Truist Financial Corp Sells 6,122 Shares of Ashland Inc. (NYSE:ASH)

Truist Financial Corp reduced its stake in Ashland Inc. (NYSE:ASH) by 16.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,110 shares of the basic materials company’s stock after selling 6,122 shares during the quarter. Truist Financial Corp owned about 0.07% of Ashland worth $2,223,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in ASH. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Ashland by 12.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 2,975 shares of the basic materials company’s stock worth $259,000 after purchasing an additional 322 shares during the period. State of Alaska Department of Revenue raised its stake in shares of Ashland by 78.3% during the third quarter. State of Alaska Department of Revenue now owns 41,515 shares of the basic materials company’s stock valued at $3,610,000 after acquiring an additional 18,230 shares during the last quarter. Harbor Capital Advisors Inc. bought a new position in shares of Ashland during the third quarter valued at $5,051,000. QRG Capital Management Inc. raised its stake in Ashland by 33.1% during the third quarter. QRG Capital Management Inc. now owns 14,139 shares of the basic materials company’s stock worth $1,230,000 after buying an additional 3,513 shares during the last quarter. Finally, Equitable Trust Co. raised its stake in Ashland by 2.2% during the third quarter. Equitable Trust Co. now owns 6,431 shares of the basic materials company’s stock worth $559,000 after buying an additional 141 shares during the last quarter. 93.95% of the stock is owned by institutional investors.

Ashland Stock Down 2.8 %

Shares of NYSE ASH opened at $62.69 on Thursday. The stock has a market capitalization of $2.96 billion, a P/E ratio of -94.98, a P/E/G ratio of 1.14 and a beta of 0.86. The company has a 50-day moving average price of $68.26 and a 200-day moving average price of $78.06. Ashland Inc. has a 1 year low of $60.60 and a 1 year high of $102.50. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.52 and a quick ratio of 1.27.

Ashland (NYSE:ASH) last issued its quarterly earnings data on Tuesday, January 28th. The basic materials company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.51). Ashland had a negative net margin of 1.12% and a positive return on equity of 7.41%. During the same quarter last year, the firm earned $0.45 EPS. On average, equities research analysts forecast that Ashland Inc. will post 4.27 EPS for the current fiscal year.

Ashland Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, March 15th. Stockholders of record on Saturday, March 1st will be issued a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date is Friday, February 28th. Ashland’s dividend payout ratio is currently -245.45%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on ASH shares. UBS Group lowered their target price on shares of Ashland from $95.00 to $93.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. BMO Capital Markets lifted their target price on shares of Ashland from $83.00 to $84.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 11th. JPMorgan Chase & Co. decreased their price target on shares of Ashland from $81.00 to $68.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. StockNews.com downgraded shares of Ashland from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, Wells Fargo & Company decreased their price target on shares of Ashland from $90.00 to $80.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Ashland presently has an average rating of “Moderate Buy” and an average target price of $95.57.

Insider Activity

In other news, CEO Guillermo Novo purchased 31,294 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were acquired at an average cost of $64.24 per share, for a total transaction of $2,010,326.56. Following the completion of the acquisition, the chief executive officer now owns 31,294 shares in the company, valued at $2,010,326.56. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Eric N. Boni sold 451 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $78.07, for a total transaction of $35,209.57. Following the transaction, the vice president now owns 14,182 shares in the company, valued at approximately $1,107,188.74. This trade represents a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.02% of the company’s stock.

Ashland Profile

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.