Ashland (NYSE:ASH) Trading 5.8% Higher – Time to Buy?

Ashland Inc. (NYSE:ASH)’s stock price shot up 5.8% during mid-day trading on Thursday . The stock traded as high as $53.10 and last traded at $52.95. 685,753 shares traded hands during trading, an increase of 5% from the average session volume of 655,905 shares. The stock had previously closed at $50.07.

Analyst Ratings Changes

ASH has been the subject of several recent analyst reports. BMO Capital Markets boosted their target price on Ashland from $60.00 to $61.00 and gave the stock a “market perform” rating in a research note on Tuesday, September 2nd. Wells Fargo & Company lowered their target price on shares of Ashland from $52.00 to $51.00 and set an “equal weight” rating for the company in a report on Tuesday. Zacks Research lowered shares of Ashland from a “hold” rating to a “strong sell” rating in a research note on Friday, October 24th. Evercore ISI reduced their price target on shares of Ashland from $62.00 to $53.00 and set an “in-line” rating for the company in a research report on Tuesday. Finally, Morgan Stanley started coverage on Ashland in a report on Monday, September 8th. They set an “equal weight” rating and a $60.00 price objective on the stock. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $59.38.

Ashland Stock Up 6.0%

The company has a debt-to-equity ratio of 0.73, a current ratio of 2.68 and a quick ratio of 1.33. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of -2.83, a price-to-earnings-growth ratio of 11.41 and a beta of 0.49. The firm’s 50-day simple moving average is $50.01 and its two-hundred day simple moving average is $51.23.

Ashland (NYSE:ASH) last released its quarterly earnings results on Thursday, June 9th. The basic materials company reported $0.56 earnings per share for the quarter. The business had revenue of $509.00 million for the quarter. Ashland had a positive return on equity of 6.82% and a negative net margin of 46.01%. Ashland has set its FY 2022 guidance at EPS. Sell-side analysts predict that Ashland Inc. will post 4.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Ashland

Several hedge funds have recently added to or reduced their stakes in the business. Amundi raised its position in shares of Ashland by 417,809.1% during the 1st quarter. Amundi now owns 45,970 shares of the basic materials company’s stock worth $2,726,000 after purchasing an additional 45,959 shares during the last quarter. Pallas Capital Advisors LLC raised its holdings in shares of Ashland by 455.4% in the second quarter. Pallas Capital Advisors LLC now owns 22,727 shares of the basic materials company’s stock worth $1,143,000 after acquiring an additional 18,635 shares during the last quarter. Vident Advisory LLC acquired a new stake in shares of Ashland during the first quarter valued at $282,000. Caxton Associates LLP acquired a new position in Ashland in the 1st quarter valued at about $355,000. Finally, Harbor Capital Advisors Inc. lifted its holdings in Ashland by 13.2% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 175,836 shares of the basic materials company’s stock valued at $8,841,000 after purchasing an additional 20,533 shares in the last quarter. 93.95% of the stock is currently owned by hedge funds and other institutional investors.

Ashland Company Profile

Ashland Inc provides additives and specialty ingredients in the North and Latin America, Europe, Asia Pacific, and internationally. It operates through Life Sciences, Personal Care, Specialty Additives, and Intermediates segments. The Life Sciences segment offers pharmaceutical solutions, including controlled release polymers, disintegrants, tablet coatings, thickeners, solubilizers, and tablet binders; nutrition solutions, such as thickeners, stabilizers, emulsifiers, and additives; and nutraceutical solutions comprising products for weight management, joint comfort, stomach and intestinal health, sports nutrition, and general wellness, as well as custom formulation, toll processing, and particle engineering solutions.