Good Life Advisors LLC bought a new position in shares of Ashland Global Holdings Inc. (NYSE:ASH) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,193 shares of the basic materials company’s stock, valued at approximately $234,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in ASH. Pictet Asset Management Ltd. acquired a new stake in Ashland Global during the 3rd quarter worth $33,672,000. Schroder Investment Management Group grew its holdings in Ashland Global by 30.7% during the 3rd quarter. Schroder Investment Management Group now owns 1,463,395 shares of the basic materials company’s stock worth $95,999,000 after acquiring an additional 344,160 shares during the period. Ameriprise Financial Inc. grew its holdings in Ashland Global by 32.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,117,605 shares of the basic materials company’s stock worth $73,078,000 after acquiring an additional 274,617 shares during the period. Public Employees Retirement Association of Colorado grew its holdings in shares of Ashland Global by 125.4% in the 3rd quarter. Public Employees Retirement Association of Colorado now owns 369,502 shares of the basic materials company’s stock valued at $24,162,000 after buying an additional 205,549 shares during the period. Finally, Wedge Capital Management L L P NC grew its holdings in shares of Ashland Global by 11.8% in the 3rd quarter. Wedge Capital Management L L P NC now owns 1,748,825 shares of the basic materials company’s stock valued at $114,356,000 after buying an additional 185,176 shares during the period. 90.35% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on ASH. Jefferies Group reissued a “buy” rating on shares of Ashland Global in a report on Tuesday, January 30th. Seaport Global Securities reissued a “buy” rating and issued a $81.00 price target on shares of Ashland Global in a report on Wednesday, January 31st. Credit Suisse Group boosted their price target on shares of Ashland Global from $69.00 to $74.00 and gave the company a “neutral” rating in a report on Wednesday, January 31st. Monness Crespi & Hardt lowered shares of Ashland Global from a “buy” rating to a “neutral” rating in a report on Wednesday, January 31st. Finally, Zacks Investment Research raised shares of Ashland Global from a “sell” rating to a “hold” rating in a report on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $83.00.
Ashland Global (NYSE:ASH) last announced its earnings results on Monday, January 29th. The basic materials company reported $0.42 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.01). The company had revenue of $842.00 million during the quarter, compared to analyst estimates of $842.05 million. Ashland Global had a positive return on equity of 7.14% and a negative net margin of 0.08%. During the same period in the previous year, the company posted $1.16 earnings per share. sell-side analysts expect that Ashland Global Holdings Inc. will post 3.2 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, March 1st will be paid a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date is Wednesday, February 28th. Ashland Global’s payout ratio is presently -1,500.00%.
In related news, insider William J. Heitman sold 4,495 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $70.31, for a total value of $316,043.45. Following the completion of the transaction, the insider now directly owns 15,152 shares of the company’s stock, valued at approximately $1,065,337.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Anne T. Schumann sold 8,507 shares of the company’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $73.46, for a total transaction of $624,924.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,735 shares of company stock valued at $1,800,527. Company insiders own 1.14% of the company’s stock.
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About Ashland Global
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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