Highbridge Capital Management LLC Has $599,000 Position in Ashland Global Holdings Inc. (ASH)
Highbridge Capital Management LLC lowered its position in shares of Ashland Global Holdings Inc. (NYSE:ASH) by 96.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,155 shares of the basic materials company’s stock after selling 280,865 shares during the period. Highbridge Capital Management LLC’s holdings in Ashland Global were worth $599,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of ASH. Sei Investments Co. grew its stake in shares of Ashland Global by 56.6% during the second quarter. Sei Investments Co. now owns 5,873 shares of the basic materials company’s stock worth $387,000 after purchasing an additional 2,122 shares in the last quarter. Trexquant Investment LP purchased a new stake in Ashland Global in the second quarter valued at $290,000. Schwab Charles Investment Management Inc. lifted its position in Ashland Global by 101.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 404,431 shares of the basic materials company’s stock valued at $26,657,000 after acquiring an additional 204,154 shares during the last quarter. Arizona State Retirement System lifted its position in Ashland Global by 1.2% in the second quarter. Arizona State Retirement System now owns 26,200 shares of the basic materials company’s stock valued at $1,727,000 after acquiring an additional 300 shares during the last quarter. Finally, Teacher Retirement System of Texas purchased a new stake in Ashland Global in the second quarter valued at $329,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.
In other news, CFO J Kevin Willis sold 1,352 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $66.23, for a total value of $89,542.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Peter Ganz sold 3,379 shares of the company’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $70.63, for a total transaction of $238,658.77. The disclosure for this sale can be found here. Insiders sold 16,342 shares of company stock valued at $1,148,839 over the last ninety days. Corporate insiders own 1.14% of the company’s stock.
Ashland Global (NYSE:ASH) last announced its earnings results on Monday, November 6th. The basic materials company reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.09. The business had revenue of $880.00 million during the quarter, compared to analysts’ expectations of $869.62 million. During the same period in the previous year, the company posted $1.52 earnings per share. Ashland Global’s quarterly revenue was up 16.7% on a year-over-year basis. sell-side analysts anticipate that Ashland Global Holdings Inc. will post 3.42 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were issued a $0.225 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.28%. Ashland Global’s payout ratio is -9,000,000.00%.
A number of brokerages recently weighed in on ASH. SunTrust Banks boosted their price target on shares of Ashland Global to $83.00 and gave the company a “buy” rating in a research report on Friday, December 1st. UBS boosted their price target on shares of Ashland Global from $74.00 to $78.00 and gave the company a “buy” rating in a research report on Tuesday, November 7th. Zacks Investment Research raised shares of Ashland Global from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research report on Tuesday, October 24th. Credit Suisse Group boosted their price target on shares of Ashland Global from $65.00 to $69.00 and gave the company a “neutral” rating in a research report on Wednesday, November 8th. Finally, Deutsche Bank boosted their price target on shares of Ashland Global from $74.00 to $78.00 and gave the company a “buy” rating in a research report on Wednesday, November 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $82.57.
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Ashland Global 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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