Ashland (NYSE:ASH) Hits New 1-Year High After Analyst Upgrade

Key Points

• Ashland shares hit a new 52-week high, rising 6.2% to $76.92 after Morgan Stanley lifted its price target from $58 to $78 while maintaining an equal-weight rating.
• Analyst sentiment has generally improved, with Ashland carrying a “Moderate Buy” consensus from seven Buy and five Hold ratings; the average price target is $73.90.
• Institutional ownership is substantial at 93.95%, with BlackRock and Diamond Hill among investors that established new positions during the second quarter.

Ashland Inc. (NYSE:ASH - Get Free Report) shares reached a new 52-week high on Friday after Morgan Stanley raised their price target on the stock from $58.00 to $78.00. Morgan Stanley currently has an equal weight rating on the stock. Ashland traded as high as $78.25 and last traded at $76.9190, with a volume of 1753247 shares trading hands. The stock had previously closed at $72.46.

ASH has been the topic of several other reports. Wolfe Research restated an "outperform" rating on shares of Ashland in a research report on Monday, July 27th. Zacks Research raised shares of Ashland from a "strong sell" rating to a "hold" rating in a research report on Thursday, July 16th. BMO Capital Markets increased their target price on shares of Ashland from $68.00 to $75.00 and gave the company an "outperform" rating in a research note on Wednesday, July 29th. Weiss Ratings raised Ashland from a "sell (d-)" rating to a "hold (c-)" rating in a research report on Thursday, July 30th. Finally, Seaport Research Partners upgraded Ashland from a "neutral" rating to a "buy" rating and set a $75.00 price target on the stock in a research note on Wednesday, May 6th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Ashland presently has an average rating of "Moderate Buy" and an average target price of $73.90.

Institutional Trading of Ashland

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Ashland in the second quarter worth about $376,376,000. Pallas Capital Advisors LLC acquired a new position in shares of Ashland in the 2nd quarter worth approximately $811,000. Deutsche Bank AG acquired a new position in shares of Ashland in the 2nd quarter worth approximately $5,534,000. AMG National Trust Bank bought a new position in shares of Ashland during the 2nd quarter worth approximately $714,000. Finally, Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in Ashland in the 2nd quarter valued at $105,471,000. Institutional investors own 93.95% of the company's stock.

Ashland Trading Up 6.2%

The company has a 50 day moving average of $65.79 and a 200 day moving average of $60.38. The firm has a market cap of $3.52 billion, a price-to-earnings ratio of 67.47, a price-to-earnings-growth ratio of 1.73 and a beta of 0.40. The company has a current ratio of 3.05, a quick ratio of 1.89 and a debt-to-equity ratio of 0.73.

About Ashland

Ashland Inc is a global specialty chemicals company that develops, manufactures and supplies a broad range of performance and process-critical additives, ingredients and technologies. Its portfolio spans performance additives for coatings, adhesives and sealants; specialty ingredients for personal care and pharmaceutical applications; and process aids used in water treatment and other industrial processes. Ashland aims to address customer challenges by delivering tailored solutions that improve product performance, processing efficiency and sustainability outcomes.

Founded in 1924 as the Ashland Oil & Refining Company, the firm gradually expanded into the specialty chemicals sector over the second half of the 20th century.

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