Ashland Global Holdings Inc. (ASH) Shares Up 5.3% After Dividend Announcement
Shares of Ashland Global Holdings Inc. (NYSE:ASH) shot up 5.3% during mid-day trading on Thursday following a dividend announcement from the company. The company traded as high as $70.89 and last traded at $70.75. 1,303,310 shares changed hands during mid-day trading, an increase of 44% from the average session volume of 906,378 shares. The stock had previously closed at $67.16.
The newly announced dividend which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be given a $0.225 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.90 dividend on an annualized basis and a yield of 1.27%. Ashland Global Holdings’s payout ratio is -50.85%.
A number of brokerages recently commented on ASH. UBS AG lifted their price objective on Ashland Global Holdings from $74.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, November 7th. Zacks Investment Research upgraded Ashland Global Holdings from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Tuesday, October 24th. Credit Suisse Group lifted their price objective on Ashland Global Holdings from $65.00 to $69.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 8th. Deutsche Bank AG lifted their price objective on Ashland Global Holdings from $74.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, November 8th. Finally, SunTrust Banks, Inc. reiterated a “buy” rating and issued a $74.00 price objective on shares of Ashland Global Holdings in a research report on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $81.29.
The company has a current ratio of 1.97, a quick ratio of 1.31 and a debt-to-equity ratio of 0.76. The firm has a market cap of $4,410.00, a price-to-earnings ratio of 14.88, a price-to-earnings-growth ratio of 1.94 and a beta of 1.08.
Ashland Global Holdings (NYSE:ASH) last released its quarterly earnings data on Monday, November 6th. The basic materials company reported $0.78 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.09. The business had revenue of $880.00 million for the quarter, compared to the consensus estimate of $869.62 million. During the same quarter last year, the firm earned $1.52 EPS. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. sell-side analysts expect that Ashland Global Holdings Inc. will post 3.44 earnings per share for the current year.
In other news, CFO J Kevin Willis sold 1,352 shares of Ashland Global Holdings stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $66.23, for a total transaction of $89,542.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.27% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Creative Planning lifted its stake in Ashland Global Holdings by 7.1% in the 2nd quarter. Creative Planning now owns 1,527 shares of the basic materials company’s stock valued at $101,000 after acquiring an additional 101 shares in the last quarter. Commonwealth Equity Services Inc bought a new stake in Ashland Global Holdings in the 3rd quarter valued at approximately $234,000. Sciencast Management LP bought a new stake in Ashland Global Holdings in the 2nd quarter valued at approximately $271,000. Trexquant Investment LP bought a new stake in Ashland Global Holdings in the 2nd quarter valued at approximately $290,000. Finally, World Asset Management Inc lifted its stake in Ashland Global Holdings by 2.4% in the 2nd quarter. World Asset Management Inc now owns 4,423 shares of the basic materials company’s stock valued at $292,000 after acquiring an additional 104 shares in the last quarter. Hedge funds and other institutional investors own 94.23% of the company’s stock.
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Ashland Global Holdings Company Profile
Ashland Inc is engaged in specialty chemicals, and through Valvoline, is a consumer-branded lubricant supplier. The Company operates in three segments: Ashland Specialty Ingredients (Specialty Ingredients), Ashland Performance Materials (Performance Materials) and Valvoline. Its Specialty Ingredients segment is engaged in providing cellulose ethers, vinyl pyrrolidones and biofunctionals, and consists of two divisions: Consumer Specialties and Industrial Specialties.
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