Geode Capital Management LLC Sells 20,676 Shares of Ashland Inc. $ASH

by · The Markets Daily

Geode Capital Management LLC cut its holdings in shares of Ashland Inc. (NYSE:ASH – Free Report) by 2.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 799,779 shares of the basic materials company’s stock after selling 20,676 shares during the period. Geode Capital Management LLC owned 1.75% of Ashland worth $40,221,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Abound Wealth Management acquired a new stake in shares of Ashland during the second quarter worth about $40,000. GAMMA Investing LLC lifted its stake in Ashland by 93.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,155 shares of the basic materials company’s stock valued at $58,000 after acquiring an additional 558 shares during the period. Blue Trust Inc. increased its stake in shares of Ashland by 44.4% in the second quarter. Blue Trust Inc. now owns 1,291 shares of the basic materials company’s stock worth $65,000 after acquiring an additional 397 shares during the period. IFP Advisors Inc raised its holdings in shares of Ashland by 2,440.4% during the second quarter. IFP Advisors Inc now owns 1,321 shares of the basic materials company’s stock worth $66,000 after purchasing an additional 1,269 shares during the last quarter. Finally, Allworth Financial LP lifted its position in Ashland by 67.1% during the second quarter. Allworth Financial LP now owns 1,394 shares of the basic materials company’s stock valued at $70,000 after purchasing an additional 560 shares during the period. Institutional investors and hedge funds own 93.95% of the company’s stock.

Ashland Trading Up 3.3%

Shares of Ashland stock opened at $51.79 on Wednesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.68 and a quick ratio of 1.33. The stock’s 50 day simple moving average is $49.47 and its 200-day simple moving average is $51.22. The stock has a market cap of $2.37 billion, a P/E ratio of -2.77, a P/E/G ratio of 11.41 and a beta of 0.49. Ashland Inc. has a 1-year low of $45.21 and a 1-year high of $80.66.

Ashland (NYSE:ASH – Get Free Report) last announced its quarterly earnings data on Thursday, June 9th. The basic materials company reported $0.56 EPS for the quarter. The firm had revenue of $509.00 million for the quarter. Ashland had a positive return on equity of 6.82% and a negative net margin of 46.01%. Ashland has set its FY 2022 guidance at EPS. Analysts predict that Ashland Inc. will post 4.27 EPS for the current fiscal year.

Ashland Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be issued a $0.415 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.66 dividend on an annualized basis and a dividend yield of 3.2%. Ashland’s dividend payout ratio is currently -9.05%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ASH. Evercore ISI decreased their price objective on Ashland from $62.00 to $53.00 and set an “in-line” rating for the company in a report on Tuesday, November 11th. Mizuho raised their price objective on Ashland from $54.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, November 17th. Argus reduced their target price on Ashland from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Tuesday, August 26th. Wall Street Zen raised shares of Ashland from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, BMO Capital Markets lifted their target price on shares of Ashland from $60.00 to $61.00 and gave the company a “market perform” rating in a research report on Tuesday, September 2nd. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $60.13.

Get Our Latest Report on ASH

Ashland Profile

(Free Report)

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.

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