Envestnet Asset Management Inc. lessened its stake in shares of Ashland Inc. (NYSE:ASH - Free Report) by 12.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,330 shares of the basic materials company's stock after selling 5,428 shares during the period. Envestnet Asset Management Inc. owned 0.08% of Ashland worth $2,811,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Landscape Capital Management L.L.C. bought a new position in Ashland in the 4th quarter valued at approximately $361,000. ExodusPoint Capital Management LP acquired a new stake in shares of Ashland during the fourth quarter valued at about $5,619,000. Massachusetts Financial Services Co. MA increased its stake in shares of Ashland by 8.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,806,922 shares of the basic materials company's stock valued at $200,583,000 after buying an additional 208,320 shares during the period. Headlands Technologies LLC bought a new position in Ashland in the 4th quarter valued at approximately $127,000. Finally, Cornercap Investment Counsel Inc. bought a new stake in Ashland during the 4th quarter worth approximately $401,000. 93.95% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on ASH shares. Wells Fargo & Company cut their price target on shares of Ashland from $69.00 to $58.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. StockNews.com lowered Ashland from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. UBS Group decreased their price objective on shares of Ashland from $95.00 to $93.00 and set a "buy" rating for the company in a research report on Wednesday, January 29th. Seaport Res Ptn lowered shares of Ashland from a "strong-buy" rating to a "hold" rating in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. upgraded Ashland from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $68.00 to $71.00 in a report on Wednesday, March 26th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, Ashland presently has an average rating of "Moderate Buy" and an average price target of $73.20.
Check Out Our Latest Stock Report on ASH
Insiders Place Their Bets
In other Ashland news, CEO Guillermo Novo purchased 31,294 shares of the company's stock in a transaction that occurred on Friday, January 31st. The shares were acquired at an average price of $64.24 per share, with a total value of $2,010,326.56. Following the transaction, the chief executive officer now owns 31,294 shares in the company, valued at $2,010,326.56. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.02% of the company's stock.
Ashland Stock Down 0.1 %
Shares of NYSE ASH traded down $0.05 during trading on Tuesday, hitting $53.36. 606,628 shares of the company traded hands, compared to its average volume of 513,765. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.27 and a current ratio of 2.52. The business's fifty day moving average is $55.63 and its 200 day moving average is $68.09. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of -80.85, a P/E/G ratio of 1.14 and a beta of 0.70. Ashland Inc. has a fifty-two week low of $45.21 and a fifty-two week high of $102.50.
Ashland (NYSE:ASH - Get Free Report) last announced its quarterly earnings data on Tuesday, January 28th. The basic materials company reported $0.28 EPS 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 period last year, the firm posted $0.45 earnings per share. Equities research analysts predict that Ashland Inc. will post 4.27 earnings per share for the current fiscal year.
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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