OppenheimerFunds Inc. reduced its stake in Ashland Global Holdings Inc (NYSE:ASH) by 7.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,116 shares of the basic materials company’s stock after selling 1,302 shares during the quarter. OppenheimerFunds Inc.’s holdings in Ashland Global were worth $1,125,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of ASH. Glenhill Advisors LLC purchased a new stake in shares of Ashland Global in the fourth quarter valued at $64,147,000. Neuberger Berman Group LLC lifted its position in shares of Ashland Global by 48.1% in the first quarter. Neuberger Berman Group LLC now owns 2,490,078 shares of the basic materials company’s stock valued at $173,783,000 after acquiring an additional 808,605 shares in the last quarter. Luminus Management LLC lifted its position in shares of Ashland Global by 30.9% in the fourth quarter. Luminus Management LLC now owns 1,884,222 shares of the basic materials company’s stock valued at $134,158,000 after acquiring an additional 444,785 shares in the last quarter. Two Sigma Investments LP lifted its position in shares of Ashland Global by 27,639.3% in the fourth quarter. Two Sigma Investments LP now owns 358,011 shares of the basic materials company’s stock valued at $25,490,000 after acquiring an additional 359,311 shares in the last quarter. Finally, BlackRock Inc. lifted its position in shares of Ashland Global by 3.0% in the fourth quarter. BlackRock Inc. now owns 5,268,006 shares of the basic materials company’s stock valued at $375,081,000 after acquiring an additional 151,606 shares in the last quarter. Institutional investors and hedge funds own 94.71% of the company’s stock.
Several analysts have recently issued reports on ASH shares. BMO Capital Markets started coverage on Ashland Global in a research report on Tuesday, March 27th. They issued an “outperform” rating and a $82.00 price objective on the stock. Jefferies Financial Group upped their price objective on Ashland Global to $95.00 and gave the company a “buy” rating in a research report on Monday, June 4th. ValuEngine upgraded Ashland Global from a “hold” rating to a “buy” rating in a research report on Monday, May 14th. Credit Suisse Group set a $79.00 price objective on Ashland Global and gave the company a “buy” rating in a research report on Monday, April 30th. Finally, Zacks Investment Research upgraded Ashland Global from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. Ashland Global has an average rating of “Buy” and an average price target of $82.60.
NYSE ASH opened at $78.30 on Thursday. Ashland Global Holdings Inc has a twelve month low of $59.80 and a twelve month high of $80.84. The stock has a market cap of $4.89 billion, a P/E ratio of 25.05, a price-to-earnings-growth ratio of 2.24 and a beta of 1.17. The company has a current ratio of 2.41, a quick ratio of 1.49 and a debt-to-equity ratio of 0.73.
Ashland Global (NYSE:ASH) last released its earnings results on Tuesday, May 1st. The basic materials company reported $1.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.87 by $0.19. Ashland Global had a positive return on equity of 5.77% and a negative net margin of 0.62%. The firm had revenue of $974.00 million for the quarter, compared to the consensus estimate of $955.39 million. During the same period in the prior year, the business posted $1.71 earnings per share. equities analysts anticipate that Ashland Global Holdings Inc will post 3.51 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 15th. Investors of record on Friday, June 1st were given a dividend of $0.225 per share. The ex-dividend date of this dividend was Thursday, May 31st. This represents a $0.90 annualized dividend and a yield of 1.15%. Ashland Global’s dividend payout ratio (DPR) is presently 40.98%.
Ashland Global announced that its Board of Directors has approved a stock buyback program on Tuesday, March 20th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the basic materials company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In other Ashland Global news, VP Keith C. Silverman sold 1,678 shares of the company’s stock in a transaction dated Monday, March 26th. The stock was sold at an average price of $70.02, for a total transaction of $117,493.56. Following the completion of the sale, the vice president now directly owns 1,358 shares in the company, valued at $95,087.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.14% of the company’s stock.
Ashland Global Profile
Ashland Global Holdings Inc provides specialty chemical solutions worldwide. Its Specialty Ingredients segment provides products, technologies, and resources for solving formulation and product-performance challenges. It offers solutions using natural, synthetic, and semisynthetic polymers derived from plant and seed extract, cellulose ethers, vinyl pyrrolidones, and acrylic polymers, as well as polyester and polyurethane-based adhesives.
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