Renaissance Technologies LLC Raises Stake in Ashland Inc. (NYSE:ASH)

Renaissance Technologies LLC raised its stake in Ashland Inc. (NYSE:ASH - Free Report) by 94.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 91,775 shares of the basic materials company's stock after purchasing an additional 44,600 shares during the quarter. Renaissance Technologies LLC owned approximately 0.19% of Ashland worth $6,558,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ASH. Versant Capital Management Inc bought a new stake in Ashland during the fourth quarter worth $33,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Ashland in the 3rd quarter valued at about $38,000. Atala Financial Inc acquired a new stake in Ashland in the 4th quarter valued at about $56,000. Assetmark Inc. grew its holdings in 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 period. Finally, Independence Bank of Kentucky increased its position in Ashland by 302.4% during the fourth quarter. Independence Bank of Kentucky now owns 1,489 shares of the basic materials company's stock worth $106,000 after buying an additional 1,119 shares during the last quarter. Institutional investors own 93.95% of the company's stock.

Ashland Stock Up 1.7 %

Shares of NYSE:ASH traded up $0.88 during midday trading on Thursday, hitting $52.70. 44,408 shares of the company's stock were exchanged, compared to its average volume of 510,103. The company has a market cap of $2.49 billion, a PE ratio of -79.81, a price-to-earnings-growth ratio of 1.14 and a beta of 0.70. Ashland Inc. has a 12 month low of $45.21 and a 12 month high of $102.50. The stock has a 50 day moving average price of $56.40 and a 200-day moving average price of $68.96. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.52 and a quick ratio of 1.27.

Ashland (NYSE:ASH - Get Free Report) last issued its quarterly earnings data on Tuesday, January 28th. The basic materials company reported $0.28 earnings per share for the quarter, missing the consensus estimate 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 in the prior year, the firm earned $0.45 EPS. On average, sell-side analysts anticipate that Ashland Inc. will post 4.27 EPS for the current fiscal year.

Insider Activity

In other Ashland news, CEO Guillermo Novo bought 31,294 shares of the firm's stock in a transaction dated Friday, January 31st. The stock was purchased at an average cost of $64.24 per share, with a total value of $2,010,326.56. Following the transaction, the chief executive officer now directly owns 31,294 shares in the company, valued at $2,010,326.56. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.02% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ASH. JPMorgan Chase & Co. raised Ashland from a "neutral" rating to an "overweight" rating and raised their price target for the company from $68.00 to $71.00 in a report on Wednesday, March 26th. Seaport Res Ptn downgraded shares of Ashland from a "strong-buy" rating to a "hold" rating in a report on Wednesday, March 5th. Wells Fargo & Company cut their price objective on shares of Ashland from $69.00 to $58.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. StockNews.com downgraded Ashland from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Finally, Mizuho set a $60.00 target price on Ashland in a research note on Tuesday, April 15th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price 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.