Cubist Systematic Strategies LLC purchased a new stake in Ashland Global Holdings Inc (NYSE:ASH) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 12,924 shares of the basic materials company’s stock, valued at approximately $1,010,000.
A number of other hedge funds also recently bought and sold shares of ASH. Raymond James & Associates raised its stake in Ashland Global by 12.4% during the second quarter. Raymond James & Associates now owns 6,877 shares of the basic materials company’s stock worth $538,000 after acquiring an additional 761 shares in the last quarter. Atlantic Trust Group LLC grew its holdings in shares of Ashland Global by 1.5% during the first quarter. Atlantic Trust Group LLC now owns 67,310 shares of the basic materials company’s stock worth $4,697,000 after purchasing an additional 963 shares during the last quarter. Comerica Bank grew its holdings in shares of Ashland Global by 0.7% during the second quarter. Comerica Bank now owns 154,263 shares of the basic materials company’s stock worth $12,481,000 after purchasing an additional 1,010 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Ashland Global by 7.9% during the first quarter. PNC Financial Services Group Inc. now owns 16,006 shares of the basic materials company’s stock worth $1,117,000 after purchasing an additional 1,175 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System grew its holdings in shares of Ashland Global by 1.4% during the second quarter. State Board of Administration of Florida Retirement System now owns 87,785 shares of the basic materials company’s stock worth $6,863,000 after purchasing an additional 1,190 shares during the last quarter. 93.16% of the stock is owned by institutional investors and hedge funds.
ASH has been the topic of several research reports. Credit Suisse Group set a $95.00 price target on Ashland Global and gave the stock a “buy” rating in a report on Friday, September 21st. BMO Capital Markets boosted their price target on Ashland Global from $84.00 to $95.00 and gave the stock an “outperform” rating in a report on Thursday, August 2nd. JPMorgan Chase & Co. upped their target price on Ashland Global from $81.00 to $87.00 and gave the company a “neutral” rating in a report on Friday, August 24th. KeyCorp reiterated a “buy” rating and issued a $93.00 target price on shares of Ashland Global in a report on Thursday, August 2nd. Finally, SunTrust Banks reiterated a “buy” rating and issued a $90.00 target price on shares of Ashland Global in a report on Friday, July 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $90.00.
Ashland Global (NYSE:ASH) last released its quarterly earnings results on Tuesday, July 31st. The basic materials company reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.10. The business had revenue of $971.00 million during the quarter, compared to analyst estimates of $1 billion. Ashland Global had a return on equity of 6.36% and a net margin of 1.28%. Ashland Global’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.83 EPS. Equities research analysts anticipate that Ashland Global Holdings Inc will post 3.58 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Saturday, September 15th. Investors of record on Friday, August 31st were given a $0.25 dividend. This is a positive change from Ashland Global’s previous quarterly dividend of $0.23. This represents a $1.00 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend was Thursday, August 30th. Ashland Global’s dividend payout ratio is presently 40.98%.
In other Ashland Global news, VP Keith C. Silverman sold 2,286 shares of the company’s stock in a transaction on Tuesday, September 18th. The stock was sold at an average price of $84.71, for a total value of $193,647.06. Following the completion of the transaction, the vice president now owns 4,183 shares in the company, valued at approximately $354,341.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.14% 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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