Ashland (NYSE:ASH) Stock Breaks Above Two Hundred Day Moving Average - Here's Why

Key Points

• Ashland shares broke above their 200-day moving average, reaching $71.53 and last trading near $70.79, compared with a 200-day average of $64.55.
• Analyst sentiment is broadly positive: seven analysts rate Ashland a Buy and five rate it a Hold, resulting in a consensus “Moderate Buy” rating and a $73.60 price target.
• Ashland maintains a quarterly dividend of $0.42 per share, equivalent to a 2.4% yield, while institutional investors own approximately 93.95% of the company’s stock.

Ashland Inc. (NYSE:ASH - Get Free Report) shares crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $64.55 and traded as high as $71.53. Ashland shares last traded at $70.7850, with a volume of 459,222 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ASH. UBS Group decreased their price objective on Ashland from $83.00 to $80.00 and set a "buy" rating for the company in a research report on Monday, October 5th. Weiss Ratings raised Ashland from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, October 2nd. Wolfe Research restated an "outperform" rating on shares of Ashland in a research note on Monday, July 27th. BMO Capital Markets upped 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. Finally, Mizuho increased their price target on Ashland from $75.00 to $77.00 and gave the stock an "outperform" rating in a report 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, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $73.60.

Ashland Trading Up 0.3%

The company has a quick ratio of 1.89, a current ratio of 3.05 and a debt-to-equity ratio of 0.73. The company's fifty day moving average price is $71.79 and its two-hundred day moving average price is $64.55. The firm has a market cap of $3.24 billion, a PE ratio of 62.09, a P/E/G ratio of 1.79 and a beta of 0.40.

Ashland Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Tuesday, September 1st. Ashland's dividend payout ratio is 147.37%.

Institutional Trading of Ashland

Institutional investors have recently modified their holdings of the business. Corient Private Wealth LP acquired a new stake in Ashland in the second quarter valued at $1,275,000. Bank of New York Mellon Corp grew its stake in shares of Ashland by 7.8% during the 1st quarter. Bank of New York Mellon Corp now owns 308,628 shares of the basic materials company's stock worth $17,163,000 after purchasing an additional 22,288 shares during the period. Ancora Advisors LLC grew its stake in shares of Ashland by 648,370.7% during the 2nd quarter. Ancora Advisors LLC now owns 1,945,412 shares of the basic materials company's stock worth $128,183,000 after purchasing an additional 1,945,112 shares during the period. The Manufacturers Life Insurance Company purchased a new position in shares of Ashland in the 2nd quarter valued at about $2,769,000. Finally, Bank of America Corp DE purchased a new position in shares of Ashland in the 2nd quarter valued at about $26,256,000. 93.95% of the stock is currently owned by hedge funds and other institutional investors.

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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