Ashland Inc. (NYSE:ASH) Shares Sold by NewEdge Wealth LLC

NewEdge Wealth LLC cut its position in Ashland Inc. (NYSE:ASHFree Report) by 8.7% during the 4th quarter, HoldingsChannel reports. The firm owned 315,604 shares of the basic materials company’s stock after selling 29,915 shares during the quarter. NewEdge Wealth LLC’s holdings in Ashland were worth $26,609,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its holdings in Ashland by 139.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,414,765 shares of the basic materials company’s stock worth $115,558,000 after buying an additional 824,600 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Ashland by 33.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,260,333 shares of the basic materials company’s stock worth $184,624,000 after purchasing an additional 560,916 shares in the last quarter. Norges Bank acquired a new position in shares of Ashland during the fourth quarter valued at $31,908,000. Atlantic Investment Management Inc. bought a new stake in shares of Ashland during the third quarter valued at about $22,880,000. Finally, Clearbridge Investments LLC lifted its holdings in Ashland by 33.9% in the first quarter. Clearbridge Investments LLC now owns 1,027,256 shares of the basic materials company’s stock worth $101,092,000 after purchasing an additional 259,926 shares during the period. 93.95% of the stock is owned by institutional investors and hedge funds.

Ashland Trading Down 1.0 %

ASH traded down $0.98 during trading on Friday, reaching $95.18. The company had a trading volume of 428,228 shares, compared to its average volume of 459,433. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.88 and a current ratio of 3.30. Ashland Inc. has a 12-month low of $70.82 and a 12-month high of $105.15. The company has a market cap of $4.77 billion, a price-to-earnings ratio of 31.21 and a beta of 0.92. The firm’s 50-day simple moving average is $94.56 and its 200 day simple moving average is $85.16.

Ashland (NYSE:ASHGet Free Report) last released its earnings results on Wednesday, January 31st. The basic materials company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.24. The business had revenue of $473.00 million for the quarter, compared to the consensus estimate of $478.69 million. Ashland had a net margin of 7.62% and a return on equity of 5.95%. The firm’s quarterly revenue was down 9.9% compared to the same quarter last year. During the same period last year, the firm posted $0.97 earnings per share. Equities research analysts anticipate that Ashland Inc. will post 4.33 earnings per share for the current year.

Ashland Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a $0.385 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 1.62%. Ashland’s payout ratio is currently 50.49%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. TheStreet upgraded shares of Ashland from a “c+” rating to a “b-” rating in a research report on Thursday, February 22nd. JPMorgan Chase & Co. upped their target price on Ashland from $70.00 to $88.00 and gave the stock an “underweight” rating in a research report on Thursday, February 1st. Wells Fargo & Company upgraded Ashland from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $100.00 to $112.00 in a research report on Thursday. Wolfe Research initiated coverage on Ashland in a report on Friday, March 1st. They issued an “outperform” rating and a $108.00 price objective for the company. Finally, StockNews.com upgraded shares of Ashland from a “sell” rating to a “hold” rating in a research report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.00.

Check Out Our Latest Stock Report on Ashland

About Ashland

(Free Report)

Ashland Inc provides additives and specialty ingredients in the North and Latin America, Europe, Asia Pacific, and internationally. It operates through Life Sciences, Personal Care, Specialty Additives, and Intermediates segments. The Life Sciences segment offers pharmaceutical solutions, including controlled release polymers, disintegrants, tablet coatings, thickeners, solubilizers, and tablet binders; nutrition solutions, such as thickeners, stabilizers, emulsifiers, and additives; and nutraceutical solutions comprising products for weight management, joint comfort, stomach and intestinal health, sports nutrition, and general wellness, as well as custom formulation, toll processing, and particle engineering solutions.

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Institutional Ownership by Quarter for Ashland (NYSE:ASH)

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