Ashland (NYSE:ASH) Shares Gap Up – What’s Next?

Ashland Inc. (NYSE:ASH) shares gapped up before the market opened on Wednesday . The stock had previously closed at $56.93, but opened at $59.01. Ashland shares last traded at $60.27, with a volume of 142,636 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised shares of Ashland from a “neutral” rating to an “overweight” rating and raised their price target for the company from $68.00 to $71.00 in a report on Wednesday. Wells Fargo & Company dropped their target price on shares of Ashland from $80.00 to $69.00 and set an “overweight” rating on the stock in a report on Thursday. UBS Group decreased their target price on shares of Ashland from $95.00 to $93.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. Seaport Res Ptn downgraded Ashland from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 5th. Finally, BMO Capital Markets upped their price objective on Ashland from $83.00 to $84.00 and gave the company a “market perform” rating in a research report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Ashland has an average rating of “Moderate Buy” and an average target price of $85.40.

Ashland Trading Down 0.0 %

The stock has a fifty day simple moving average of $62.79 and a 200 day simple moving average of $73.89. The firm has a market capitalization of $2.82 billion, a P/E ratio of -90.44, a PEG ratio of 1.14 and a beta of 0.89. The company has a quick ratio of 1.27, a current ratio of 2.52 and a debt-to-equity ratio of 0.51.

Ashland (NYSE:ASH) last issued its earnings results on Tuesday, January 28th. The basic materials company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate 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 period in the prior year, the company posted $0.45 EPS. As a group, research analysts forecast that Ashland Inc. will post 4.27 EPS for the current year.

Ashland Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Saturday, March 15th. Shareholders of record on Saturday, March 1st were paid a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 2.71%. The ex-dividend date was Friday, February 28th. Ashland’s payout ratio is currently -245.45%.

Insider Buying and Selling at Ashland

In other news, CEO Guillermo Novo purchased 31,294 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was bought at an average cost 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.02% of the company’s stock.

Institutional Trading of Ashland

Hedge funds have recently modified their holdings of the company. Raymond James Trust N.A. raised its stake in Ashland by 5.5% during the third quarter. Raymond James Trust N.A. now owns 3,104 shares of the basic materials company’s stock valued at $270,000 after purchasing an additional 163 shares in the last quarter. Citigroup Inc. grew its position in Ashland by 465.0% in the third quarter. Citigroup Inc. now owns 42,287 shares of the basic materials company’s stock worth $3,678,000 after acquiring an additional 34,802 shares in the last quarter. BNP Paribas Financial Markets raised its position in Ashland by 88.6% during the third quarter. BNP Paribas Financial Markets now owns 82,383 shares of the basic materials company’s stock valued at $7,165,000 after purchasing an additional 38,692 shares during the period. Bridgewater Associates LP lifted its stake in shares of Ashland by 87.3% in the 3rd quarter. Bridgewater Associates LP now owns 71,380 shares of the basic materials company’s stock valued at $6,208,000 after purchasing an additional 33,271 shares during the last quarter. Finally, FORA Capital LLC purchased a new stake in Ashland during the 3rd quarter valued at $1,332,000. 93.95% of the stock is owned by hedge funds and other institutional investors.

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.