Envestnet Asset Management Inc. Sells 19,360 Shares of Ashland Inc. $ASH

Envestnet Asset Management Inc. cut its holdings in Ashland Inc. (NYSE:ASH) by 34.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 36,749 shares of the basic materials company’s stock after selling 19,360 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Ashland were worth $1,848,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of ASH. Abound Wealth Management bought a new position in Ashland during the second quarter valued at $40,000. GAMMA Investing LLC raised its position in shares of Ashland by 93.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,155 shares of the basic materials company’s stock valued at $58,000 after buying an additional 558 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Ashland by 44.4% in the 2nd quarter. Blue Trust Inc. now owns 1,291 shares of the basic materials company’s stock valued at $65,000 after acquiring an additional 397 shares during the last quarter. IFP Advisors Inc grew its position in Ashland by 2,440.4% in the second quarter. IFP Advisors Inc now owns 1,321 shares of the basic materials company’s stock worth $66,000 after acquiring an additional 1,269 shares in the last quarter. Finally, Signaturefd LLC increased its stake in Ashland by 1,745.8% during the first quarter. Signaturefd LLC now owns 1,329 shares of the basic materials company’s stock worth $79,000 after acquiring an additional 1,257 shares during the last quarter. Hedge funds and other institutional investors own 93.95% of the company’s stock.

Ashland Stock Up 0.9%

Shares of ASH opened at $50.02 on Wednesday. The firm has a market capitalization of $2.29 billion, a P/E ratio of -2.67, a P/E/G ratio of 11.41 and a beta of 0.49. Ashland Inc. has a 12-month low of $45.21 and a 12-month high of $80.94. The company has a current ratio of 2.68, a quick ratio of 1.33 and a debt-to-equity ratio of 0.73. The firm has a fifty day moving average price of $49.75 and a 200-day moving average price of $51.20.

Ashland (NYSE:ASH) last posted its quarterly earnings results on Thursday, June 9th. The basic materials company reported $0.56 EPS for the quarter. Ashland had a negative net margin of 46.01% and a positive return on equity of 6.82%. The company had revenue of $509.00 million for the quarter. Ashland has set its FY 2022 guidance at EPS. Equities research analysts expect that Ashland Inc. will post 4.27 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Argus lowered their price objective on Ashland from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Tuesday, August 26th. UBS Group dropped their price objective on shares of Ashland from $73.00 to $64.00 and set a “buy” rating for the company in a research note on Thursday, August 7th. Morgan Stanley initiated coverage on shares of Ashland in a research report on Monday, September 8th. They set an “equal weight” rating and a $60.00 price objective on the stock. BMO Capital Markets raised their target price on shares of Ashland from $60.00 to $61.00 and gave the stock a “market perform” rating in a report on Tuesday, September 2nd. Finally, Wall Street Zen downgraded shares of Ashland from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $60.13.

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.