Ashland Inc. (NYSE:ASH) Expected to Earn FY2024 Earnings of $7.02 Per Share

Ashland Inc. (NYSE:ASHGet Rating) – Investment analysts at Seaport Res Ptn issued their FY2024 EPS estimates for Ashland in a report issued on Wednesday, September 14th. Seaport Res Ptn analyst M. Harrison anticipates that the basic materials company will post earnings of $7.02 per share for the year. The consensus estimate for Ashland’s current full-year earnings is $5.66 per share.

A number of other analysts have also recently commented on the stock. Mizuho boosted their target price on shares of Ashland from $138.00 to $139.00 and gave the company a “buy” rating in a report on Tuesday, July 19th. Deutsche Bank Aktiengesellschaft lowered their price target on Ashland from $122.00 to $120.00 in a research report on Tuesday, July 19th. StockNews.com raised Ashland from a “hold” rating to a “buy” rating in a research report on Tuesday. UBS Group lifted their price target on Ashland from $127.00 to $131.00 and gave the stock a “buy” rating in a research report on Wednesday, July 27th. Finally, Credit Suisse Group assumed coverage on Ashland in a research report on Monday, September 12th. They issued an “outperform” rating and a $120.00 price target for the company. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $123.33.

Ashland Stock Performance

Shares of ASH stock opened at $98.73 on Friday. Ashland has a 12 month low of $83.29 and a 12 month high of $112.91. The stock has a market cap of $5.35 billion, a PE ratio of 6.21 and a beta of 1.01. The company has a current ratio of 3.30, a quick ratio of 2.20 and a debt-to-equity ratio of 0.40. The company’s fifty day moving average price is $102.67 and its 200-day moving average price is $100.98.

Ashland (NYSE:ASHGet Rating) last announced its earnings results on Tuesday, July 26th. The basic materials company reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.22. Ashland had a net margin of 38.83% and a return on equity of 10.33%. During the same quarter in the previous year, the firm posted $1.22 EPS.

Institutional Investors Weigh In On Ashland

A number of large investors have recently made changes to their positions in ASH. Goldman Sachs Group Inc. grew its stake in shares of Ashland by 34.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,243,614 shares of the basic materials company’s stock valued at $133,887,000 after purchasing an additional 320,731 shares during the period. Millennium Management LLC grew its stake in shares of Ashland by 258.9% during the 2nd quarter. Millennium Management LLC now owns 400,188 shares of the basic materials company’s stock valued at $41,239,000 after purchasing an additional 288,683 shares during the period. Voya Investment Management LLC grew its stake in shares of Ashland by 2,468.7% during the 2nd quarter. Voya Investment Management LLC now owns 299,201 shares of the basic materials company’s stock valued at $30,832,000 after purchasing an additional 287,553 shares during the period. Clearbridge Investments LLC grew its stake in shares of Ashland by 33.9% during the 1st quarter. Clearbridge Investments LLC now owns 1,027,256 shares of the basic materials company’s stock valued at $101,092,000 after acquiring an additional 259,926 shares during the period. Finally, Renaissance Technologies LLC grew its stake in shares of Ashland by 212.4% during the 4th quarter. Renaissance Technologies LLC now owns 282,975 shares of the basic materials company’s stock valued at $30,465,000 after acquiring an additional 192,400 shares during the period. 93.26% of the stock is currently owned by institutional investors.

Ashland Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were paid a dividend of $0.335 per share. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $1.34 dividend on an annualized basis and a dividend yield of 1.36%. Ashland’s dividend payout ratio is currently 8.43%.

Ashland declared that its Board of Directors has initiated a share buyback plan on Wednesday, May 25th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the basic materials company to purchase up to 8.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Ashland Company Profile

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Ashland 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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Earnings History and Estimates for Ashland (NYSE:ASH)

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