Connor Clark & Lunn Investment Management Ltd. Buys 13,856 Shares of Ashland Inc. (NYSE:ASH)

Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Ashland Inc. (NYSE:ASH) by 44.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 45,258 shares of the basic materials company’s stock after acquiring an additional 13,856 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Ashland were worth $3,234,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Assetmark Inc. raised its stake in Ashland by 610.5% in the third quarter. Assetmark Inc. now owns 540 shares of the basic materials company’s stock valued at $47,000 after purchasing an additional 464 shares in the last quarter. Crossmark Global Holdings Inc. raised its position in shares of Ashland by 5.4% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 3,532 shares of the basic materials company’s stock valued at $307,000 after buying an additional 182 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in shares of Ashland by 18.4% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 22,388 shares of the basic materials company’s stock worth $1,947,000 after acquiring an additional 3,472 shares during the period. Empowered Funds LLC acquired a new stake in shares of Ashland during the 3rd quarter worth approximately $2,300,000. Finally, Natixis Advisors LLC increased its stake in Ashland by 1.4% in the third quarter. Natixis Advisors LLC now owns 75,575 shares of the basic materials company’s stock valued at $6,573,000 after acquiring an additional 1,012 shares during the last quarter. 93.95% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Guillermo Novo purchased 31,294 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was bought at an average price of $64.24 per share, with a total value of $2,010,326.56. Following the completion of the purchase, the chief executive officer now owns 31,294 shares in the company, valued at approximately $2,010,326.56. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 1.02% of the stock is owned by corporate insiders.

Analyst Ratings Changes

ASH has been the subject of several 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 note on Thursday, January 30th. StockNews.com lowered 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 Ashland from $83.00 to $84.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 11th. Seaport Res Ptn downgraded shares of Ashland from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 5th. Finally, UBS Group lowered their price objective on shares of Ashland from $95.00 to $93.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $87.00.

Ashland Stock Performance

Shares of ASH stock opened at $57.22 on Tuesday. The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of -86.69, a PEG ratio of 1.14 and a beta of 0.89. 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 business’s 50-day moving average price is $64.83 and its 200-day moving average price is $75.41. Ashland Inc. has a 12 month low of $55.29 and a 12 month high of $102.50.

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

Ashland Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 15th. Investors of record on Saturday, March 1st were issued a $0.405 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.62 dividend on an annualized basis and a yield of 2.83%. Ashland’s payout ratio is -245.45%.

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.