Bank of America Corp DE Purchases 153,757 Shares of Ashland Inc. (NYSE:ASH)

Bank of America Corp DE lifted its stake in Ashland Inc. (NYSE:ASH - Free Report) by 100.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 306,810 shares of the basic materials company's stock after purchasing an additional 153,757 shares during the period. Bank of America Corp DE owned 0.65% of Ashland worth $21,925,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ASH. Atala Financial Inc bought a new position in shares of Ashland in the 4th quarter worth $56,000. Covestor Ltd boosted its position in shares of Ashland by 80.6% in the 4th quarter. Covestor Ltd now owns 959 shares of the basic materials company's stock worth $69,000 after purchasing an additional 428 shares during the last quarter. Assetmark Inc. lifted its holdings in Ashland by 84.1% during the fourth quarter. Assetmark Inc. now owns 994 shares of the basic materials company's stock worth $71,000 after acquiring an additional 454 shares in the last quarter. Independence Bank of Kentucky grew its stake in Ashland by 302.4% in the fourth quarter. Independence Bank of Kentucky now owns 1,489 shares of the basic materials company's stock valued at $106,000 after acquiring an additional 1,119 shares during the period. Finally, Headlands Technologies LLC acquired a new position in Ashland in the fourth quarter valued at about $127,000. 93.95% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Wells Fargo & Company cut Ashland from an "overweight" rating to an "equal weight" rating in a research note on Thursday, May 1st. Seaport Res Ptn cut Ashland from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 5th. UBS Group decreased their target price on Ashland from $85.00 to $74.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. StockNews.com cut Ashland from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Finally, Mizuho set a $60.00 price target on Ashland in a report on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $68.60.

Ashland Stock Performance

Shares of Ashland stock opened at $52.35 on Tuesday. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of -79.32, a price-to-earnings-growth ratio of 1.14 and a beta of 0.58. The stock's 50-day moving average is $52.79 and its 200-day moving average is $64.40. Ashland Inc. has a one year low of $45.21 and a one year high of $102.50. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.52 and a quick ratio of 1.27.

Ashland (NYSE:ASH - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The basic materials company reported $0.99 EPS for the quarter, missing analysts' consensus estimates of $1.10 by ($0.11). The firm had revenue of $479.00 million during the quarter, compared to the consensus estimate of $514.79 million. Ashland had a negative net margin of 1.12% and a positive return on equity of 7.41%. The business's revenue for the quarter was down 16.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.27 earnings per share. Equities analysts predict that Ashland Inc. will post 4.27 earnings per share for the current fiscal year.

Ashland Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, June 15th. Investors of record on Sunday, June 1st will be issued a dividend of $0.415 per share. This represents a $1.66 annualized dividend and a yield of 3.17%. The ex-dividend date is Friday, May 30th. This is a positive change from Ashland's previous quarterly dividend of $0.41. Ashland's dividend payout ratio is presently -69.17%.

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.

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