Ashland (NYSE:ASH) Shares Cross Above Two Hundred Day Moving Average - What's Next?

Key Points

• Ashland shares crossed above their 200-day moving average, reaching $68.96 compared with the $63.56 average, though the stock remained below its 50-day average of $71.76.
• Analysts maintain a generally positive outlook, with seven Buy ratings and five Holds producing a “Moderate Buy” consensus and an average price target of $73.90.
• Ashland paid a quarterly dividend of $0.42 per share, equivalent to a $1.68 annualized dividend and a 2.4% yield; institutional investors own nearly 94% of the company’s stock.

Ashland Inc. (NYSE:ASH - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $63.56 and traded as high as $68.96. Ashland shares last traded at $68.6260, with a volume of 564,374 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms recently commented on ASH. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $85.00 target price on shares of Ashland in a report on Friday, July 31st. Zacks Research raised Ashland from a "strong sell" rating to a "hold" rating in a report on Thursday, July 16th. UBS Group increased their price objective on Ashland from $75.00 to $83.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Wells Fargo & Company raised their price objective on Ashland from $50.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Friday, July 31st. Finally, Mizuho raised their price objective on Ashland from $75.00 to $77.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 29th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Ashland presently has an average rating of "Moderate Buy" and a consensus target price of $73.90.

Ashland Stock Performance

The firm's fifty day simple moving average is $71.76 and its 200 day simple moving average is $63.56. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of 60.20, a PEG ratio of 2.04 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.4%. The ex-dividend date was Tuesday, September 1st. Ashland's payout ratio is presently 147.37%.

Institutional Trading of Ashland

A number of hedge funds have recently modified their holdings of ASH. BlackRock Inc. acquired a new stake in Ashland during the 2nd quarter worth about $376,376,000. Ancora Advisors LLC increased its holdings in shares of Ashland by 648,370.7% in the 2nd quarter. Ancora Advisors LLC now owns 1,945,412 shares of the basic materials company's stock valued at $128,183,000 after purchasing an additional 1,945,112 shares during the period. Franklin Resources Inc. increased its holdings in shares of Ashland by 13,240.8% in the 4th quarter. Franklin Resources Inc. now owns 1,736,173 shares of the basic materials company's stock valued at $101,861,000 after purchasing an additional 1,723,159 shares during the period. Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in shares of Ashland in the second quarter worth approximately $105,471,000. Finally, Empyrean Capital Partners LP purchased a new stake in shares of Ashland in the fourth quarter worth approximately $31,799,000. Hedge funds and other institutional investors own 93.95% of the company's stock.

About Ashland

Ashland Inc NYSE: ASH is a global specialty materials company that develops and manufactures functional ingredients, additives and other products used in a range of consumer and industrial applications. Its products are designed to improve the performance, appearance, stability and processing characteristics of materials and finished goods.

The company serves markets including pharmaceuticals, personal care, coatings, construction, food and beverage, specialty chemicals and other industrial sectors.

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