Ashland Inc. $ASH Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Ashland Inc. by 1.9%, now holding approximately 4.92% of the company valued at $118 million.
• Ashland recently declared a quarterly dividend of $0.415 per share, equating to an annualized yield of 3.4%, despite a negative payout ratio of -8.86%.
• Wall Street analysts' ratings for Ashland are mixed, with four ratings as "Buy," five as "Hold," and one as "Sell," and an average price target of $60.57.

Allspring Global Investments Holdings LLC lowered its holdings in Ashland Inc. (NYSE:ASH - Free Report) by 1.9% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 2,247,634 shares of the basic materials company's stock after selling 43,523 shares during the quarter. Allspring Global Investments Holdings LLC owned about 4.92% of Ashland worth $118,001,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its position in Ashland by 276.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 12,392 shares of the basic materials company's stock worth $735,000 after buying an additional 9,100 shares during the period. Private Trust Co. NA boosted its stake in shares of Ashland by 33.5% in the first quarter. Private Trust Co. NA now owns 1,468 shares of the basic materials company's stock valued at $87,000 after buying an additional 368 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Ashland in the first quarter valued at approximately $273,000. Amundi boosted its stake in shares of Ashland by 417,809.1% in the first quarter. Amundi now owns 45,970 shares of the basic materials company's stock valued at $2,726,000 after buying an additional 45,959 shares in the last quarter. Finally, Vontobel Holding Ltd. raised its holdings in Ashland by 13.3% during the first quarter. Vontobel Holding Ltd. now owns 4,012 shares of the basic materials company's stock worth $238,000 after purchasing an additional 471 shares during the last quarter. Institutional investors and hedge funds own 93.95% of the company's stock.

Ashland Trading Up 1.7%

Shares of ASH opened at $48.30 on Tuesday. The company has a market capitalization of $2.21 billion, a P/E ratio of -2.58, a P/E/G ratio of 10.80 and a beta of 0.49. Ashland Inc. has a one year low of $45.21 and a one year high of $88.89. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.33 and a current ratio of 2.68. The stock has a 50-day moving average price of $52.07 and a 200 day moving average price of $51.51.

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

Ashland Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 1st were issued a $0.415 dividend. This represents a $1.66 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Friday, August 29th. Ashland's payout ratio is -8.86%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Wall Street Zen cut Ashland from a "hold" rating to a "sell" rating in a report on Sunday. Mizuho dropped their price target on Ashland from $58.00 to $54.00 and set an "outperform" rating for the company in a research note on Friday, October 3rd. Wells Fargo & Company upped their target price on Ashland from $50.00 to $53.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. Morgan Stanley assumed coverage on Ashland in a research report on Monday, September 8th. They issued an "equal weight" rating and a $60.00 target price for the company. Finally, Zacks Research raised Ashland from a "strong sell" rating to a "hold" rating in a research report on Thursday, September 25th. Four analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $60.57.

Ashland 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.

Want to see what other hedge funds are holding ASH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ashland Inc. (NYSE:ASH - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.