Ashland (NYSE:ASH) Price Target Raised to $70.00 at Wells Fargo & Company

Key Points

• Wells Fargo raised Ashland’s price target from $50 to $70 while maintaining an “equal weight” rating, implying roughly 3.4% downside from the prior close.
• Analyst sentiment is broadly positive: Ashland has a “Moderate Buy” consensus rating and an average price target of $69.40, supported by recent target increases from Mizuho and BMO Capital Markets.
• Ashland’s latest quarterly results missed expectations, with adjusted EPS of $0.91 versus a $0.97 consensus and revenue of $482 million; institutional investors own approximately 93.95% of the stock.

Ashland (NYSE:ASH - Get Free Report) had its target price upped by research analysts at Wells Fargo & Company from $50.00 to $70.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "equal weight" rating on the basic materials company's stock. Wells Fargo & Company's price target indicates a potential downside of 3.43% from the company's previous close.

A number of other equities analysts have also commented on the stock. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Ashland in a research report on Friday. Mizuho boosted their target price on Ashland from $75.00 to $77.00 and gave the stock an "outperform" rating in a report on Wednesday. BMO Capital Markets increased their price target on Ashland from $68.00 to $75.00 and gave the stock an "outperform" rating in a research report on Wednesday. Weiss Ratings lowered Ashland from a "sell (d)" rating to a "sell (d-)" rating in a research note on Monday, May 4th. Finally, Morgan Stanley set a $58.00 price target on shares of Ashland in a research report on Monday, May 4th. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $69.40.

Ashland Price Performance

Ashland stock traded down $0.21 during mid-day trading on Friday, hitting $72.48. 56,898 shares of the company were exchanged, compared to its average volume of 839,046. The company has a market capitalization of $3.32 billion, a PE ratio of 63.47, a price-to-earnings-growth ratio of 2.37 and a beta of 0.41. The business has a fifty day moving average of $64.31 and a 200 day moving average of $60.09. Ashland has a 1-year low of $46.29 and a 1-year high of $74.99. The company has a quick ratio of 1.78, a current ratio of 3.05 and a debt-to-equity ratio of 0.73.

Ashland (NYSE:ASH - Get Free Report) last issued its earnings results on Tuesday, April 28th. The basic materials company reported $0.91 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.06). Ashland had a net margin of 2.82% and a return on equity of 8.03%. The firm had revenue of $482.00 million during the quarter, compared to analyst estimates of $485.61 million. During the same quarter in the prior year, the firm posted $0.99 EPS. The firm's revenue for the quarter was up .6% on a year-over-year basis. As a group, sell-side analysts expect that Ashland will post 3.48 earnings per share for the current year.

Institutional Investors Weigh In On Ashland

Several institutional investors have recently bought and sold shares of ASH. Geneos Wealth Management Inc. increased its holdings in shares of Ashland by 59.0% in the second quarter. Geneos Wealth Management Inc. now owns 671 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 249 shares during the last quarter. Danske Bank A S acquired a new stake in shares of Ashland during the 3rd quarter worth about $38,000. GAMMA Investing LLC boosted its holdings in shares of Ashland by 38.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,005 shares of the basic materials company's stock worth $66,000 after buying an additional 277 shares during the period. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Ashland by 398.3% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,460 shares of the basic materials company's stock worth $70,000 after buying an additional 1,167 shares during the period. Finally, TD Waterhouse Canada Inc. grew its stake in Ashland by 535.8% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,348 shares of the basic materials company's stock valued at $79,000 after buying an additional 1,136 shares during the last quarter. Institutional investors own 93.95% of the company's stock.

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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