NewEdge Wealth LLC trimmed its position in shares of Ashland Inc. (NYSE:ASH – Free Report) by 18.7% during the fourth quarter, HoldingsChannel reports. The fund owned 241,606 shares of the basic materials company’s stock after selling 55,712 shares during the quarter. NewEdge Wealth LLC’s holdings in Ashland were worth $17,265,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also recently added to or reduced their stakes in ASH. Massachusetts Financial Services Co. MA increased its position in Ashland by 12.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,598,602 shares of the basic materials company’s stock worth $226,000,000 after purchasing an additional 284,215 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Ashland by 16.1% in the fourth quarter. Pacer Advisors Inc. now owns 1,022,580 shares of the basic materials company’s stock valued at $73,074,000 after buying an additional 142,121 shares in the last quarter. Geode Capital Management LLC grew its holdings in Ashland by 0.3% during the third quarter. Geode Capital Management LLC now owns 827,642 shares of the basic materials company’s stock worth $72,000,000 after acquiring an additional 2,316 shares during the period. Bank of New York Mellon Corp raised its position in Ashland by 1.5% in the fourth quarter. Bank of New York Mellon Corp now owns 517,266 shares of the basic materials company’s stock worth $36,964,000 after acquiring an additional 7,709 shares in the last quarter. Finally, WCM Investment Management LLC lifted its holdings in Ashland by 2.6% in the third quarter. WCM Investment Management LLC now owns 297,218 shares of the basic materials company’s stock valued at $26,045,000 after acquiring an additional 7,478 shares during the period. 93.95% of the stock is owned by hedge funds and other institutional investors.
Ashland Trading Down 2.8 %
Shares of ASH opened at $62.69 on Thursday. Ashland Inc. has a 1-year low of $60.60 and a 1-year high of $102.50. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.52 and a quick ratio of 1.27. The firm has a 50 day simple moving average of $68.26 and a 200-day simple moving average of $78.06. The stock has a market cap of $2.96 billion, a price-to-earnings ratio of -94.98, a price-to-earnings-growth ratio of 1.14 and a beta of 0.86.
Ashland Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Saturday, March 15th. Shareholders of record on Saturday, March 1st will be paid a dividend of $0.405 per share. The ex-dividend date is Friday, February 28th. This represents a $1.62 annualized dividend and a dividend yield of 2.58%. Ashland’s dividend payout ratio is currently -245.45%.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company cut their price target on shares of Ashland from $90.00 to $80.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. JPMorgan Chase & Co. dropped their target price on shares of Ashland from $81.00 to $68.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. BMO Capital Markets boosted their price target on Ashland from $83.00 to $84.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 11th. UBS Group dropped their price objective on Ashland from $95.00 to $93.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. Finally, StockNews.com cut Ashland from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.57.
Get Our Latest Stock Analysis on ASH
Insiders Place Their Bets
In related news, VP Eric N. Boni sold 451 shares of the company’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $78.07, for a total value of $35,209.57. Following the completion of the transaction, the vice president now directly owns 14,182 shares in the company, valued at approximately $1,107,188.74. This represents a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Guillermo Novo acquired 31,294 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were bought at an average cost of $64.24 per share, with a total value of $2,010,326.56. Following the purchase, the chief executive officer now owns 31,294 shares in the company, valued at approximately $2,010,326.56. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.02% of the stock is owned by corporate insiders.
Ashland Company Profile
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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