PNC Financial Services Group Inc. Decreases Stake in Ashland Inc. (NYSE:ASH)

PNC Financial Services Group Inc. lowered its stake in Ashland Inc. (NYSE:ASH) by 11.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,112 shares of the basic materials company’s stock after selling 912 shares during the period. PNC Financial Services Group Inc.’s holdings in Ashland were worth $508,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Empowered Funds LLC acquired a new stake in shares of Ashland in the third quarter worth $2,300,000. Natixis Advisors LLC increased its stake in shares of Ashland by 1.4% in the third quarter. Natixis Advisors LLC now owns 75,575 shares of the basic materials company’s stock worth $6,573,000 after acquiring an additional 1,012 shares during the period. Quest Partners LLC increased its stake in shares of Ashland by 2,062.6% in the third quarter. Quest Partners LLC now owns 16,176 shares of the basic materials company’s stock worth $1,407,000 after acquiring an additional 15,428 shares during the period. Prospera Private Wealth LLC acquired a new stake in shares of Ashland in the third quarter worth $31,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Ashland in the third quarter worth $2,731,000. Hedge funds and other institutional investors own 93.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ASH shares. BMO Capital Markets increased their price objective 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. Seaport Res Ptn cut shares of Ashland from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 5th. StockNews.com cut shares of Ashland from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. UBS Group cut their price objective on shares of Ashland from $95.00 to $93.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Ashland from $81.00 to $68.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Ashland has an average rating of “Hold” and an average price target of $87.00.

Insider Transactions at Ashland

In other Ashland news, CEO Guillermo Novo purchased 31,294 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were purchased at an average cost of $64.24 per share, for a total transaction of $2,010,326.56. Following the completion of the transaction, the chief executive officer now owns 31,294 shares of the company’s stock, valued at $2,010,326.56. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.02% of the company’s stock.

Ashland Stock Down 0.7 %

ASH stock opened at $55.94 on Thursday. The stock has a market capitalization of $2.64 billion, a P/E ratio of -84.75, a P/E/G ratio of 1.14 and a beta of 0.89. The firm has a 50-day simple moving average of $64.24 and a 200-day simple moving average of $75.04. The company has a quick ratio of 1.27, a current ratio of 2.52 and a debt-to-equity ratio of 0.51. Ashland Inc. has a 52 week low of $54.86 and a 52 week high of $102.50.

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

Ashland Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Saturday, March 15th. Stockholders of record on Saturday, March 1st were paid a dividend of $0.405 per share. The ex-dividend date was Friday, February 28th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.90%. Ashland’s dividend payout ratio is currently -245.45%.

Ashland Company 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.