Federated Hermes Inc. Cuts Stock Position in Ashland Inc. (NYSE:ASH)

Federated Hermes Inc. trimmed its stake in shares of Ashland Inc. (NYSE:ASH - Free Report) by 25.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,195 shares of the basic materials company's stock after selling 13,075 shares during the quarter. Federated Hermes Inc. owned approximately 0.08% of Ashland worth $2,729,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Versant Capital Management Inc acquired a new position in shares of Ashland during the fourth quarter worth $33,000. Wilmington Savings Fund Society FSB acquired a new position in Ashland in the 3rd quarter worth about $38,000. Atala Financial Inc bought a new position in Ashland in the fourth quarter valued at about $56,000. Assetmark Inc. grew its holdings in shares of Ashland by 84.1% during the fourth quarter. Assetmark Inc. now owns 994 shares of the basic materials company's stock worth $71,000 after purchasing an additional 454 shares during the last quarter. Finally, Independence Bank of Kentucky increased its stake in shares of Ashland by 302.4% in the fourth quarter. Independence Bank of Kentucky now owns 1,489 shares of the basic materials company's stock valued at $106,000 after buying an additional 1,119 shares during the period. Institutional investors own 93.95% of the company's stock.

Insider Activity at Ashland

In other news, CEO Guillermo Novo bought 31,294 shares of the stock in a transaction dated Friday, January 31st. The stock was bought at an average price of $64.24 per share, for a total transaction of $2,010,326.56. Following the completion of the acquisition, the chief executive officer now directly owns 31,294 shares in the company, valued at approximately $2,010,326.56. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.02% of the stock is currently owned by insiders.

Ashland Stock Up 1.8 %

ASH stock traded up $0.90 during midday trading on Friday, reaching $50.45. 404,331 shares of the company's stock traded hands, compared to its average volume of 510,406. 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 firm's fifty day moving average price is $57.49 and its 200-day moving average price is $69.91. Ashland Inc. has a 52 week low of $45.21 and a 52 week high of $102.50. The company has a market cap of $2.38 billion, a price-to-earnings ratio of -76.44, a P/E/G ratio of 1.14 and a beta of 0.70.

Ashland (NYSE:ASH - Get Free Report) last posted its earnings results 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 positive return on equity of 7.41% and a negative net margin of 1.12%. During the same quarter last year, the business posted $0.45 earnings per share. As a group, sell-side analysts forecast that Ashland Inc. will post 4.27 earnings per share for the current fiscal year.

Ashland Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Saturday, March 15th. Investors of record on Saturday, March 1st were issued a dividend of $0.405 per share. The ex-dividend date was Friday, February 28th. This represents a $1.62 annualized dividend and a yield of 3.21%. Ashland's dividend payout ratio (DPR) is currently -245.45%.

Analysts Set New Price Targets

ASH has been the topic of a number of recent analyst reports. Seaport Res Ptn downgraded shares of Ashland from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 5th. Mizuho set a $60.00 target price on Ashland in a research note on Tuesday. Wells Fargo & Company cut their price target on Ashland from $69.00 to $58.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. JPMorgan Chase & Co. raised shares of Ashland from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $68.00 to $71.00 in a research report on Wednesday, March 26th. Finally, StockNews.com downgraded shares of Ashland from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $73.20.

About Ashland

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.