Patten & Patten Inc. TN Has $1.22 Million Position in Ashland Inc. (NYSE:ASH)

Patten & Patten Inc. TN cut its stake in Ashland Inc. (NYSE:ASHFree Report) by 33.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,428 shares of the basic materials company’s stock after selling 7,297 shares during the quarter. Patten & Patten Inc. TN’s holdings in Ashland were worth $1,216,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Belpointe Asset Management LLC raised its holdings in shares of Ashland by 4.9% in the 1st quarter. Belpointe Asset Management LLC now owns 2,651 shares of the basic materials company’s stock worth $272,000 after buying an additional 125 shares in the last quarter. Covestor Ltd raised its holdings in Ashland by 23.5% during the first quarter. Covestor Ltd now owns 809 shares of the basic materials company’s stock worth $80,000 after acquiring an additional 154 shares in the last quarter. Steph & Co. raised its stake in Ashland by 4.1% in the third quarter. Steph & Co. now owns 4,005 shares of the basic materials company’s stock valued at $327,000 after buying an additional 158 shares during the period. Allworth Financial LP increased its position in Ashland by 43.1% during the 3rd quarter. Allworth Financial LP now owns 561 shares of the basic materials company’s stock worth $46,000 after buying an additional 169 shares during the period. Finally, American Century Companies Inc. raised its stake in Ashland by 1.9% in the third quarter. American Century Companies Inc. now owns 9,211 shares of the basic materials company’s stock valued at $752,000 after purchasing an additional 173 shares in the last quarter. 93.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on ASH shares. Wells Fargo & Company boosted their target price on shares of Ashland from $80.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 1st. StockNews.com upgraded Ashland from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. JPMorgan Chase & Co. raised their target price on shares of Ashland from $70.00 to $88.00 and gave the company an “underweight” rating in a research note on Thursday, February 1st. Jefferies Financial Group raised shares of Ashland from a “hold” rating to a “buy” rating and boosted their price objective for the company from $100.00 to $126.00 in a report on Thursday, March 14th. Finally, Wolfe Research began coverage on shares of Ashland in a research report on Friday, March 1st. They set an “outperform” rating and a $108.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Ashland has an average rating of “Hold” and a consensus price target of $99.67.

Get Our Latest Analysis on ASH

Ashland Trading Down 0.6 %

Shares of Ashland stock opened at $96.59 on Wednesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.88 and a current ratio of 3.30. Ashland Inc. has a fifty-two week low of $70.82 and a fifty-two week high of $105.15. The firm has a 50-day simple moving average of $92.85 and a two-hundred day simple moving average of $84.48. The company has a market cap of $4.84 billion, a P/E ratio of 31.67 and a beta of 0.92.

Ashland (NYSE:ASHGet Free Report) last released its earnings results on Wednesday, January 31st. The basic materials company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.24. The business had revenue of $473.00 million during the quarter, compared to analyst estimates of $478.69 million. Ashland had a net margin of 7.62% and a return on equity of 5.95%. The company’s revenue for the quarter was down 9.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.97 earnings per share. As a group, equities analysts predict that Ashland Inc. will post 4.33 earnings per share for the current fiscal year.

Ashland Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a dividend of $0.385 per share. This represents a $1.54 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date was Thursday, February 29th. Ashland’s dividend payout ratio is presently 50.49%.

About Ashland

(Free Report)

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.

Read More

Institutional Ownership by Quarter for Ashland (NYSE:ASH)

Receive News & Ratings for Ashland Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ashland and related companies with MarketBeat.com's FREE daily email newsletter.