Bank of New York Mellon Corp Takes $21.94 Million Position in Ashland Inc. $ASH

Key Points

• Bank of New York Mellon acquired 333,030 Ashland shares worth approximately $21.94 million, giving it a 0.73% stake. Institutional investors collectively own 93.95% of the specialty chemicals company.
• Ashland shares opened at $74.21, near the top of their 52-week range of $46.29 to $78.25. Analysts maintain a “Moderate Buy” consensus, with an average price target of $73.90 and recent targets ranging as high as $83.
• Ashland declared a quarterly dividend of $0.42 per share, equivalent to $1.68 annually and a 2.3% yield; the dividend is scheduled for payment on September 15 to shareholders of record on September 1.

Bank of New York Mellon Corp acquired a new position in Ashland Inc. (NYSE:ASH - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 333,030 shares of the basic materials company's stock, valued at approximately $21,943,000. Bank of New York Mellon Corp owned 0.73% of Ashland as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada raised its position in Ashland by 18.7% during the first quarter. Royal Bank of Canada now owns 46,306 shares of the basic materials company's stock valued at $2,747,000 after buying an additional 7,309 shares during the period. Integrated Wealth Concepts LLC lifted its position in shares of Ashland by 6.3% in the first quarter. Integrated Wealth Concepts LLC now owns 3,815 shares of the basic materials company's stock worth $226,000 after purchasing an additional 225 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Ashland by 49.4% during the first quarter. Millennium Management LLC now owns 284,454 shares of the basic materials company's stock worth $16,865,000 after purchasing an additional 94,067 shares during the period. Goldman Sachs Group Inc. increased its stake in Ashland by 1.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 387,132 shares of the basic materials company's stock valued at $22,953,000 after buying an additional 6,245 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Ashland by 10.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 152,830 shares of the basic materials company's stock worth $9,061,000 after buying an additional 13,989 shares in the last quarter. 93.95% of the stock is currently owned by hedge funds and other institutional investors.

Ashland Price Performance

Shares of NYSE:ASH opened at $74.21 on Monday. Ashland Inc. has a fifty-two week low of $46.29 and a fifty-two week high of $78.25. The business has a 50-day moving average of $69.68 and a two-hundred day moving average of $61.68. The stock has a market capitalization of $3.40 billion, a P/E ratio of 65.10, a P/E/G ratio of 1.79 and a beta of 0.40. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.05 and a quick ratio of 1.89.

Ashland Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.42 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.3%. Ashland's dividend payout ratio (DPR) is currently 147.37%.

Analysts Set New Price Targets

Several analysts recently issued reports on ASH shares. Mizuho increased their price objective on Ashland from $75.00 to $77.00 and gave the stock an "outperform" rating in a report on Wednesday, July 29th. Wells Fargo & Company boosted their target price on Ashland from $50.00 to $70.00 and gave the company an "equal weight" rating in a research note on Friday, July 31st. BMO Capital Markets raised their price target on Ashland from $68.00 to $75.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 29th. UBS Group lifted their price target on Ashland from $75.00 to $83.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Finally, Weiss Ratings raised Ashland from a "sell (d-)" rating to a "hold (c-)" rating in a research note on Thursday, July 30th. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Ashland currently has a consensus rating of "Moderate Buy" and a consensus target price of $73.90.

Ashland Profile

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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