VELA Investment Management LLC Sells 10,037 Shares of Ashland Inc. (NYSE:ASH)

VELA Investment Management LLC cut its holdings in Ashland Inc. (NYSE:ASH) by 20.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 38,580 shares of the basic materials company’s stock after selling 10,037 shares during the period. VELA Investment Management LLC owned approximately 0.08% of Ashland worth $2,757,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of ASH. Illinois Municipal Retirement Fund grew its position in shares of Ashland by 106.4% during the 4th quarter. Illinois Municipal Retirement Fund now owns 20,895 shares of the basic materials company’s stock worth $1,493,000 after purchasing an additional 10,770 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Ashland by 1.5% in the fourth quarter. Bank of New York Mellon Corp now owns 517,266 shares of the basic materials company’s stock valued at $36,964,000 after buying an additional 7,709 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of Ashland in the fourth quarter valued at approximately $734,000. Handelsbanken Fonder AB grew its position in Ashland by 12.6% during the fourth quarter. Handelsbanken Fonder AB now owns 14,300 shares of the basic materials company’s stock worth $1,022,000 after buying an additional 1,600 shares in the last quarter. Finally, Ieq Capital LLC bought a new position in Ashland during the 4th quarter worth $1,664,000. 93.95% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, VP Eric N. Boni sold 451 shares of the firm’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $78.07, for a total transaction of $35,209.57. Following the completion of the transaction, the vice president now directly owns 14,182 shares of the company’s stock, valued at $1,107,188.74. This trade represents a 3.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Guillermo Novo purchased 31,294 shares of Ashland stock in a transaction on Friday, January 31st. The stock was bought at an average price of $64.24 per share, for a total transaction of $2,010,326.56. Following the transaction, the chief executive officer now directly owns 31,294 shares in the company, valued at approximately $2,010,326.56. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders own 1.02% of the company’s stock.

Ashland Trading Down 1.9 %

ASH opened at $61.52 on Friday. The company has a market cap of $2.90 billion, a P/E ratio of -93.21, a PEG ratio of 1.14 and a beta of 0.86. The company has a current ratio of 2.52, a quick ratio of 1.27 and a debt-to-equity ratio of 0.51. The company’s 50 day moving average is $68.05 and its 200-day moving average is $77.95. Ashland Inc. has a 1-year low of $60.60 and a 1-year high of $102.50.

Ashland (NYSE:ASH) last issued its earnings results on Tuesday, January 28th. The basic materials company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.51). Ashland had a negative net margin of 1.12% and a positive return on equity of 7.41%. During the same quarter last year, the business posted $0.45 earnings per share. Equities research analysts predict that Ashland Inc. will post 4.27 earnings per share for the current fiscal year.

Ashland Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, March 15th. Investors of record on Saturday, March 1st will be given a dividend of $0.405 per share. The ex-dividend date is Friday, February 28th. This represents a $1.62 dividend on an annualized basis and a yield of 2.63%. Ashland’s dividend payout ratio is currently -245.45%.

Wall Street Analysts Forecast Growth

ASH has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. cut their target price on Ashland from $81.00 to $68.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Wells Fargo & Company cut their price objective on shares of Ashland from $90.00 to $80.00 and set an “overweight” rating for the company in a research report on Thursday, January 30th. StockNews.com downgraded shares of Ashland from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. BMO Capital Markets boosted their target price on shares of Ashland from $83.00 to $84.00 and gave the company a “market perform” rating in a research report on Wednesday, December 11th. Finally, UBS Group reduced their price target on shares of Ashland from $95.00 to $93.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $95.57.

About Ashland

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.