Steph & Co. increased its stake in Ashland Inc. (NYSE:ASH – Get Rating) by 22.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,598 shares of the basic materials company's stock after purchasing an additional 651 shares during the quarter. Steph & Co.'s holdings in Ashland were worth $371,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. ACG Wealth purchased a new stake in Ashland in the second quarter worth approximately $28,000. National Bank of Canada FI boosted its stake in shares of Ashland by 245.3% during the 1st quarter. National Bank of Canada FI now owns 328 shares of the basic materials company's stock worth $32,000 after acquiring an additional 233 shares during the last quarter. Prospera Financial Services Inc purchased a new position in shares of Ashland during the 1st quarter worth $35,000. Kenfarb & CO. bought a new stake in shares of Ashland during the 4th quarter valued at $39,000. Finally, Allworth Financial LP raised its position in shares of Ashland by 32.7% during the 2nd quarter. Allworth Financial LP now owns 520 shares of the basic materials company's stock valued at $54,000 after purchasing an additional 128 shares during the period. Hedge funds and other institutional investors own 93.26% of the company's stock.
Get Ashland alerts:Ashland Trading Down 1.1 %
Ashland stock traded down $1.04 during trading hours on Wednesday, hitting $97.35. The company had a trading volume of 12,390 shares, compared to its average volume of 390,088. The firm has a market cap of $5.27 billion, a P/E ratio of 6.28 and a beta of 1.01. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.20 and a current ratio of 3.30. Ashland Inc. has a 1 year low of $83.29 and a 1 year high of $112.91. The company has a 50-day moving average price of $102.61 and a two-hundred day moving average price of $101.18.
Ashland (NYSE:ASH – Get Rating) last announced its quarterly earnings results on Tuesday, July 26th. The basic materials company reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.22. Ashland had a net margin of 38.83% and a return on equity of 10.33%. During the same period in the previous year, the firm posted $1.22 earnings per share. On average, sell-side analysts anticipate that Ashland Inc. will post 5.66 earnings per share for the current year.Ashland Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were paid a $0.335 dividend. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $1.34 dividend on an annualized basis and a dividend yield of 1.38%. Ashland's payout ratio is currently 8.43%.
Ashland declared that its board has initiated a stock buyback plan on Wednesday, May 25th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to purchase up to 8.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.
Wall Street Analyst Weigh In
ASH has been the topic of a number of research reports. UBS Group lifted their price target on shares of Ashland from $127.00 to $131.00 and gave the company a "buy" rating in a report on Wednesday, July 27th. Mizuho boosted their target price on shares of Ashland from $138.00 to $139.00 and gave the stock a "buy" rating in a report on Tuesday, July 19th. Stifel Nicolaus boosted their target price on shares of Ashland from $136.00 to $140.00 in a report on Monday, July 18th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Ashland from $122.00 to $120.00 in a report on Tuesday, July 19th. Finally, Wells Fargo & Company reduced their target price on shares of Ashland from $113.00 to $107.00 and set an "equal weight" rating on the stock in a report on Monday, July 18th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $123.33.
Ashland Profile
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Ashland Inc provides additives and specialty ingredients worldwide. It operates through Life Sciences; Personal Care & Household; Specialty Additives; and Intermediates and Solvents 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.
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