Public Employees Retirement Association of Colorado lowered its position in Ashland Global Holdings Inc (NYSE:ASH) by 2.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 167,954 shares of the basic materials company’s stock after selling 5,100 shares during the quarter. Public Employees Retirement Association of Colorado owned approximately 0.27% of Ashland Global worth $13,431,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Louisiana State Employees Retirement System lifted its stake in Ashland Global by 1.2% in the first quarter. Louisiana State Employees Retirement System now owns 16,800 shares of the basic materials company’s stock valued at $1,313,000 after acquiring an additional 200 shares during the last quarter. Neuberger Berman Group LLC lifted its stake in shares of Ashland Global by 38.7% during the 1st quarter. Neuberger Berman Group LLC now owns 2,400,155 shares of the basic materials company’s stock worth $187,524,000 after buying an additional 669,069 shares during the last quarter. Hilton Capital Management LLC acquired a new stake in shares of Ashland Global during the 1st quarter worth about $73,000. Federated Investors Inc. PA lifted its stake in shares of Ashland Global by 643.9% during the 1st quarter. Federated Investors Inc. PA now owns 161,503 shares of the basic materials company’s stock worth $12,618,000 after buying an additional 139,792 shares during the last quarter. Finally, Leisure Capital Management acquired a new stake in shares of Ashland Global during the 1st quarter worth about $738,000. Hedge funds and other institutional investors own 98.97% of the company’s stock.
Several brokerages have weighed in on ASH. ValuEngine upgraded shares of Ashland Global from a “hold” rating to a “buy” rating in a research note on Tuesday, June 4th. JPMorgan Chase & Co. cut shares of Ashland Global from an “overweight” rating to a “neutral” rating and set a $82.00 price objective for the company. in a research note on Friday, June 14th. They noted that the move was a valuation call. Credit Suisse Group set a $92.00 price objective on shares of Ashland Global and gave the stock a “buy” rating in a research note on Friday, July 12th. TheStreet cut shares of Ashland Global from a “b” rating to a “c” rating in a research note on Monday, June 10th. Finally, Buckingham Research lifted their price objective on shares of Ashland Global from $75.00 to $85.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $89.33.
Ashland Global (NYSE:ASH) last released its earnings results on Tuesday, July 30th. The basic materials company reported $0.77 EPS for the quarter, meeting the consensus estimate of $0.77. Ashland Global had a net margin of 3.63% and a return on equity of 5.15%. The firm had revenue of $641.00 million for the quarter, compared to analyst estimates of $640.29 million. During the same period last year, the firm earned $0.77 EPS. The business’s quarterly revenue was down 4.0% compared to the same quarter last year. As a group, equities research analysts forecast that Ashland Global Holdings Inc will post 2.71 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, September 15th. Shareholders of record on Friday, August 30th will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 1.53%. The ex-dividend date is Thursday, August 29th. Ashland Global’s dividend payout ratio is currently 30.73%.
About Ashland Global
Ashland Global Holdings Inc provides specialty chemical solutions worldwide. The company's Specialty Ingredients segment offers products, technologies, and resources for solving formulation and product-performance challenges. It provides solutions using natural, synthetic, and semisynthetic polymers derived from cellulose ethers, vinyl pyrrolidones, acrylic polymers, polyester and polyurethane-based adhesives, and plant and seed extracts.
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