Short Interest in Ashland Inc. (NYSE:ASH) Drops By 9.7%

Ashland Inc. (NYSE:ASH - Get Free Report) saw a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 1,020,000 shares, a drop of 9.7% from the October 15th total of 1,130,000 shares. Currently, 2.1% of the shares of the stock are sold short. Based on an average trading volume of 437,400 shares, the days-to-cover ratio is currently 2.3 days.

Ashland Stock Performance

Shares of ASH stock traded down $0.82 on Tuesday, hitting $76.21. The company had a trading volume of 135,462 shares, compared to its average volume of 421,131. The company has a quick ratio of 1.33, a current ratio of 2.44 and a debt-to-equity ratio of 0.47. Ashland has a twelve month low of $75.48 and a twelve month high of $102.50. The company has a 50-day moving average price of $84.82 and a 200-day moving average price of $90.73. The firm has a market cap of $3.72 billion, a P/E ratio of 22.64, a price-to-earnings-growth ratio of 1.11 and a beta of 0.88.

Ashland (NYSE:ASH - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The basic materials company reported $1.26 EPS for the quarter, missing the consensus estimate of $1.28 by ($0.02). Ashland had a net margin of 7.95% and a return on equity of 7.43%. The company had revenue of $522.00 million during the quarter, compared to analyst estimates of $524.07 million. During the same period in the prior year, the business posted $0.41 EPS. Ashland's revenue for the quarter was up .8% compared to the same quarter last year. As a group, equities research analysts predict that Ashland will post 4.82 earnings per share for the current fiscal year.

Ashland Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 15th. Shareholders of record on Sunday, December 1st will be given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 2.13%. The ex-dividend date is Friday, November 29th. Ashland's dividend payout ratio (DPR) is 48.36%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. StockNews.com downgraded shares of Ashland from a "buy" rating to a "hold" rating in a research note on Friday, September 13th. JPMorgan Chase & Co. upgraded shares of Ashland from an "underweight" rating to a "neutral" rating and reduced their price target for the company from $90.00 to $89.00 in a research report on Thursday, August 8th. UBS Group reduced their price target on shares of Ashland from $116.00 to $107.00 and set a "buy" rating on the stock in a research report on Thursday, August 15th. Wells Fargo & Company decreased their price objective on shares of Ashland from $112.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, August 8th. Finally, BMO Capital Markets reduced their target price on Ashland from $92.00 to $83.00 and set a "market perform" rating on the stock in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $103.29.

Insider Buying and Selling at Ashland

In other Ashland news, SVP Robin E. Lampkin sold 868 shares of the firm's stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $77.90, for a total transaction of $67,617.20. Following the transaction, the senior vice president now owns 2,883 shares in the company, valued at approximately $224,585.70. This trade represents a 23.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.69% of the company's stock.

Hedge Funds Weigh In On Ashland

A number of hedge funds and other institutional investors have recently made changes to their positions in ASH. Dimensional Fund Advisors LP raised its holdings in Ashland by 3.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,773,170 shares of the basic materials company's stock worth $262,037,000 after purchasing an additional 86,977 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Ashland by 12.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,598,602 shares of the basic materials company's stock worth $226,000,000 after acquiring an additional 284,215 shares during the period. Clearbridge Investments LLC raised its position in Ashland by 9.0% in the first quarter. Clearbridge Investments LLC now owns 1,806,137 shares of the basic materials company's stock worth $175,864,000 after acquiring an additional 149,483 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Ashland by 6.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,737,738 shares of the basic materials company's stock valued at $151,131,000 after acquiring an additional 103,517 shares during the period. Finally, Pacer Advisors Inc. boosted its position in shares of Ashland by 6,127.2% during the 3rd quarter. Pacer Advisors Inc. now owns 880,459 shares of the basic materials company's stock worth $76,574,000 after purchasing an additional 866,320 shares in the last quarter. Hedge funds and other institutional investors own 93.95% of the company's stock.

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.