Dynamic Technology Lab Private Ltd purchased a new position in Ashland Global Holdings Inc (NYSE:ASH) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 6,650 shares of the basic materials company’s stock, valued at approximately $464,000.
A number of other hedge funds also recently made changes to their positions in the business. BlackRock Inc. lifted its stake in Ashland Global by 2.1% in the 1st quarter. BlackRock Inc. now owns 5,376,171 shares of the basic materials company’s stock worth $375,204,000 after purchasing an additional 108,165 shares in the last quarter. Neuberger Berman Group LLC lifted its stake in Ashland Global by 48.1% in the 1st quarter. Neuberger Berman Group LLC now owns 2,490,078 shares of the basic materials company’s stock worth $173,783,000 after purchasing an additional 808,605 shares in the last quarter. Luminus Management LLC lifted its stake in Ashland Global by 30.9% in the 4th quarter. Luminus Management LLC now owns 1,884,222 shares of the basic materials company’s stock worth $134,158,000 after purchasing an additional 444,785 shares in the last quarter. Lord Abbett & CO. LLC lifted its stake in Ashland Global by 174.8% in the 1st quarter. Lord Abbett & CO. LLC now owns 1,249,166 shares of the basic materials company’s stock worth $87,179,000 after purchasing an additional 794,666 shares in the last quarter. Finally, York Capital Management Global Advisors LLC lifted its stake in Ashland Global by 11.0% in the 4th quarter. York Capital Management Global Advisors LLC now owns 1,014,666 shares of the basic materials company’s stock worth $72,244,000 after purchasing an additional 100,334 shares in the last quarter. Institutional investors and hedge funds own 94.71% of the company’s stock.
Shares of Ashland Global opened at $78.25 on Tuesday, according to Marketbeat. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.49 and a current ratio of 2.41. The stock has a market cap of $4.88 billion, a PE ratio of 32.07, a price-to-earnings-growth ratio of 2.23 and a beta of 1.15. Ashland Global Holdings Inc has a 12-month low of $59.80 and a 12-month high of $80.84.
Ashland Global (NYSE:ASH) last announced its earnings results on Tuesday, May 1st. The basic materials company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.19. The firm had revenue of $974.00 million for the quarter, compared to analysts’ expectations of $955.39 million. Ashland Global had a negative net margin of 0.62% and a positive return on equity of 5.77%. During the same period in the prior year, the company earned $1.71 EPS. sell-side analysts expect that Ashland Global Holdings Inc will post 3.51 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 15th. Stockholders of record on Friday, June 1st were given a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend was Thursday, May 31st. Ashland Global’s dividend payout ratio is 40.98%.
Ashland Global announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, March 20th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the basic materials company to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
ASH has been the topic of several research analyst reports. Credit Suisse Group upgraded shares of Ashland Global from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $68.18 to $79.00 in a research note on Friday, March 23rd. Longbow Research upgraded shares of Ashland Global from a “neutral” rating to a “buy” rating in a research note on Monday, March 26th. BMO Capital Markets initiated coverage on shares of Ashland Global in a research note on Tuesday, March 27th. They issued an “outperform” rating and a $82.00 price target on the stock. Zacks Investment Research upgraded shares of Ashland Global from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 3rd. Finally, KeyCorp boosted their price target on shares of Ashland Global from $80.00 to $87.00 and gave the stock an “overweight” rating in a research note on Thursday, May 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $82.60.
About Ashland Global
Ashland Global Holdings Inc provides specialty chemical solutions worldwide. Its Specialty Ingredients segment provides products, technologies, and resources for solving formulation and product-performance challenges. It offers solutions using natural, synthetic, and semisynthetic polymers derived from plant and seed extract, cellulose ethers, vinyl pyrrolidones, and acrylic polymers, as well as polyester and polyurethane-based adhesives.
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