Diamond Hill Capital Management LLC Investment Advisor Buys New Holdings in Ashland Inc. $ASH

Key Points

• Diamond Hill Capital Management acquired 1.6 million Ashland shares worth approximately $105.5 million, giving it a 3.5% stake. Institutional investors collectively own 93.95% of the company.
• Analyst sentiment is generally positive: Ashland has a “Moderate Buy” consensus rating from 12 analysts, with an average price target of $73.90.
• Ashland shares opened at $73.69, near their 52-week high of $78.25. The company declared a quarterly dividend of $0.42 per share, representing a 2.3% annualized yield.

Diamond Hill Capital Management LLC Investment Advisor purchased a new position in Ashland Inc. (NYSE:ASH - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,600,714 shares of the basic materials company's stock, valued at approximately $105,471,000. Diamond Hill Capital Management LLC Investment Advisor owned 3.50% of Ashland at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Global Retirement Partners LLC bought a new stake in shares of Ashland during the second quarter valued at approximately $35,000. Geneos Wealth Management Inc. boosted its position in shares of Ashland by 59.0% during the second quarter. Geneos Wealth Management Inc. now owns 671 shares of the basic materials company's stock worth $34,000 after acquiring an additional 249 shares during the last quarter. Danske Bank A S bought a new position in shares of Ashland during the third quarter worth $38,000. GAMMA Investing LLC grew its stake in Ashland by 38.0% during the second quarter. GAMMA Investing LLC now owns 1,005 shares of the basic materials company's stock valued at $66,000 after acquiring an additional 277 shares in the last quarter. Finally, TD Waterhouse Canada Inc. increased its holdings 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 acquiring an additional 1,136 shares during the last quarter. 93.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on ASH. Weiss Ratings raised shares of Ashland from a "sell (d-)" rating to a "hold (c-)" rating in a report on Thursday, July 30th. Wolfe Research reaffirmed an "outperform" rating on shares of Ashland in a report on Monday, July 27th. Seaport Research Partners upgraded Ashland from a "neutral" rating to a "buy" rating and set a $75.00 target price on the stock in a research report on Wednesday, May 6th. Morgan Stanley increased their price target on Ashland from $58.00 to $78.00 and gave the company an "equal weight" rating in a research note on Thursday, August 6th. Finally, Mizuho raised their price target on Ashland from $75.00 to $77.00 and gave the company an "outperform" rating in a report on Wednesday, July 29th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $73.90.

Ashland Price Performance

ASH stock opened at $73.69 on Monday. Ashland Inc. has a 52 week low of $46.29 and a 52 week high of $78.25. The firm has a market capitalization of $3.38 billion, a P/E ratio of 64.64, a price-to-earnings-growth ratio of 1.78 and a beta of 0.40. The company has a fifty day simple moving average of $67.88 and a two-hundred day simple moving average of $60.89. The company has a quick ratio of 1.89, a current ratio of 3.05 and a debt-to-equity ratio of 0.73.

Ashland Dividend Announcement

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

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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