Synovus Financial Corp Purchases 400 Shares of Ashland Inc. (NYSE:ASH)

Synovus Financial Corp grew its holdings in shares of Ashland Inc. (NYSE:ASH) by 11.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,964 shares of the basic materials company’s stock after buying an additional 400 shares during the quarter. Synovus Financial Corp’s holdings in Ashland were worth $345,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC bought a new position in Ashland in the 2nd quarter valued at $251,000. Raymond James & Associates increased its stake in Ashland by 28.7% in the 2nd quarter. Raymond James & Associates now owns 99,777 shares of the basic materials company’s stock worth $9,428,000 after buying an additional 22,280 shares during the period. Fifth Third Bancorp increased its stake in Ashland by 65.4% in the 2nd quarter. Fifth Third Bancorp now owns 1,080 shares of the basic materials company’s stock worth $102,000 after buying an additional 427 shares during the period. Bank of New York Mellon Corp lifted its holdings in Ashland by 1.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 547,909 shares of the basic materials company’s stock valued at $51,772,000 after buying an additional 6,598 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Ashland by 15.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,545 shares of the basic materials company’s stock valued at $996,000 after buying an additional 1,379 shares during the period. 93.95% of the stock is currently owned by hedge funds and other institutional investors.

Ashland Stock Performance

Shares of NYSE:ASH opened at $72.80 on Thursday. The company has a quick ratio of 1.33, a current ratio of 2.44 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of 21.73, a price-to-earnings-growth ratio of 1.15 and a beta of 0.86. The firm has a 50 day moving average of $80.70 and a 200 day moving average of $87.40. Ashland Inc. has a 52 week low of $72.40 and a 52 week high of $102.50.

Ashland (NYSE:ASH) last released its quarterly earnings results on Wednesday, November 6th. The basic materials company reported $1.26 EPS for the quarter, missing the consensus estimate of $1.28 by ($0.02). Ashland had a return on equity of 7.43% and a net margin of 7.95%. The company had revenue of $522.00 million during the quarter, compared to the consensus estimate of $524.07 million. During the same period in the previous year, the firm posted $0.41 earnings per share. The company’s revenue was up .8% on a year-over-year basis. On average, sell-side analysts predict that Ashland Inc. will post 4.52 earnings per share for the current fiscal year.

Ashland Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, December 15th. Shareholders of record on Sunday, December 1st were given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend was Friday, November 29th. Ashland’s payout ratio is 48.36%.

Insider Activity

In related news, SVP Robin E. Lampkin sold 868 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $77.90, for a total transaction of $67,617.20. Following the completion of the sale, the senior vice president now owns 2,883 shares of the company’s stock, valued at $224,585.70. This represents a 23.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Eric N. Boni sold 451 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $78.07, for a total transaction of $35,209.57. Following the completion of the sale, the vice president now owns 14,182 shares of the company’s stock, valued at approximately $1,107,188.74. This trade represents a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.02% of the company’s stock.

Analysts Set New Price Targets

ASH has been the subject of several research analyst reports. BMO Capital Markets lifted their price target on shares of Ashland from $83.00 to $84.00 and gave the company a “market perform” rating in a research note on Wednesday, December 11th. Wells Fargo & Company decreased their target price on Ashland from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, December 11th. Finally, StockNews.com lowered Ashland from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.00.

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.