Federated Hermes Inc. Purchases 1,172 Shares of Ashland Inc. (NYSE:ASH)

Federated Hermes Inc. raised its position in shares of Ashland Inc. (NYSE:ASH) by 2.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,118 shares of the basic materials company’s stock after purchasing an additional 1,172 shares during the period. Federated Hermes Inc. owned approximately 0.09% of Ashland worth $3,720,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its holdings in shares of Ashland by 139.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,414,765 shares of the basic materials company’s stock valued at $115,558,000 after buying an additional 824,600 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Ashland by 33.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,260,333 shares of the basic materials company’s stock worth $184,624,000 after acquiring an additional 560,916 shares during the last quarter. Atlantic Investment Management Inc. purchased a new stake in shares of Ashland in the 3rd quarter valued at $22,880,000. Diamond Hill Capital Management Inc. grew its holdings in shares of Ashland by 14.6% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,953,015 shares of the basic materials company’s stock valued at $159,522,000 after purchasing an additional 248,591 shares during the last quarter. Finally, Mutual of America Capital Management LLC raised its position in Ashland by 157.6% in the 4th quarter. Mutual of America Capital Management LLC now owns 198,064 shares of the basic materials company’s stock worth $16,699,000 after purchasing an additional 121,161 shares during the period. Institutional investors own 93.95% of the company’s stock.

Ashland Stock Performance

NYSE:ASH opened at $96.06 on Friday. The company has a quick ratio of 1.88, a current ratio of 3.30 and a debt-to-equity ratio of 0.44. The firm’s fifty day simple moving average is $95.25 and its 200 day simple moving average is $86.08. The stock has a market cap of $4.81 billion, a P/E ratio of 31.50 and a beta of 0.92. Ashland Inc. has a twelve month low of $70.82 and a twelve month high of $101.94.

Ashland (NYSE:ASH) last posted its earnings results on Wednesday, January 31st. The basic materials company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.21 by $0.24. Ashland had a net margin of 7.62% and a return on equity of 5.95%. The firm had revenue of $473.00 million during the quarter, compared to analysts’ expectations of $478.69 million. During the same period last year, the company posted $0.97 EPS. The company’s quarterly revenue was down 9.9% compared to the same quarter last year. As a group, research analysts predict that Ashland Inc. will post 4.33 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on ASH. StockNews.com upgraded shares of Ashland from a “sell” rating to a “hold” rating in a research report on Wednesday, January 31st. JPMorgan Chase & Co. lifted their price target on Ashland from $70.00 to $88.00 and gave the stock an “underweight” rating in a research note on Thursday, February 1st. Jefferies Financial Group upgraded Ashland from a “hold” rating to a “buy” rating and boosted their price objective for the company from $100.00 to $126.00 in a research report on Thursday, March 14th. Wolfe Research initiated coverage on shares of Ashland in a report on Friday, March 1st. They issued an “outperform” rating and a $108.00 target price on the stock. Finally, Wells Fargo & Company raised shares of Ashland from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $100.00 to $112.00 in a research report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $101.00.

About Ashland

Ashland Inc provides additives and specialty ingredients in the North and Latin America, Europe, Asia Pacific, and internationally. It operates through Life Sciences, Personal Care, Specialty Additives, and Intermediates segments. The Life Sciences segment offers pharmaceutical solutions, including controlled release polymers, disintegrants, tablet coatings, thickeners, solubilizers, and tablet binders; nutrition solutions, such as thickeners, stabilizers, emulsifiers, and additives; and nutraceutical solutions comprising products for weight management, joint comfort, stomach and intestinal health, sports nutrition, and general wellness, as well as custom formulation, toll processing, and particle engineering solutions.