Wells Fargo & Company MN Sells 4,186 Shares of Ashland Inc. (ASH)
Wells Fargo & Company MN cut its stake in Ashland Inc. (NYSE:ASH) by 3.8% during the third quarter, Holdings Channel reports. The firm owned 105,918 shares of the company’s stock after selling 4,186 shares during the period. Wells Fargo & Company MN’s holdings in Ashland were worth $12,281,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Manning & Napier Advisors LLC increased its stake in Ashland by 1.2% in the third quarter. Manning & Napier Advisors LLC now owns 2,145,047 shares of the company’s stock valued at $248,717,000 after buying an additional 25,964 shares during the period. World Asset Management Inc increased its position in shares of Ashland by 29.1% in the third quarter. World Asset Management Inc now owns 4,474 shares of the company’s stock worth $519,000 after buying an additional 1,008 shares during the last quarter. Great West Life Assurance Co. Can increased its position in shares of Ashland by 2.0% in the third quarter. Great West Life Assurance Co. Can now owns 64,766 shares of the company’s stock worth $7,505,000 after buying an additional 1,276 shares during the last quarter. Bollard Group LLC acquired a new position in shares of Ashland during the third quarter worth about $107,000. Finally, Exane Asset Management increased its position in shares of Ashland by 79.1% in the third quarter. Exane Asset Management now owns 139,476 shares of the company’s stock worth $16,172,000 after buying an additional 61,612 shares during the last quarter. 89.17% of the stock is currently owned by institutional investors and hedge funds.
Ashland Inc. (NYSE:ASH) traded up 1.48% during mid-day trading on Tuesday, reaching $114.66. The company had a trading volume of 290,861 shares. Ashland Inc. has a 52 week low of $88.30 and a 52 week high of $125.00. The firm’s market capitalization is $7.13 billion. The stock’s 50-day moving average price is $112.13 and its 200 day moving average price is $115.12.
Ashland (NYSE:ASH) last announced its quarterly earnings results on Tuesday, November 8th. The company reported $1.52 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.61 by $0.09. Ashland had a negative net margin of 0.59% and a positive return on equity of 15.23%. The company earned $1.20 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the prior year, the business posted $1.62 earnings per share. On average, equities research analysts predict that Ashland Inc. will post $6.36 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st will be issued a $0.39 dividend. The ex-dividend date of this dividend is Tuesday, November 29th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.36%. Ashland’s dividend payout ratio is presently -260.00%.
ASH has been the topic of a number of research analyst reports. Jefferies Group reaffirmed a “buy” rating on shares of Ashland in a report on Tuesday, September 13th. Deutsche Bank AG reaffirmed a “buy” rating and set a $125.00 price target on shares of Ashland in a report on Monday. TheStreet downgraded Ashland from a “buy” rating to a “hold” rating in a report on Tuesday, November 8th. Credit Suisse Group AG set a $119.00 price target on Ashland and gave the company a “hold” rating in a report on Tuesday, November 8th. Finally, Zacks Investment Research downgraded Ashland from a “hold” rating to a “sell” rating in a report on Friday, October 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $123.33.
In other news, CFO J Kevin Willis sold 1,555 shares of Ashland stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $106.84, for a total value of $166,136.20. The sale was disclosed in a filing with the SEC, which is available through this link. 1.27% of the stock is owned by insiders.
Ashland Company Profile
Ashland Inc is engaged in specialty chemicals, and through Valvoline, is a consumer-branded lubricant supplier. The Company operates in three segments: Ashland Specialty Ingredients (Specialty Ingredients), Ashland Performance Materials (Performance Materials) and Valvoline. Its Specialty Ingredients segment is engaged in providing cellulose ethers, vinyl pyrrolidones and biofunctionals, and consists of two divisions: Consumer Specialties and Industrial Specialties.
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