Truist Financial Corp Lowers Stock Position in Ashland Inc. (NYSE:ASH)

Truist Financial Corp cut its position in shares of Ashland Inc. (NYSE:ASH - Free Report) by 16.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,110 shares of the basic materials company's stock after selling 6,122 shares during the period. Truist Financial Corp owned approximately 0.07% of Ashland worth $2,223,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Equitable Trust Co. raised its position in shares of Ashland by 2.2% during the 3rd quarter. Equitable Trust Co. now owns 6,431 shares of the basic materials company's stock valued at $559,000 after buying an additional 141 shares during the period. Raymond James Trust N.A. raised its position in Ashland by 5.5% in the third quarter. Raymond James Trust N.A. now owns 3,104 shares of the basic materials company's stock valued at $270,000 after purchasing an additional 163 shares during the period. Crossmark Global Holdings Inc. lifted its stake in shares of Ashland by 5.4% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 3,532 shares of the basic materials company's stock valued at $307,000 after purchasing an additional 182 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Ashland by 12.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,975 shares of the basic materials company's stock worth $259,000 after purchasing an additional 322 shares during the period. Finally, Prospera Private Wealth LLC acquired a new stake in shares of Ashland during the 3rd quarter worth about $31,000. 93.95% of the stock is currently owned by institutional investors and hedge funds.

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Insider Activity

In other Ashland news, CEO Guillermo Novo bought 31,294 shares of Ashland stock in a transaction dated Friday, January 31st. The stock was acquired at an average cost of $64.24 per share, with a total value of $2,010,326.56. Following the completion of the acquisition, the chief executive officer now owns 31,294 shares of the company's stock, valued at approximately $2,010,326.56. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Eric N. Boni sold 451 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $78.07, for a total value of $35,209.57. Following the sale, the vice president now directly owns 14,182 shares of the company's stock, valued at $1,107,188.74. The trade was a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.02% of the company's stock.

Analyst Upgrades and Downgrades

ASH has been the topic of a number of research analyst reports. UBS Group reduced their price target on shares of Ashland from $95.00 to $93.00 and set a "buy" rating on the stock in a research note on Wednesday, January 29th. Wells Fargo & Company decreased their price target on Ashland from $90.00 to $80.00 and set an "overweight" rating on the stock in a research note on Thursday, January 30th. StockNews.com lowered Ashland from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. BMO Capital Markets boosted their price objective on Ashland from $83.00 to $84.00 and gave the company a "market perform" rating in a report on Wednesday, December 11th. Finally, JPMorgan Chase & Co. lowered their target price on Ashland from $81.00 to $68.00 and set a "neutral" rating for the company in a report on Thursday, January 30th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Ashland presently has a consensus rating of "Moderate Buy" and a consensus price target of $93.50.

Ashland Stock Down 1.3 %

Shares of NYSE:ASH traded down $0.78 during trading on Friday, hitting $60.72. 909,339 shares of the company were exchanged, compared to its average volume of 678,165. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.52 and a quick ratio of 1.27. The firm's 50 day moving average price is $67.82 and its 200-day moving average price is $77.75. The stock has a market capitalization of $2.87 billion, a P/E ratio of -92.00, a PEG ratio of 1.14 and a beta of 0.86. Ashland Inc. has a 12-month low of $60.51 and a 12-month high of $102.50.

Ashland (NYSE:ASH - Get Free Report) last released its quarterly earnings data on Tuesday, January 28th. The basic materials company reported $0.28 earnings per share (EPS) 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 quarter last year, the company posted $0.45 earnings per share. On average, research analysts predict that Ashland Inc. will post 4.27 earnings per share for the current fiscal year.

Ashland Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 15th. Shareholders of record on Saturday, March 1st will be given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a yield of 2.67%. The ex-dividend date is Friday, February 28th. Ashland's dividend payout ratio (DPR) is -245.45%.

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.