Ashland (NYSE:ASH) Shares Up 5.8% – Here’s Why

Ashland Inc. (NYSE:ASH) shares traded up 5.8% during trading on Thursday . The company traded as high as $53.10 and last traded at $52.95. 685,753 shares changed hands during mid-day trading, an increase of 5% from the average session volume of 655,905 shares. The stock had previously closed at $50.07.

Analysts Set New Price Targets

ASH has been the subject of a number of recent research reports. BMO Capital Markets boosted their price target on shares of Ashland from $60.00 to $61.00 and gave the stock a “market perform” rating in a research note on Tuesday, September 2nd. Wells Fargo & Company dropped their target price on shares of Ashland from $52.00 to $51.00 and set an “equal weight” rating for the company in a research report on Tuesday. Argus reduced their price target on Ashland from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Tuesday, August 26th. Weiss Ratings reiterated a “sell (d)” rating on shares of Ashland in a report on Wednesday, October 8th. Finally, Wall Street Zen cut Ashland from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $59.38.

Ashland Stock Performance

The stock has a market cap of $2.35 billion, a P/E ratio of -2.75, a price-to-earnings-growth ratio of 11.41 and a beta of 0.49. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.68 and a quick ratio of 1.33. The stock’s 50 day simple moving average is $49.92 and its two-hundred day simple moving average is $51.23.

Ashland (NYSE:ASH) last announced its earnings results on Thursday, June 9th. The basic materials company reported $0.56 earnings per share for the quarter. The firm had revenue of $509.00 million during the quarter. Ashland had a negative net margin of 46.01% and a positive return on equity of 6.82%. Ashland has set its FY 2022 guidance at EPS. As a group, research analysts forecast that Ashland Inc. will post 4.27 EPS for the current year.

Institutional Investors Weigh In On Ashland

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rothschild Investment LLC increased its position in shares of Ashland by 3,673.3% in the third quarter. Rothschild Investment LLC now owns 566 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 551 shares during the last quarter. Geneos Wealth Management Inc. increased its position in shares of Ashland by 59.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 671 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 249 shares during the last quarter. Abound Wealth Management bought a new stake in shares of Ashland during the 2nd quarter worth approximately $40,000. Allworth Financial LP boosted its holdings in shares of Ashland by 63.9% in the 1st quarter. Allworth Financial LP now owns 834 shares of the basic materials company’s stock valued at $49,000 after buying an additional 325 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of Ashland in the third quarter valued at $53,000. 93.95% of the stock is currently owned by institutional investors and hedge funds.

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.