Paloma Partners Management Co lifted its stake in shares of Ashland Global Holdings Inc. (NYSE:ASH) by 93.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,225 shares of the basic materials company’s stock after acquiring an additional 3,007 shares during the quarter. Paloma Partners Management Co’s holdings in Ashland Global were worth $443,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Mutual of America Capital Management LLC increased its stake in shares of Ashland Global by 1.4% during the fourth quarter. Mutual of America Capital Management LLC now owns 54,649 shares of the basic materials company’s stock valued at $3,891,000 after acquiring an additional 770 shares during the period. American International Group Inc. increased its stake in shares of Ashland Global by 0.7% during the fourth quarter. American International Group Inc. now owns 128,574 shares of the basic materials company’s stock valued at $9,154,000 after acquiring an additional 913 shares during the period. Gamco Investors INC. ET AL increased its stake in shares of Ashland Global by 0.4% during the fourth quarter. Gamco Investors INC. ET AL now owns 239,579 shares of the basic materials company’s stock valued at $17,058,000 after acquiring an additional 950 shares during the period. California State Teachers Retirement System increased its stake in shares of Ashland Global by 0.9% during the fourth quarter. California State Teachers Retirement System now owns 107,881 shares of the basic materials company’s stock valued at $7,681,000 after acquiring an additional 999 shares during the period. Finally, Brandywine Global Investment Management LLC increased its stake in shares of Ashland Global by 2.3% during the fourth quarter. Brandywine Global Investment Management LLC now owns 49,715 shares of the basic materials company’s stock valued at $3,540,000 after acquiring an additional 1,108 shares during the period. Institutional investors and hedge funds own 93.57% of the company’s stock.
In related news, insider William J. Heitman sold 4,495 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $70.31, for a total transaction of $316,043.45. Following the completion of the sale, the insider now directly owns 15,152 shares in the company, valued at $1,065,337.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Anne T. Schumann sold 11,733 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $73.26, for a total transaction of $859,559.58. The disclosure for this sale can be found here. Insiders have sold 24,735 shares of company stock valued at $1,800,527 over the last 90 days. 1.14% of the stock is currently owned by insiders.
Shares of ASH stock opened at $67.96 on Friday. The firm has a market cap of $4,242.76, a P/E ratio of -1,132.67, a P/E/G ratio of 2.13 and a beta of 1.11. Ashland Global Holdings Inc. has a 1-year low of $59.80 and a 1-year high of $77.16. The company has a current ratio of 1.96, a quick ratio of 1.29 and a debt-to-equity ratio of 0.76.
Ashland Global (NYSE:ASH) last issued its earnings results on Monday, January 29th. The basic materials company reported $0.42 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.01). The business had revenue of $842.00 million for the quarter, compared to the consensus estimate of $842.05 million. Ashland Global had a positive return on equity of 7.14% and a negative net margin of 0.08%. During the same quarter in the previous year, the business posted $1.16 earnings per share. equities research analysts predict that Ashland Global Holdings Inc. will post 3.2 EPS for the current fiscal year.
Ashland Global announced that its Board of Directors has authorized a share buyback program on Tuesday, March 20th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the basic materials company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Thursday, March 1st were issued a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date of this dividend was Wednesday, February 28th. Ashland Global’s payout ratio is -1,500.00%.
A number of research firms recently commented on ASH. Credit Suisse Group upgraded shares of Ashland Global from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $68.18 to $79.00 in a research note on Friday. Seaport Global Securities reiterated a “buy” rating and set a $81.00 price objective on shares of Ashland Global in a research note on Wednesday, January 31st. Monness Crespi & Hardt lowered shares of Ashland Global from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 31st. Jefferies Group reiterated a “buy” rating on shares of Ashland Global in a research note on Tuesday, January 30th. Finally, Zacks Investment Research upgraded shares of Ashland Global from a “sell” rating to a “hold” rating in a research note on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. Ashland Global currently has a consensus rating of “Hold” and a consensus price target of $83.63.
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Ashland Global Company Profile
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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