Ashland Global (NYSE:ASH) Downgraded by StockNews.com to Hold

StockNews.com lowered shares of Ashland Global (NYSE:ASHGet Rating) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

ASH has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft lowered their price objective on Ashland Global from $122.00 to $120.00 in a research note on Tuesday, July 19th. TheStreet upgraded Ashland Global from a c rating to a b- rating in a research note on Tuesday, April 26th. Mizuho boosted their price target on Ashland Global from $138.00 to $139.00 and gave the stock a buy rating in a research note on Tuesday, July 19th. UBS Group boosted their price target on Ashland Global from $127.00 to $131.00 and gave the stock a buy rating in a research note on Wednesday. Finally, Wells Fargo & Company decreased their price target on Ashland Global from $113.00 to $107.00 and set an equal weight rating for the company in a research note on Monday, July 18th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $123.75.

Ashland Global Trading Down 2.5 %

ASH opened at $102.40 on Wednesday. The business has a 50 day moving average of $102.40 and a 200-day moving average of $99.46. The stock has a market cap of $5.58 billion, a PE ratio of 6.19 and a beta of 1.10. Ashland Global has a 52 week low of $81.93 and a 52 week high of $112.91. The company has a quick ratio of 1.79, a current ratio of 2.50 and a debt-to-equity ratio of 0.40.

Ashland Global (NYSE:ASHGet Rating) last announced its quarterly earnings data on Tuesday, July 26th. The basic materials company reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.67 by $0.22. Ashland Global had a return on equity of 9.45% and a net margin of 40.83%. During the same quarter in the previous year, the business earned $1.22 earnings per share. Equities research analysts predict that Ashland Global will post 5.58 earnings per share for the current fiscal year.

Ashland Global announced that its Board of Directors has approved a stock buyback program on Wednesday, May 25th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the basic materials company to reacquire up to 8.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Ashland Global Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Wednesday, June 1st were issued a $0.335 dividend. The ex-dividend date of this dividend was Tuesday, May 31st. This represents a $1.34 annualized dividend and a dividend yield of 1.31%. This is a positive change from Ashland Global’s previous quarterly dividend of $0.30. Ashland Global’s payout ratio is presently 8.11%.

Insider Buying and Selling

In related news, insider Eric N. Boni sold 2,657 shares of Ashland Global stock in a transaction on Wednesday, June 8th. The stock was sold at an average price of $109.50, for a total value of $290,941.50. Following the completion of the sale, the insider now owns 10,640 shares of the company’s stock, valued at $1,165,080. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Ashland Global news, insider Eric N. Boni sold 2,657 shares of the business’s stock in a transaction dated Wednesday, June 8th. The stock was sold at an average price of $109.50, for a total transaction of $290,941.50. Following the completion of the sale, the insider now owns 10,640 shares of the company’s stock, valued at $1,165,080. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO J Kevin Willis sold 4,235 shares of the business’s stock in a transaction dated Thursday, June 2nd. The shares were sold at an average price of $105.58, for a total value of $447,131.30. Following the sale, the chief financial officer now directly owns 4,066 shares of the company’s stock, valued at approximately $429,288.28. The disclosure for this sale can be found here. 7.79% of the stock is currently owned by corporate insiders.

Institutional Trading of Ashland Global

Several hedge funds have recently bought and sold shares of ASH. Sageworth Trust Co of South Dakota purchased a new position in shares of Ashland Global in the fourth quarter valued at about $27,000. ACG Wealth purchased a new position in shares of Ashland Global in the second quarter valued at about $28,000. National Bank of Canada FI lifted its position in shares of Ashland Global by 245.3% in the first quarter. National Bank of Canada FI now owns 328 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 233 shares in the last quarter. Prospera Financial Services Inc purchased a new position in shares of Ashland Global in the first quarter valued at about $35,000. Finally, Kenfarb & CO. purchased a new position in shares of Ashland Global in the fourth quarter valued at about $39,000. Institutional investors own 96.75% of the company’s stock.

About Ashland Global

(Get Rating)

Ashland Global Holdings Inc provides additives and specialty ingredients worldwide. It operates through Life Sciences; Personal Care & Household; Specialty Additives; and Intermediates and Solvents 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.

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