a market cap of $6.30 billion, a P/E ratio of 14.16 and a beta of 0.49. NewMarket has a 12 month low of $480.57 and a 12 month high of $875.97. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.68 and a quick ratio of 1.43. The business’s fifty day moving average price is $711.20 and its 200 day moving average price is $755.52.
NewMarket (NYSE:NEU – Get Free Report) last issued its quarterly earnings data on Thursday, October 30th. The specialty chemicals company reported $10.67 EPS for the quarter. The business had revenue of $690.31 million for the quarter. NewMarket had a net margin of 16.33% and a return on equity of 28.53%.
Institutional Trading of NewMarket
Several hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC grew its holdings in shares of NewMarket by 196.7% during the third quarter. AQR Capital Management LLC now owns 137,943 shares of the specialty chemicals company’s stock worth $114,246,000 after buying an additional 91,458 shares in the last quarter. Caisse de depot et placement du Quebec boosted its position in NewMarket by 376.4% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 99,256 shares of the specialty chemicals company’s stock worth $82,205,000 after acquiring an additional 78,422 shares during the last quarter. Norges Bank acquired a new position in NewMarket during the 2nd quarter worth approximately $51,515,000. LSV Asset Management grew its stake in shares of NewMarket by 27.8% during the 2nd quarter. LSV Asset Management now owns 262,148 shares of the specialty chemicals company’s stock worth $181,108,000 after acquiring an additional 57,101 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of NewMarket by 112.4% in the third quarter. Invesco Ltd. now owns 67,633 shares of the specialty chemicals company’s stock valued at $56,014,000 after purchasing an additional 35,789 shares during the last quarter. Institutional investors and hedge funds own 61.09% of the company’s stock.
Wall Street Analyst Weigh In
Separately, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of NewMarket in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock has an average rating of “Buy”.
Get Our Latest Stock Report on NewMarket
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.