Arizona State Retirement System Has $1.44 Million Position in Ashland Global Holdings Inc. (NYSE:ASH)

Posted by on Aug 2nd, 2022

Arizona State Retirement System reduced its stake in Ashland Global Holdings Inc. (NYSE:ASH – Get Rating) by 6.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,596 shares of the basic materials company’s stock after selling 933 shares during the period. Arizona State Retirement System’s holdings in Ashland Global were worth $1,436,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Eagle Asset Management Inc. increased its holdings in shares of Ashland Global by 0.6% in the fourth quarter. Eagle Asset Management Inc. now owns 22,434 shares of the basic materials company’s stock valued at $2,386,000 after purchasing an additional 131 shares during the last quarter. CIBC Asset Management Inc grew its stake in shares of Ashland Global by 7.9% in the fourth quarter. CIBC Asset Management Inc now owns 2,627 shares of the basic materials company’s stock valued at $283,000 after acquiring an additional 193 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Ashland Global by 3.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 6,771 shares of the basic materials company’s stock valued at $729,000 after acquiring an additional 211 shares in the last quarter. Sageworth Trust Co of South Dakota acquired a new position in shares of Ashland Global in the fourth quarter valued at about $27,000. Finally, Kenfarb & CO. acquired a new position in shares of Ashland Global in the fourth quarter valued at about $39,000. 96.75% of the stock is currently owned by institutional investors and hedge funds.

Ashland Global Stock Up 1.0 %

ASH stock opened at $101.52 on Tuesday. The stock has a market capitalization of $5.54 billion, a P/E ratio of 6.39 and a beta of 1.04. The company has a current ratio of 3.30, a quick ratio of 2.20 and a debt-to-equity ratio of 0.40. Ashland Global Holdings Inc. has a 12 month low of $81.93 and a 12 month high of $112.91. The firm has a 50-day moving average price of $102.49 and a 200-day moving average price of $99.31.

Ashland Global (NYSE:ASH – Get Rating) last posted its earnings results on Tuesday, July 26th. The basic materials company reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.67 by $0.22. Ashland Global had a net margin of 38.83% and a return on equity of 10.33%. During the same period in the previous year, the company earned $1.22 earnings per share. As a group, equities research analysts anticipate that Ashland Global Holdings Inc. will post 5.63 EPS for the current fiscal year.

Ashland Global declared that its board has initiated a stock repurchase program on Wednesday, May 25th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the basic materials company to reacquire up to 8.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Ashland Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Wednesday, June 1st were issued a $0.335 dividend. This represents a $1.34 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date of this dividend was Tuesday, May 31st. This is a positive change from Ashland Global’s previous quarterly dividend of $0.30. Ashland Global’s dividend payout ratio (DPR) is 8.43%.

Insider Activity at Ashland Global

In related news, CFO J Kevin Willis sold 4,235 shares of the firm’s stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $105.58, for a total value of $447,131.30. Following the completion of the transaction, the chief financial officer now owns 4,066 shares in the company, valued at approximately $429,288.28. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Ashland Global news, insider Eric N. Boni sold 2,657 shares of the firm’s stock in a transaction that occurred on Wednesday, June 8th. The shares were sold at an average price of $109.50, for a total transaction of $290,941.50. Following the completion of the transaction, the insider now owns 10,640 shares in the company, valued at approximately $1,165,080. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO J Kevin Willis sold 4,235 shares of the firm’s stock in a transaction that occurred on Thursday, June 2nd. The stock was sold at an average price of $105.58, for a total transaction of $447,131.30. Following the transaction, the chief financial officer now owns 4,066 shares of the company’s stock, valued at approximately $429,288.28. The disclosure for this sale can be found here. 7.79% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. StockNews.com downgraded shares of Ashland Global from a “buy” rating to a “hold” rating in a research note on Wednesday, July 27th. Mizuho increased their price objective on shares of Ashland Global from $138.00 to $139.00 and gave the stock a “buy” rating in a research note on Tuesday, July 19th. BMO Capital Markets reiterated a “maintains” rating on shares of Ashland Global in a research note on Thursday, July 28th. Wells Fargo & Company reiterated a “maintains” rating on shares of Ashland Global in a research note on Thursday, July 28th. Finally, UBS Group increased their price objective on shares of Ashland Global from $127.00 to $131.00 and gave the stock a “buy” rating in a research note on Wednesday, July 27th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Ashland Global presently has an average rating of “Moderate Buy” and a consensus price target of $123.75.

Ashland Global Company Profile

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Ashland Global Holdings Inc provides additives and specialty ingredients worldwide. It operates through Life Sciences; Personal Care & Household; Specialty Additives; and Intermediates and Solvents 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.

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Institutional Ownership by Quarter for Ashland Global (NYSE:ASH)

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