Ashland (NYSE:ASH) Stock Price Up 8% – Still a Buy?

Shares of Ashland Inc. (NYSE:ASH) traded up 8% during mid-day trading on Monday . The stock traded as high as $56.71 and last traded at $57.1550. 226,926 shares traded hands during trading, a decline of 66% from the average session volume of 664,400 shares. The stock had previously closed at $52.90.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Morgan Stanley assumed coverage on Ashland in a research note on Monday, September 8th. They set an “equal weight” rating and a $60.00 price objective on the stock. Wall Street Zen upgraded shares of Ashland from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Argus lowered their price objective on shares of Ashland from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Tuesday, August 26th. Wells Fargo & Company cut their target price on shares of Ashland from $52.00 to $51.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 11th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ashland in a report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Ashland has a consensus rating of “Hold” and an average price target of $60.13.

Ashland Price Performance

The business’s 50-day simple moving average is $49.58 and its 200 day simple moving average is $51.23. The company has a current ratio of 2.68, a quick ratio of 1.33 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $2.62 billion, a P/E ratio of -3.06, a P/E/G ratio of 11.41 and a beta of 0.49.

Ashland (NYSE:ASH) last announced its earnings results 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. As a group, sell-side analysts anticipate that Ashland Inc. will post 4.27 EPS for the current year.

Ashland Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be paid a dividend of $0.415 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.66 annualized dividend and a yield of 2.9%. Ashland’s dividend payout ratio (DPR) is currently -9.05%.

Institutional Investors Weigh In On Ashland

Several hedge funds and other institutional investors have recently bought and sold shares of ASH. CIBC Private Wealth Group LLC lifted its holdings in shares of Ashland by 76.7% during the third quarter. CIBC Private Wealth Group LLC now owns 2,098 shares of the basic materials company’s stock valued at $101,000 after purchasing an additional 911 shares during the last quarter. Danske Bank A S purchased a new position in Ashland in the 3rd quarter worth about $38,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Ashland by 398.3% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,460 shares of the basic materials company’s stock valued at $70,000 after acquiring an additional 1,167 shares in the last quarter. Dark Forest Capital Management LP boosted its stake in Ashland by 91.9% in the 3rd quarter. Dark Forest Capital Management LP now owns 45,773 shares of the basic materials company’s stock worth $2,193,000 after purchasing an additional 21,919 shares during the period. Finally, XTX Topco Ltd acquired a new position in Ashland in the 3rd quarter worth approximately $1,136,000. 93.95% of the stock is currently owned by institutional investors.

Ashland Company 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.