State Board of Administration of Florida Retirement System lessened its holdings in shares of Ashland Global Holdings Inc. (NYSE:ASH) by 9.9% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 69,662 shares of the basic materials company’s stock after selling 7,680 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.11% of Ashland Global worth $6,095,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of ASH. Franklin Resources Inc. lifted its position in shares of Ashland Global by 34,682.4% during the 1st quarter. Franklin Resources Inc. now owns 1,519,645 shares of the basic materials company’s stock worth $134,899,000 after purchasing an additional 1,515,276 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Ashland Global by 212.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,195,808 shares of the basic materials company’s stock worth $106,152,000 after purchasing an additional 812,760 shares during the last quarter. Cramer Rosenthal Mcglynn LLC acquired a new position in shares of Ashland Global during the 1st quarter worth about $40,431,000. Iridian Asset Management LLC CT lifted its position in shares of Ashland Global by 73.5% during the 1st quarter. Iridian Asset Management LLC CT now owns 766,376 shares of the basic materials company’s stock worth $68,031,000 after purchasing an additional 324,571 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Ashland Global by 32.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,032,260 shares of the basic materials company’s stock worth $91,634,000 after purchasing an additional 255,814 shares during the last quarter. 93.56% of the stock is owned by institutional investors and hedge funds.
ASH has been the subject of several recent research reports. JPMorgan Chase & Co. raised Ashland Global to a “hold” rating and set a $90.00 price target for the company in a report on Thursday, August 5th. Deutsche Bank Aktiengesellschaft upped their price target on Ashland Global from $100.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, September 1st. BMO Capital Markets upped their price target on Ashland Global from $107.00 to $113.00 and gave the company an “outperform” rating in a report on Tuesday, September 7th. Stifel Nicolaus initiated coverage on Ashland Global in a report on Thursday, June 17th. They issued a “buy” rating and a $118.00 price target for the company. Finally, TheStreet raised Ashland Global from a “c+” rating to a “b-” rating in a report on Thursday, May 27th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $101.50.
Ashland Global (NYSE:ASH) last released its quarterly earnings results on Monday, July 26th. The basic materials company reported $1.22 EPS for the quarter, missing the Zacks’ consensus estimate of $1.29 by ($0.07). The business had revenue of $637.00 million for the quarter, compared to the consensus estimate of $635.39 million. Ashland Global had a return on equity of 7.72% and a net margin of 7.60%. The firm’s revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the company earned $0.84 earnings per share. As a group, equities analysts expect that Ashland Global Holdings Inc. will post 4.64 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 15th. Investors of record on Wednesday, September 1st were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, August 31st. This represents a $1.20 dividend on an annualized basis and a yield of 1.35%. Ashland Global’s dividend payout ratio (DPR) is presently 42.86%.
In other Ashland Global news, CFO J Kevin Willis sold 1,104 shares of the stock in a transaction on Friday, September 10th. The stock was sold at an average price of $94.30, for a total value of $104,107.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 10.08% of the stock is currently owned by company insiders.
Ashland Global Company Profile
Ashland Global Holdings, Inc is a global specialty chemicals company. The company engages in the manufacture and distribution of adhesives, architectural coatings, automotive, construction, energy, food and beverage, personal care, and pharmaceutical. It operates through the following segments: Consumer Specialties; Industrial Specialties; and Other.
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