Independence Bank of Kentucky Acquires 1,119 Shares of Ashland Inc. (NYSE:ASH)

Independence Bank of Kentucky lifted its stake in Ashland Inc. (NYSE:ASH) by 302.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,489 shares of the basic materials company’s stock after purchasing an additional 1,119 shares during the period. Independence Bank of Kentucky’s holdings in Ashland were worth $106,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in ASH. Massachusetts Financial Services Co. MA lifted its stake in Ashland by 12.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,598,602 shares of the basic materials company’s stock valued at $226,000,000 after buying an additional 284,215 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Ashland by 6.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,737,738 shares of the basic materials company’s stock valued at $151,131,000 after acquiring an additional 103,517 shares during the period. Pacer Advisors Inc. boosted its stake in Ashland by 16.1% during the 4th quarter. Pacer Advisors Inc. now owns 1,022,580 shares of the basic materials company’s stock worth $73,074,000 after acquiring an additional 142,121 shares during the last quarter. Geode Capital Management LLC grew its holdings in Ashland by 0.3% during the third quarter. Geode Capital Management LLC now owns 827,642 shares of the basic materials company’s stock valued at $72,000,000 after purchasing an additional 2,316 shares during the period. Finally, WCM Investment Management LLC increased its stake in Ashland by 2.6% in the third quarter. WCM Investment Management LLC now owns 297,218 shares of the basic materials company’s stock valued at $26,045,000 after purchasing an additional 7,478 shares in the last quarter. 93.95% of the stock is owned by institutional investors and hedge funds.

Ashland Price Performance

NYSE ASH opened at $63.61 on Monday. The firm’s 50 day moving average is $72.57 and its 200-day moving average is $81.53. The company has a quick ratio of 1.33, a current ratio of 2.44 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $3.00 billion, a PE ratio of -96.37, a price-to-earnings-growth ratio of 1.03 and a beta of 0.87. Ashland Inc. has a 12-month low of $62.84 and a 12-month high of $102.50.

Ashland (NYSE:ASH) last issued its quarterly earnings results on Tuesday, January 28th. The basic materials company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.51). Ashland had a positive return on equity of 7.17% and a negative net margin of 1.12%. During the same quarter in the prior year, the firm earned $0.45 EPS. Equities research analysts anticipate that Ashland Inc. will post 4.31 earnings per share for the current fiscal year.

Ashland Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 15th. Shareholders of record on Saturday, March 1st will be given a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Friday, February 28th. Ashland’s dividend payout ratio (DPR) is -245.45%.

Insider Transactions at Ashland

In other news, SVP Robin E. Lampkin sold 868 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $77.90, for a total value of $67,617.20. Following the completion of the sale, the senior vice president now directly owns 2,883 shares of the company’s stock, valued at $224,585.70. This trade represents a 23.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Eric N. Boni sold 451 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $78.07, for a total value of $35,209.57. Following the transaction, the vice president now directly owns 14,182 shares in the company, valued at $1,107,188.74. The trade was a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ASH shares. JPMorgan Chase & Co. decreased their price target on shares of Ashland from $81.00 to $68.00 and set a “neutral” rating for the company in a report on Thursday. StockNews.com upgraded Ashland from a “hold” rating to a “buy” rating in a report on Wednesday, January 29th. UBS Group cut their price objective on Ashland from $95.00 to $93.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Wells Fargo & Company lowered their target price on Ashland from $90.00 to $80.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, BMO Capital Markets upped their price target on shares of Ashland from $83.00 to $84.00 and gave the company a “market perform” rating in a report on Wednesday, December 11th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $95.57.

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.