Diamond Hill Capital Management Inc. Decreases Stock Position in Ashland Inc. (NYSE:ASH)

Diamond Hill Capital Management Inc. decreased its holdings in Ashland Inc. (NYSE:ASH - Free Report) by 18.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,567,816 shares of the basic materials company's stock after selling 358,191 shares during the quarter. Diamond Hill Capital Management Inc. owned 3.32% of Ashland worth $112,036,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new position in Ashland in the third quarter worth approximately $31,000. Versant Capital Management Inc purchased a new position in Ashland in the fourth quarter worth approximately $33,000. Wilmington Savings Fund Society FSB purchased a new position in Ashland in the third quarter worth approximately $38,000. Assetmark Inc. raised its holdings in Ashland by 610.5% during the third quarter. Assetmark Inc. now owns 540 shares of the basic materials company's stock worth $47,000 after purchasing an additional 464 shares in the last quarter. Finally, Atala Financial Inc acquired a new stake in Ashland during the fourth quarter worth approximately $56,000. Hedge funds and other institutional investors own 93.95% of the company's stock.

Insiders Place Their Bets

In related news, CEO Guillermo Novo bought 31,294 shares of the firm's stock in a transaction on Friday, January 31st. The shares were bought at an average cost of $64.24 per share, for a total transaction of $2,010,326.56. Following the transaction, the chief executive officer now owns 31,294 shares of the company's stock, valued at approximately $2,010,326.56. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.02% of the company's stock.

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Ashland Stock Performance

NYSE:ASH traded down $1.06 during midday trading on Tuesday, reaching $56.22. The stock had a trading volume of 840,785 shares, compared to its average volume of 448,145. The firm has a fifty day simple moving average of $64.83 and a two-hundred day simple moving average of $75.41. Ashland Inc. has a 12-month low of $54.40 and a 12-month high of $102.50. The company has a quick ratio of 1.27, a current ratio of 2.52 and a debt-to-equity ratio of 0.51. The stock has a market cap of $2.65 billion, a P/E ratio of -85.18, a P/E/G ratio of 1.14 and a beta of 0.89.

Ashland (NYSE:ASH - Get Free Report) last posted its quarterly earnings data on Tuesday, January 28th. The basic materials company reported $0.28 earnings per share for the quarter, missing analysts' consensus estimates of $0.79 by ($0.51). Ashland had a negative net margin of 1.12% and a positive return on equity of 7.41%. During the same quarter in the previous year, the business earned $0.45 earnings per share. On average, equities analysts expect that Ashland Inc. will post 4.27 EPS for the current year.

Ashland Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Saturday, March 15th. Shareholders of record on Saturday, March 1st were given a dividend of $0.405 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.62 annualized dividend and a dividend yield of 2.88%. Ashland's payout ratio is currently -245.45%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. BMO Capital Markets raised their price objective on shares of Ashland from $83.00 to $84.00 and gave the stock a "market perform" rating in a report on Wednesday, December 11th. Seaport Res Ptn cut shares of Ashland from a "strong-buy" rating to a "hold" rating in a report on Wednesday, March 5th. JPMorgan Chase & Co. cut their target price on shares of Ashland from $81.00 to $68.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. StockNews.com cut shares of Ashland from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Finally, Wells Fargo & Company cut their target price on shares of Ashland from $90.00 to $80.00 and set an "overweight" rating on the stock in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $87.00.

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.