Point72 Asset Management L.P. reduced its stake in Ashland Global Holdings Inc. (NYSE:ASH) by 52.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 38,100 shares of the basic materials company’s stock after selling 42,100 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.06% of Ashland Global worth $2,491,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Boussard & Gavaudan Investment Management LLP purchased a new position in Ashland Global in the third quarter worth about $6,850,000. Neuberger Berman Group LLC lifted its stake in Ashland Global by 12.5% in the second quarter. Neuberger Berman Group LLC now owns 1,336,608 shares of the basic materials company’s stock worth $88,096,000 after purchasing an additional 148,879 shares during the last quarter. Condor Capital Management lifted its stake in Ashland Global by 92.7% in the second quarter. Condor Capital Management now owns 26,801 shares of the basic materials company’s stock worth $1,766,000 after purchasing an additional 12,895 shares during the last quarter. Sciencast Management LP bought a new stake in Ashland Global in the second quarter worth about $271,000. Finally, Atlantic Trust Group LLC lifted its stake in Ashland Global by 4.8% in the second quarter. Atlantic Trust Group LLC now owns 63,161 shares of the basic materials company’s stock worth $4,163,000 after purchasing an additional 2,913 shares during the last quarter. Institutional investors and hedge funds own 91.74% of the company’s stock.
In other news, insider Peter Ganz sold 3,379 shares of the stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $70.63, for a total value of $238,658.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO J Kevin Willis sold 916 shares of the stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $70.61, for a total transaction of $64,678.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,342 shares of company stock valued at $1,148,839. 1.14% of the stock is owned by corporate insiders.
Shares of Ashland Global Holdings Inc. (ASH) traded up $0.38 during trading on Friday, hitting $74.12. 367,775 shares of the company’s stock were exchanged, compared to its average volume of 501,189. The firm has a market capitalization of $4,590.00, a P/E ratio of -43.86, a P/E/G ratio of 2.17 and a beta of 1.11. Ashland Global Holdings Inc. has a 1-year low of $54.52 and a 1-year high of $74.81. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.31 and a current ratio of 1.97.
Ashland Global (NYSE:ASH) last released its quarterly earnings results on Monday, November 6th. The basic materials company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.09. The company had revenue of $880.00 million for the quarter, compared to analyst estimates of $869.62 million. During the same quarter last year, the company earned $1.52 EPS. The firm’s revenue for the quarter was up 16.7% on a year-over-year basis. sell-side analysts expect that Ashland Global Holdings Inc. will post 3.42 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were paid a dividend of $0.225 per share. The ex-dividend date was Thursday, November 30th. This represents a $0.90 annualized dividend and a yield of 1.21%. Ashland Global’s dividend payout ratio is presently -53.25%.
ASH has been the subject of several research analyst reports. Zacks Investment Research raised shares of Ashland Global from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research note on Tuesday, October 24th. Credit Suisse Group lifted their price objective on shares of Ashland Global from $65.00 to $69.00 and gave the company a “neutral” rating in a report on Wednesday, November 8th. UBS Group lifted their price target on shares of Ashland Global from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, November 7th. Deutsche Bank lifted their price target on shares of Ashland Global from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, November 8th. Finally, SunTrust Banks boosted their price objective on shares of Ashland Global to $83.00 and gave the company a “buy” rating in a report on Friday, December 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $82.57.
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About Ashland Global
Ashland Inc is engaged in specialty chemicals, and through Valvoline, is a consumer-branded lubricant supplier. The Company operates in three segments: Ashland Specialty Ingredients (Specialty Ingredients), Ashland Performance Materials (Performance Materials) and Valvoline. Its Specialty Ingredients segment is engaged in providing cellulose ethers, vinyl pyrrolidones and biofunctionals, and consists of two divisions: Consumer Specialties and Industrial Specialties.
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