Ashland Global (NYSE:ASH) Downgraded by JPMorgan Chase & Co. to “Neutral”

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JPMorgan Chase & Co. downgraded shares of Ashland Global (NYSE:ASH) from an overweight rating to a neutral rating in a research note issued to investors on Friday, 24/7 WallStreet reports. They currently have $82.00 price objective on the basic materials company’s stock. The analysts noted that the move was a valuation call.

Several other equities analysts also recently issued reports on ASH. TheStreet upgraded shares of Ashland Global from a c+ rating to a b rating in a report on Wednesday, May 1st. Zacks Investment Research downgraded shares of Ashland Global from a hold rating to a sell rating in a report on Friday, May 3rd. Finally, ValuEngine downgraded shares of Ashland Global from a buy rating to a hold rating in a report on Saturday, May 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $90.88.

Shares of Ashland Global stock opened at $77.35 on Friday. The company has a market capitalization of $4.86 billion, a P/E ratio of 21.61, a PEG ratio of 2.63 and a beta of 1.27. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.27 and a quick ratio of 1.62. The business has a 50-day moving average price of $75.85. Ashland Global has a one year low of $64.93 and a one year high of $86.63.

Ashland Global (NYSE:ASH) last announced its earnings results on Tuesday, April 30th. The basic materials company reported $0.83 EPS for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.01. The business had revenue of $667.00 million during the quarter, compared to the consensus estimate of $680.96 million. Ashland Global had a net margin of 2.30% and a return on equity of 5.79%. The firm’s revenue was down 31.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.06 earnings per share. On average, equities research analysts predict that Ashland Global will post 2.98 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Saturday, June 15th. Stockholders of record on Monday, June 3rd were issued a dividend of $0.275 per share. The ex-dividend date was Friday, May 31st. This represents a $1.10 annualized dividend and a dividend yield of 1.42%. This is an increase from Ashland Global’s previous quarterly dividend of $0.25. Ashland Global’s dividend payout ratio is 30.73%.

In related news, insider Peter Ganz sold 1,562 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $74.32, for a total value of $116,087.84. Following the sale, the insider now owns 40,150 shares in the company, valued at $2,983,948. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider William J. Heitman sold 6,300 shares of the company’s stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $79.46, for a total value of $500,598.00. Following the completion of the sale, the insider now owns 6,303 shares in the company, valued at approximately $500,836.38. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,065 shares of company stock worth $1,189,252. Corporate insiders own 1.14% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Ffcm LLC purchased a new stake in Ashland Global in the fourth quarter valued at approximately $28,000. Semmax Financial Advisors Inc. purchased a new stake in Ashland Global in the fourth quarter valued at approximately $28,000. Doyle Wealth Management purchased a new stake in Ashland Global in the fourth quarter valued at approximately $45,000. Claybrook Capital LLC purchased a new stake in Ashland Global in the fourth quarter valued at approximately $48,000. Finally, Robeco Institutional Asset Management B.V. boosted its position in Ashland Global by 36.4% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 682 shares of the basic materials company’s stock valued at $48,000 after buying an additional 182 shares during the last quarter. Hedge funds and other institutional investors own 93.88% of the company’s stock.

Ashland Global Company Profile

Ashland Global Holdings Inc provides specialty chemical solutions worldwide. The company's Specialty Ingredients segment offers products, technologies, and resources for solving formulation and product-performance challenges. It provides solutions using natural, synthetic, and semisynthetic polymers derived from cellulose ethers, vinyl pyrrolidones, acrylic polymers, polyester and polyurethane-based adhesives, and plant and seed extracts.

See Also: Market Perform

Analyst Recommendations for Ashland Global (NYSE:ASH)

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