Zacks Investment Research upgraded shares of Ashland Global (NYSE:ASH) from a hold rating to a strong-buy rating in a research report released on Tuesday morning. Zacks Investment Research currently has $90.00 target price on the basic materials company’s stock.
According to Zacks, “Ashland Global Holdings Inc. is engaged in providing specialty chemical solutions. It serves consumer and industrial markets which includes adhesives, architectural coatings, automotive, construction, energy, food and beverage, personal care and pharmaceutical sector. Ashland Global Holdings Inc., formerly known as Ashland Inc., is based in Covington, United States. “
ASH has been the topic of a number of other research reports. BMO Capital Markets started coverage on Ashland Global in a research note on Tuesday, March 27th. They set an outperform rating and a $82.00 price objective on the stock. Jefferies Financial Group raised their price objective on Ashland Global to $95.00 and gave the stock a buy rating in a research note on Monday, June 4th. ValuEngine upgraded Ashland Global from a hold rating to a buy rating in a research note on Monday, May 14th. Credit Suisse Group set a $79.00 price target on Ashland Global and gave the company a buy rating in a research note on Monday, April 30th. Finally, TheStreet upgraded Ashland Global from a c+ rating to a b rating in a research note on Wednesday, May 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Ashland Global has an average rating of Buy and a consensus price target of $84.10.
Ashland Global stock opened at $78.58 on Tuesday. Ashland Global has a one year low of $59.80 and a one year high of $80.84. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.49 and a current ratio of 2.41. The firm has a market cap of $4.86 billion, a price-to-earnings ratio of 32.14, a P/E/G ratio of 2.22 and a beta of 1.15.
Ashland Global (NYSE:ASH) last posted its quarterly earnings data on Tuesday, May 1st. The basic materials company reported $1.06 EPS for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.19. Ashland Global had a positive return on equity of 5.77% and a negative net margin of 0.62%. The firm had revenue of $974.00 million for the quarter, compared to analyst estimates of $955.39 million. During the same quarter last year, the company earned $1.71 EPS. equities research analysts expect that Ashland Global will post 3.51 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 15th. Stockholders of record on Friday, June 1st were paid a $0.225 dividend. The ex-dividend date was Thursday, May 31st. This represents a $0.90 annualized dividend and a dividend yield of 1.15%. Ashland Global’s payout ratio is 40.98%.
Ashland Global declared that its Board of Directors has initiated a stock buyback plan on Tuesday, March 20th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the basic materials company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
A number of hedge funds have recently modified their holdings of ASH. Glenhill Advisors LLC bought a new stake in Ashland Global during the 4th quarter worth $64,147,000. Neuberger Berman Group LLC grew its position in Ashland Global by 48.1% during the 1st quarter. Neuberger Berman Group LLC now owns 2,490,078 shares of the basic materials company’s stock worth $173,783,000 after acquiring an additional 808,605 shares during the last quarter. Lord Abbett & CO. LLC grew its position in Ashland Global by 174.8% during the 1st quarter. Lord Abbett & CO. LLC now owns 1,249,166 shares of the basic materials company’s stock worth $87,179,000 after acquiring an additional 794,666 shares during the last quarter. Luminus Management LLC grew its position in Ashland Global by 30.9% during the 4th quarter. Luminus Management LLC now owns 1,884,222 shares of the basic materials company’s stock worth $134,158,000 after acquiring an additional 444,785 shares during the last quarter. Finally, Two Sigma Investments LP grew its position in Ashland Global by 27,639.3% during the 4th quarter. Two Sigma Investments LP now owns 358,011 shares of the basic materials company’s stock worth $25,490,000 after acquiring an additional 359,311 shares during the last quarter. Institutional investors and hedge funds own 94.71% of the company’s stock.
About Ashland Global
Ashland Global Holdings Inc provides specialty chemical solutions worldwide. Its Specialty Ingredients segment provides products, technologies, and resources for solving formulation and product-performance challenges. It offers solutions using natural, synthetic, and semisynthetic polymers derived from plant and seed extract, cellulose ethers, vinyl pyrrolidones, and acrylic polymers, as well as polyester and polyurethane-based adhesives.
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