Kingsview Wealth Management LLC Makes New Investment in Ashland Inc. $ASH

Key Points

• Kingsview Wealth Management purchased 75,292 Ashland shares during the second quarter, valued at approximately $4.96 million and representing about 0.16% of the company. Institutional investors collectively own 93.95% of Ashland.
• Analyst sentiment is favorable: Ashland has a “Moderate Buy” consensus rating from 12 analysts, with an average price target of $73.90; several firms recently raised their targets to between $75 and $77.
• Ashland shares opened at $74.21, near their 52-week high of $78.25. The company also declared a quarterly dividend of $0.42 per share, equal to a 2.3% annualized yield.

Kingsview Wealth Management LLC bought a new stake in shares of Ashland Inc. (NYSE:ASH - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 75,292 shares of the basic materials company's stock, valued at approximately $4,961,000. Kingsview Wealth Management LLC owned about 0.16% of Ashland as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in the stock. Global Retirement Partners LLC bought a new position in shares of Ashland in the 2nd quarter worth $35,000. Geneos Wealth Management Inc. increased its holdings in Ashland by 59.0% in the second quarter. Geneos Wealth Management Inc. now owns 671 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 249 shares during the last quarter. Danske Bank A S acquired a new position in Ashland in the third quarter valued at about $38,000. GAMMA Investing LLC lifted its stake in Ashland by 38.0% in the second quarter. GAMMA Investing LLC now owns 1,005 shares of the basic materials company's stock valued at $66,000 after buying an additional 277 shares during the period. Finally, Kimelman & Baird LLC bought a new position in Ashland during the second quarter worth about $94,000. Institutional investors and hedge funds own 93.95% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on ASH. JPMorgan Chase & Co. boosted their target price on Ashland from $65.00 to $75.00 and gave the stock an "overweight" rating in a research report on Friday, July 10th. Seaport Research Partners raised shares of Ashland from a "neutral" rating to a "buy" rating and set a $75.00 price objective on the stock in a research note on Wednesday, May 6th. Zacks Research upgraded shares of Ashland from a "strong sell" rating to a "hold" rating in a report on Thursday, July 16th. BMO Capital Markets increased their target price on shares of Ashland from $68.00 to $75.00 and gave the stock an "outperform" rating in a report on Wednesday, July 29th. Finally, Mizuho boosted their price target on shares of Ashland from $75.00 to $77.00 and gave the company an "outperform" rating in a report on Wednesday, July 29th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $73.90.

Ashland Trading Up 0.4%

NYSE ASH opened at $74.21 on Friday. Ashland Inc. has a one year low of $46.29 and a one year high of $78.25. 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 firm has a market cap of $3.40 billion, a P/E ratio of 65.10, a P/E/G ratio of 1.78 and a beta of 0.40. The stock's 50-day moving average is $69.68 and its 200-day moving average is $61.68.

Ashland Dividend Announcement

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

Ashland Company 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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