Verition Fund Management LLC Lowers Stake in Ashland Inc. (NYSE:ASH)

Verition Fund Management LLC decreased its holdings in shares of Ashland Inc. (NYSE:ASH - Free Report) by 57.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,389 shares of the basic materials company's stock after selling 8,685 shares during the period. Verition Fund Management LLC's holdings in Ashland were worth $556,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its position in shares of Ashland by 3.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,773,170 shares of the basic materials company's stock valued at $262,037,000 after acquiring an additional 86,977 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position 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 valued at $226,000,000 after purchasing an additional 284,215 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Ashland by 6.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,737,738 shares of the basic materials company's stock worth $151,131,000 after buying an additional 103,517 shares in the last quarter. Pacer Advisors Inc. grew its stake in Ashland by 6,127.2% in the 3rd quarter. Pacer Advisors Inc. now owns 880,459 shares of the basic materials company's stock worth $76,574,000 after buying an additional 866,320 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its holdings in shares of Ashland by 2.3% in the 2nd quarter. 1832 Asset Management L.P. now owns 671,948 shares of the basic materials company's stock worth $63,492,000 after buying an additional 14,938 shares during the last quarter. 93.95% of the stock is currently owned by hedge funds and other institutional investors.

Ashland Trading Down 1.2 %

Ashland stock traded down $0.93 during trading hours on Wednesday, reaching $74.94. The company had a trading volume of 466,794 shares, compared to its average volume of 420,971. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.44 and a quick ratio of 1.33. Ashland Inc. has a 12-month low of $74.75 and a 12-month high of $102.50. The company has a 50-day moving average price of $81.79 and a 200 day moving average price of $88.30. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of 22.37, a P/E/G ratio of 1.12 and a beta of 0.86.

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 analysts' consensus estimates of $1.28 by ($0.02). Ashland had a net margin of 7.95% and a return on equity of 7.43%. The firm had revenue of $522.00 million for the quarter, compared to the consensus estimate of $524.07 million. During the same quarter in the prior year, the company earned $0.41 earnings per share. The company's quarterly revenue was up .8% compared to the same quarter last year. Equities analysts forecast that Ashland Inc. will post 4.66 earnings per share for the current year.

Ashland Announces Dividend

The firm 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 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date is Friday, November 29th. Ashland's payout ratio is 48.36%.

Insiders Place Their Bets

In related news, VP Eric N. Boni sold 451 shares of the stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $78.07, for a total value of $35,209.57. Following the completion of the transaction, the vice president now directly owns 14,182 shares of the company's stock, valued at $1,107,188.74. This represents a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Robin E. Lampkin sold 868 shares of Ashland stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $77.90, for a total value of $67,617.20. Following the sale, the senior vice president now directly owns 2,883 shares in the company, valued at approximately $224,585.70. The trade was a 23.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.69% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. BMO Capital Markets upped their target price on shares of Ashland from $83.00 to $84.00 and gave the stock a "market perform" rating in a research report on Wednesday. Wells Fargo & Company cut their price objective on Ashland from $95.00 to $90.00 and set an "overweight" rating for the company in a report on Wednesday. UBS Group reduced their price objective on Ashland from $116.00 to $107.00 and set a "buy" rating on the stock in a research report on Thursday, August 15th. Finally, StockNews.com upgraded Ashland from a "hold" rating to a "buy" rating in a research report on Wednesday, December 4th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Ashland presently has an average rating of "Moderate Buy" and an average target price of $102.00.

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.