State Treasurer State of Michigan trimmed its holdings in shares of Ashland Global Holdings Inc. (NYSE:ASH) by 4.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 22,353 shares of the basic materials company’s stock after selling 1,100 shares during the quarter. State Treasurer State of Michigan’s holdings in Ashland Global were worth $1,592,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Boussard & Gavaudan Investment Management LLP bought a new stake in Ashland Global during the 3rd quarter worth approximately $6,850,000. Dimensional Fund Advisors LP increased its stake in Ashland Global by 4.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,157,066 shares of the basic materials company’s stock worth $75,662,000 after purchasing an additional 51,277 shares in the last quarter. Legal & General Group Plc increased its stake in Ashland Global by 0.6% during the 3rd quarter. Legal & General Group Plc now owns 288,270 shares of the basic materials company’s stock worth $18,851,000 after purchasing an additional 1,844 shares in the last quarter. First Financial Bank Trust Division bought a new stake in Ashland Global during the 4th quarter worth approximately $2,350,000. Finally, Fox Run Management L.L.C. increased its stake in Ashland Global by 29.8% during the 4th quarter. Fox Run Management L.L.C. now owns 9,865 shares of the basic materials company’s stock worth $702,000 after purchasing an additional 2,265 shares in the last quarter. 90.86% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently issued reports on ASH. Seaport Global Securities reissued a “buy” rating and set a $81.00 target price on shares of Ashland Global in a research note on Wednesday, January 31st. Credit Suisse Group increased their target price on Ashland Global from $69.00 to $74.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 31st. Monness Crespi & Hardt downgraded Ashland Global from a “buy” rating to a “neutral” rating in a research report on Wednesday, January 31st. Jefferies Group reaffirmed a “buy” rating on shares of Ashland Global in a research report on Tuesday, January 30th. Finally, Zacks Investment Research raised Ashland Global from a “sell” rating to a “hold” rating in a research report on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $83.00.
Ashland Global (NYSE:ASH) last released its quarterly earnings results on Monday, January 29th. The basic materials company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.01). Ashland Global had a positive return on equity of 7.14% and a negative net margin of 0.08%. The firm had revenue of $842.00 million for the quarter, compared to analyst estimates of $842.05 million. During the same period last year, the company earned $1.16 EPS. sell-side analysts expect that Ashland Global Holdings Inc. will post 3.2 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Thursday, March 1st will be issued a $0.225 dividend. This represents a $0.90 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend is Wednesday, February 28th. Ashland Global’s payout ratio is presently -118.42%.
In other news, CFO J Kevin Willis sold 916 shares of the stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $70.61, for a total value of $64,678.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Anne T. Schumann sold 11,733 shares of the stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $73.26, for a total value of $859,559.58. The disclosure for this sale can be found here. In the last three months, insiders sold 39,725 shares of company stock valued at $2,859,823. 1.14% of the stock is currently owned by insiders.
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Ashland Global 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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