Credit Suisse Group upgraded shares of Ashland Global (NYSE:ASH) from a neutral rating to an outperform rating in a research note issued to investors on Friday morning, Marketbeat.com reports. They currently have $79.00 price objective on the basic materials company’s stock, up from their prior price objective of $68.18.
Other equities analysts have also recently issued reports about the stock. SunTrust Banks lifted their target price on shares of Ashland Global to $83.00 and gave the company a buy rating in a report on Friday, December 1st. Jefferies Group reaffirmed a buy rating on shares of Ashland Global in a report on Tuesday, January 30th. Seaport Global Securities reaffirmed a buy rating and issued a $81.00 target price on shares of Ashland Global in a report on Wednesday, January 31st. Zacks Investment Research raised shares of Ashland Global from a sell rating to a hold rating in a research note on Tuesday, January 30th. Finally, Monness Crespi & Hardt cut shares of Ashland Global from a buy rating to a neutral rating in a research note on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $83.63.
Ashland Global (NYSE ASH) opened at $67.96 on Friday. The company has a market cap of $4,229.08, a price-to-earnings ratio of -1,132.67, a PEG ratio of 2.12 and a beta of 1.11. Ashland Global has a 1-year low of $59.80 and a 1-year high of $77.16. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.96 and a quick ratio of 1.29.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st were paid a $0.225 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $0.90 annualized dividend and a yield of 1.32%. Ashland Global’s dividend payout ratio is currently -1,500.00%.
Ashland Global declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, March 20th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the basic materials company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.
In other Ashland Global news, insider William J. Heitman sold 4,495 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $70.31, for a total transaction of $316,043.45. Following the sale, the insider now directly owns 15,152 shares in the company, valued at approximately $1,065,337.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anne T. Schumann sold 11,733 shares of the business’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $73.26, for a total transaction of $859,559.58. The disclosure for this sale can be found here. Insiders sold a total of 24,735 shares of company stock worth $1,800,527 over the last three months. 1.14% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Swiss National Bank boosted its position in shares of Ashland Global by 2.5% during the 4th quarter. Swiss National Bank now owns 106,300 shares of the basic materials company’s stock worth $7,569,000 after purchasing an additional 2,600 shares in the last quarter. Luminus Management LLC boosted its position in shares of Ashland Global by 30.9% during the 4th quarter. Luminus Management LLC now owns 1,884,222 shares of the basic materials company’s stock worth $134,158,000 after purchasing an additional 444,785 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Ashland Global by 4.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,157,066 shares of the basic materials company’s stock worth $75,662,000 after purchasing an additional 51,277 shares in the last quarter. BlackRock Inc. boosted its position in shares of Ashland Global by 3.0% during the 4th quarter. BlackRock Inc. now owns 5,268,006 shares of the basic materials company’s stock worth $375,081,000 after purchasing an additional 151,606 shares in the last quarter. Finally, Glenhill Advisors LLC purchased a new stake in shares of Ashland Global during the 4th quarter worth $64,147,000. Institutional investors own 93.57% of the company’s stock.
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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