Ashland (NYSE:ASH) Sets New 52-Week High – Here’s What Happened

Shares of Ashland Inc. (NYSE:ASH) reached a new 52-week high on Wednesday . The company traded as high as $68.32 and last traded at $68.2290, with a volume of 20066 shares traded. The stock had previously closed at $66.74.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Zacks Research cut shares of Ashland from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $60.00 price objective on shares of Ashland in a research report on Friday, May 1st. UBS Group boosted their target price on shares of Ashland from $66.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, June 10th. JPMorgan Chase & Co. increased their target price on Ashland from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, July 10th. Finally, Wells Fargo & Company cut their price target 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. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Ashland has an average rating of “Hold” and a consensus target price of $63.78.

Ashland Price Performance

The company has a debt-to-equity ratio of 0.74, a current ratio of 3.06 and a quick ratio of 1.78. The company’s 50 day simple moving average is $61.72 and its 200 day simple moving average is $59.48. The company has a market capitalization of $3.15 billion, a PE ratio of -4.46, a price-to-earnings-growth ratio of 2.16 and a beta of 0.41.

Ashland (NYSE:ASH) last issued its quarterly earnings data on Tuesday, April 28th. The basic materials company reported $0.91 earnings per share for the quarter, missing the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.99 EPS. As a group, sell-side analysts predict that Ashland Inc. will post 3.58 earnings per share for the current year.

Ashland Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.4%. This is a boost from Ashland’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend was Monday, June 1st. Ashland’s dividend payout ratio is presently -10.89%.

Hedge Funds Weigh In On Ashland

Several hedge funds have recently made changes to their positions in the company. Geneos Wealth Management Inc. lifted its holdings in shares of Ashland by 59.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 671 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 249 shares during the last quarter. Danske Bank A S acquired a new position in Ashland during the third quarter worth approximately $38,000. GAMMA Investing LLC lifted its stake in Ashland by 38.0% in the second quarter. GAMMA Investing LLC now owns 1,005 shares of the basic materials company’s stock valued at $66,000 after buying an additional 277 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Ashland by 398.3% in the third 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 during the period. Finally, TD Waterhouse Canada Inc. increased its holdings in shares of Ashland by 535.8% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,348 shares of the basic materials company’s stock valued at $79,000 after acquiring an additional 1,136 shares during the period. Hedge funds and other institutional investors own 93.95% of the company’s stock.

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.