Ashland (NYSE:ASH) Releases Earnings Results, Beats Estimates By $0.04 EPS

Ashland (NYSE:ASH) announced its earnings results on Tuesday. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.04, Zacks reports. Ashland had a positive return on equity of 8.06% and a negative net margin of 39.03%.

Ashland Stock Up 2.1%

ASH traded up $1.41 during trading on Tuesday, reaching $67.79. 1,272,676 shares of the stock were exchanged, compared to its average volume of 831,470. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.78 and a current ratio of 3.06. The stock’s 50 day moving average price is $63.38 and its two-hundred day moving average price is $59.87. Ashland has a twelve month low of $46.29 and a twelve month high of $72.25. The stock has a market cap of $3.10 billion, a P/E ratio of -4.40, a price-to-earnings-growth ratio of 2.14 and a beta of 0.41.

Ashland Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a dividend of $0.42 per share. The ex-dividend date was Monday, June 1st. This is a positive change from Ashland’s previous quarterly dividend of $0.41. This represents a $1.68 dividend on an annualized basis and a yield of 2.5%. Ashland’s dividend payout ratio is presently -10.89%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ASH. Geneos Wealth Management Inc. grew its position in shares of Ashland by 59.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 671 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 249 shares during the period. Danske Bank A S bought a new stake in shares of Ashland in the 3rd quarter valued at about $38,000. Caitong International Asset Management Co. Ltd lifted its stake in Ashland by 398.3% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,460 shares of the basic materials company’s stock valued at $70,000 after purchasing an additional 1,167 shares during the last quarter. CIBC Private Wealth Group LLC lifted its stake in Ashland by 76.7% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 2,098 shares of the basic materials company’s stock valued at $101,000 after purchasing an additional 911 shares during the last quarter. Finally, Quarry LP grew its holdings in Ashland by 121.9% during the third quarter. Quarry LP now owns 2,139 shares of the basic materials company’s stock worth $102,000 after purchasing an additional 1,175 shares during the period. Institutional investors own 93.95% of the company’s stock.

Wall Street Analyst Weigh In

ASH has been the subject of several research reports. Wells Fargo & Company decreased their price target on shares of Ashland from $60.00 to $50.00 and set an “equal weight” rating for the company in a research note on Thursday, April 30th. JPMorgan Chase & Co. boosted their price target on shares of Ashland from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, July 10th. Morgan Stanley set a $58.00 price objective on shares of Ashland in a research note on Monday, May 4th. Weiss Ratings cut Ashland from a “sell (d)” rating to a “sell (d-)” rating in a report on Monday, May 4th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $60.00 target price on shares of Ashland in a research report on Friday, May 1st. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Ashland presently has a consensus rating of “Moderate Buy” and an average target price of $65.20.

About Ashland

Ashland Inc is a global specialty chemicals company that develops, manufactures and supplies a broad range of performance and process-critical additives, ingredients and technologies. Its portfolio spans performance additives for coatings, adhesives and sealants; specialty ingredients for personal care and pharmaceutical applications; and process aids used in water treatment and other industrial processes. Ashland aims to address customer challenges by delivering tailored solutions that improve product performance, processing efficiency and sustainability outcomes.

Founded in 1924 as the Ashland Oil & Refining Company, the firm gradually expanded into the specialty chemicals sector over the second half of the 20th century.