Ashland Inc. (NYSE:ASH) Position Cut by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury trimmed its holdings in Ashland Inc. (NYSE:ASH) by 2.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,020 shares of the basic materials company’s stock after selling 480 shares during the quarter. State of Tennessee Department of Treasury’s holdings in Ashland were worth $1,216,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ASH. Versant Capital Management Inc bought a new position in Ashland in the 4th quarter worth approximately $33,000. Wilmington Savings Fund Society FSB acquired a new stake in Ashland in the third quarter worth approximately $38,000. Atala Financial Inc acquired a new stake in Ashland in the fourth quarter worth approximately $56,000. Covestor Ltd lifted its position in Ashland by 80.6% in the fourth quarter. Covestor Ltd now owns 959 shares of the basic materials company’s stock worth $69,000 after purchasing an additional 428 shares during the period. Finally, Assetmark Inc. lifted its position in Ashland by 84.1% in the fourth quarter. Assetmark Inc. now owns 994 shares of the basic materials company’s stock worth $71,000 after purchasing an additional 454 shares during the period. 93.95% of the stock is owned by institutional investors.

Insider Buying and Selling at Ashland

In other news, CEO Guillermo Novo bought 31,294 shares of the business’s stock in a transaction on Friday, January 31st. The shares were bought at an average cost of $64.24 per share, with a total value of $2,010,326.56. Following the purchase, the chief executive officer now directly owns 31,294 shares in the company, valued at $2,010,326.56. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.02% of the company’s stock.

Ashland Price Performance

Shares of NYSE:ASH opened at $54.38 on Thursday. The stock has a fifty day moving average of $55.18 and a 200-day moving average of $67.89. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.27 and a current ratio of 2.52. Ashland Inc. has a one year low of $45.21 and a one year high of $102.50. The company has a market capitalization of $2.57 billion, a PE ratio of -82.39, a price-to-earnings-growth ratio of 1.14 and a beta of 0.70.

Ashland (NYSE:ASH) last announced its earnings results on Wednesday, April 30th. The basic materials company reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.10 by ($0.11). Ashland had a negative net margin of 1.12% and a positive return on equity of 7.41%. The firm had revenue of $479.00 million for the quarter, compared to analyst estimates of $514.79 million. During the same period last year, the firm earned $1.27 earnings per share. Ashland’s revenue for the quarter was down 16.7% compared to the same quarter last year. As a group, equities analysts anticipate that Ashland Inc. will post 4.27 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ASH shares. Wells Fargo & Company cut their target price on Ashland from $69.00 to $58.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. JPMorgan Chase & Co. upgraded Ashland from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $68.00 to $71.00 in a research report on Wednesday, March 26th. Seaport Res Ptn downgraded Ashland from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 5th. Mizuho set a $60.00 price objective on Ashland in a research report on Tuesday, April 15th. Finally, UBS Group cut their price objective on Ashland from $95.00 to $93.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $73.20.

Ashland 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.