Ashland Inc. (NYSE:ASH – Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $65.86 and last traded at $65.77, with a volume of 119385 shares traded. The stock had previously closed at $62.50.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on ASH shares. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $60.00 price objective on shares of Ashland in a research note on Friday, May 1st. Wells Fargo & Company reduced their price objective on Ashland from $60.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 30th. Evercore set a $62.00 target price on Ashland in a research note on Wednesday, February 18th. Seaport Research Partners raised Ashland from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a research note on Wednesday, May 6th. Finally, JPMorgan Chase & Co. cut their target price on Ashland from $70.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, April 30th. Six research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $62.67.
Read Our Latest Stock Analysis on Ashland
Ashland Stock Performance
Ashland (NYSE:ASH – Get Free Report) last posted its earnings results on Tuesday, April 28th. The basic materials company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.06). The company had revenue of $482.00 million for the quarter, compared to analysts’ expectations of $485.61 million. Ashland had a positive return on equity of 8.06% and a negative net margin of 39.03%.The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.99 EPS. Research analysts anticipate that Ashland Inc. will post 3.58 earnings per share for the current year.
Ashland Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Monday, June 1st. This is a boost from Ashland’s previous quarterly dividend of $0.42. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.6%. Ashland’s payout ratio is currently -10.89%.
Hedge Funds Weigh In On Ashland
A number of large investors have recently made changes to their positions in the business. Alpine Woods Capital Investors LLC acquired a new position in shares of Ashland during the first quarter worth $205,000. Dayah Capital LLC acquired a new position in shares of Ashland during the first quarter worth $5,561,000. Paragon Private Wealth Management LLC increased its position in shares of Ashland by 25.8% during the first quarter. Paragon Private Wealth Management LLC now owns 4,609 shares of the basic materials company’s stock worth $256,000 after purchasing an additional 946 shares in the last quarter. Edgestream Partners L.P. increased its position in shares of Ashland by 42.2% during the first quarter. Edgestream Partners L.P. now owns 32,989 shares of the basic materials company’s stock worth $1,835,000 after purchasing an additional 9,790 shares in the last quarter. Finally, Bull Harbor Capital LLC acquired a new position in shares of Ashland during the first quarter worth $255,000. 93.95% of the stock is owned by institutional investors and hedge funds.
About Ashland
Ashland Inc is a global specialty chemicals company that develops, manufactures and supplies a broad range of performance and process-critical additives, ingredients and technologies. Its portfolio spans performance additives for coatings, adhesives and sealants; specialty ingredients for personal care and pharmaceutical applications; and process aids used in water treatment and other industrial processes. Ashland aims to address customer challenges by delivering tailored solutions that improve product performance, processing efficiency and sustainability outcomes.
Founded in 1924 as the Ashland Oil & Refining Company, the firm gradually expanded into the specialty chemicals sector over the second half of the 20th century.
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