NewMarket Corporation (NEU) is Downgraded by Longbow to Neutral

NewMarket Corporation (NEU) was Downgraded by Longbow to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Longbow advised their investors in a research report released on Jul 29, 2016.

On the company’s financial health, NewMarket Corporation reported $5.50 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $5.45. The company had revenue of $521.80 million for the quarter, compared to analysts expectations of $556.60 million. The company’s revenue was down -6.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $4.65 EPS.

NewMarket Corporation opened for trading at $423.4 and hit $447.965 on the upside on Thursday, eventually ending the session at $440.46, with a gain of 5.06% or 21.22 points. The heightened volatility saw the trading volume jump to 92,711 shares. Company has a market cap of $5,219 M.

In a different news, on Nov 19, 2015, Robert A. Shama (President Afton Chemical Corp) sold 274 shares at $400.76 per share price. According to the SEC, on Apr 28, 2015, Bruce R Iii Hazelgrove (Vice President & CAO) sold 400 shares at $463.50 per share price. On Feb 27, 2015, Thomas E Gottwald (Chairman, President & CEO) sold 10,000 shares at $472.45 per share price, according to the Form-4 filing with the securities and exchange commission.

NewMarket Corporation (NewMarket) is a holding company and is the parent company of Afton Chemical Corporation (Afton) Ethyl Corporation (Ethyl) NewMarket Services Corporation (NewMarket Services) and NewMarket Development Corporation (NewMarket Development). Each of its the Company’s subsidiaries manages its own assets and liabilities. Afton encompasses the petroleum additives business while Ethyl represents the sale of tetraethyl lead (TEL) in North America and certain petroleum additives manufacturing operations. NewMarket Development manages the property that it owns in Virginia. NewMarket Services provides various administrative services to NewMarket Afton Ethyl and NewMarket Development. The Company’s business consists of one segment petroleum additives which is primarily represented by Afton. The TEL business of Ethyl is reflected in the ‘All other’ category. The ‘All Other’ also includes contract manufacturing performed by Ethyl.

NewMarket Corporation

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