BlackRock Inc. Buys Shares of 5,712,189 Ashland Inc. $ASH

Key Points

• BlackRock acquired 5,712,189 Ashland shares during the second quarter, worth approximately $376.4 million, giving it a 12.47% stake. Institutional investors and hedge funds collectively own 93.95% of Ashland.
• Analysts maintain a generally positive view, with seven Buy ratings and five Holds. Ashland has an average rating of “Moderate Buy” and an average price target of $73.90, while several firms recently raised their targets.
• Ashland shares opened at $73.86 and offer a quarterly dividend of $0.42 per share, representing an annualized dividend of $1.68 and a 2.3% yield. The company’s payout ratio is elevated at 147.37%.

BlackRock Inc. purchased a new position in shares of Ashland Inc. (NYSE:ASH - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 5,712,189 shares of the basic materials company's stock, valued at approximately $376,376,000. BlackRock Inc. owned 12.47% of Ashland at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Global Retirement Partners LLC purchased a new position in Ashland during the second quarter worth about $35,000. Geneos Wealth Management Inc. raised its stake in shares of Ashland by 59.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 671 shares of the basic materials company's stock valued at $34,000 after acquiring an additional 249 shares during the period. Danske Bank A S acquired a new position in shares of Ashland in the 3rd quarter worth approximately $38,000. GAMMA Investing LLC boosted its position 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 purchasing an additional 277 shares during the period. Finally, TD Waterhouse Canada Inc. boosted its position in shares of Ashland by 535.8% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,348 shares of the basic materials company's stock worth $79,000 after purchasing an additional 1,136 shares during the period. 93.95% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ASH. UBS Group boosted their target price on Ashland from $75.00 to $83.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Wolfe Research reaffirmed an "outperform" rating on shares of Ashland in a research note on Monday, July 27th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $85.00 price objective on shares of Ashland in a report on Friday, July 31st. BMO Capital Markets increased their target price on Ashland from $68.00 to $75.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 29th. Finally, Wells Fargo & Company raised their target price on Ashland from $50.00 to $70.00 and gave the company an "equal weight" rating in a report on Friday, July 31st. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $73.90.

Ashland Price Performance

Shares of NYSE ASH opened at $73.86 on Wednesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.05 and a quick ratio of 1.89. The company has a market cap of $3.38 billion, a price-to-earnings ratio of 64.79, a price-to-earnings-growth ratio of 1.78 and a beta of 0.40. The stock's 50-day moving average is $69.23 and its two-hundred day moving average is $61.45. Ashland Inc. has a 1-year low of $46.29 and a 1-year high of $78.25.

Ashland Dividend Announcement

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

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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