Zurcher Kantonalbank Zurich Cantonalbank Increases Stake in Ashland Inc. (NYSE:ASH)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Ashland Inc. (NYSE:ASH) by 12.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,429 shares of the basic materials company’s stock after purchasing an additional 1,358 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Ashland were worth $737,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its stake in shares of Ashland by 33.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,291,157 shares of the basic materials company’s stock valued at $132,383,000 after buying an additional 569,740 shares during the last quarter. Shapiro Capital Management LLC grew its position in Ashland by 172.5% during the 4th quarter. Shapiro Capital Management LLC now owns 670,785 shares of the basic materials company’s stock worth $47,934,000 after acquiring an additional 424,595 shares during the last quarter. Raymond James Financial Inc. bought a new position in Ashland during the 4th quarter worth approximately $28,943,000. Eminence Capital LP increased its stake in Ashland by 8.0% in the 4th quarter. Eminence Capital LP now owns 2,860,471 shares of the basic materials company’s stock worth $204,409,000 after purchasing an additional 212,916 shares during the period. Finally, Edgestream Partners L.P. lifted its position in Ashland by 5,452.8% in the first quarter. Edgestream Partners L.P. now owns 175,134 shares of the basic materials company’s stock valued at $10,384,000 after purchasing an additional 171,980 shares during the last quarter. 93.95% of the stock is owned by institutional investors.

Ashland Stock Up 2.7%

Shares of NYSE ASH opened at $52.14 on Wednesday. The firm has a fifty day simple moving average of $51.24 and a two-hundred day simple moving average of $55.15. Ashland Inc. has a 12 month low of $45.21 and a 12 month high of $91.47. The company has a current ratio of 2.68, a quick ratio of 1.33 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $2.38 billion, a PE ratio of -2.78, a price-to-earnings-growth ratio of 3.62 and a beta of 0.49.

Ashland (NYSE:ASH) last released its quarterly earnings results on Tuesday, July 29th. The basic materials company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.11). Ashland had a positive return on equity of 6.82% and a negative net margin of 46.01%. The company had revenue of $463.00 million during the quarter, compared to the consensus estimate of $479.34 million. During the same period in the previous year, the company earned $1.49 earnings per share. Ashland’s quarterly revenue was down 14.9% on a year-over-year basis. Equities analysts expect that Ashland Inc. will post 4.27 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ASH. JPMorgan Chase & Co. cut their target price on shares of Ashland from $71.00 to $67.00 and set an “overweight” rating on the stock in a report on Tuesday, May 6th. Wall Street Zen raised shares of Ashland from a “sell” rating to a “hold” rating in a research report on Friday, June 27th. Wells Fargo & Company boosted their price objective on shares of Ashland from $50.00 to $53.00 and gave the company an “equal weight” rating in a research report on Thursday, July 31st. UBS Group lowered their price objective on shares of Ashland from $74.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, July 9th. Finally, Mizuho set a $60.00 target price on Ashland in a research note on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $67.40.

About Ashland

Ashland Inc provides additives and specialty ingredients in the North and Latin America, Europe, Asia Pacific, and internationally. It operates through Life Sciences, Personal Care, Specialty Additives, and Intermediates 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.