Jefferies Financial Group Weighs in on Ashland Global Holdings Inc.’s FY2023 Earnings (NYSE:ASH)

Ashland Global Holdings Inc. (NYSE:ASH – Get Rating) – Equities researchers at Jefferies Financial Group boosted their FY2023 earnings per share (EPS) estimates for shares of Ashland Global in a report released on Wednesday, April 13th. Jefferies Financial Group analyst L. Alexander now anticipates that the basic materials company will post earnings of $6.00 per share for the year, up from their previous forecast of $5.90. Jefferies Financial Group also issued estimates for Ashland Global’s FY2024 earnings at $7.30 EPS, FY2025 earnings at $8.50 EPS and FY2026 earnings at $10.55 EPS.

Ashland Global (NYSE:ASH – Get Rating) last announced its quarterly earnings data on Tuesday, February 1st. The basic materials company reported $0.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.87 by $0.01. Ashland Global had a net margin of 9.07% and a return on equity of 8.92%. The firm had revenue of $512.00 million during the quarter, compared to analyst estimates of $512.44 million. During the same period last year, the firm posted $0.66 EPS. Ashland Global’s revenue was up 9.4% on a year-over-year basis.

A number of other research firms have also issued reports on ASH. Stifel Nicolaus raised their price target on shares of Ashland Global from $130.00 to $136.00 in a research report on Thursday, February 3rd. Wells Fargo & Company lowered shares of Ashland Global from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $120.00 to $110.00 in a research report on Wednesday, January 19th. Zacks Investment Research raised shares of Ashland Global from a “sell” rating to a “hold” rating and set a $111.00 price target for the company in a research report on Thursday. Deutsche Bank Aktiengesellschaft raised their price target on shares of Ashland Global from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, TheStreet lowered shares of Ashland Global from a “b-” rating to a “c” rating in a research report on Friday, March 18th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Ashland Global currently has a consensus rating of “Buy” and an average price target of $119.88.

ASH opened at $106.22 on Thursday. Ashland Global has a 12-month low of $81.93 and a 12-month high of $110.74. The company has a current ratio of 1.91, a quick ratio of 1.33 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $6.05 billion, a PE ratio of 30.35 and a beta of 1.28. The firm has a 50 day moving average of $94.89 and a two-hundred day moving average of $98.19.

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 15th. Stockholders of record on Tuesday, March 1st were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.13%. The ex-dividend date was Monday, February 28th. Ashland Global’s dividend payout ratio (DPR) is 34.29%.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sageworth Trust Co of South Dakota purchased a new stake in Ashland Global in the 4th quarter worth $27,000. Concord Wealth Partners acquired a new stake in Ashland Global during the 4th quarter worth $35,000. Kenfarb & CO. acquired a new stake in Ashland Global during the 4th quarter worth $39,000. First Manhattan Co. acquired a new stake in Ashland Global during the 3rd quarter worth $60,000. Finally, Covestor Ltd acquired a new stake in Ashland Global during the 4th quarter worth $71,000. 91.88% of the stock is owned by institutional investors.

Ashland Global Company Profile (Get Rating)

Ashland Global Holdings, Inc is a global specialty chemicals company. The company engages in the manufacture and distribution of adhesives, architectural coatings, automotive, construction, energy, food and beverage, personal care, and pharmaceutical. It operates through the following segments: Life Sciences, Personal Care & Household, Specialty Additives, and Intermediates and Solvents.

Read More