Otter Creek Advisors LLC increased its position in shares of Ashland Global Holdings Inc (NYSE:ASH) by 21.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 163,383 shares of the basic materials company’s stock after buying an additional 28,966 shares during the quarter. Ashland Global comprises about 2.4% of Otter Creek Advisors LLC’s portfolio, making the stock its 5th biggest position. Otter Creek Advisors LLC owned approximately 0.26% of Ashland Global worth $11,403,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Quantbot Technologies LP purchased a new stake in shares of Ashland Global in the first quarter worth approximately $149,000. Bristol John W & Co. Inc. NY purchased a new stake in shares of Ashland Global in the first quarter worth approximately $174,000. Cambridge Investment Research Advisors Inc. bought a new position in shares of Ashland Global in the fourth quarter valued at approximately $203,000. Signition LP bought a new position in shares of Ashland Global in the first quarter valued at approximately $216,000. Finally, Good Life Advisors LLC bought a new position in shares of Ashland Global in the fourth quarter valued at approximately $234,000. 94.74% of the stock is owned by hedge funds and other institutional investors.
In other Ashland Global news, VP Keith C. Silverman sold 1,678 shares of the stock in a transaction on Monday, March 26th. The stock was sold at an average price of $70.02, for a total transaction of $117,493.56. Following the completion of the transaction, the vice president now directly owns 1,358 shares of the company’s stock, valued at $95,087.16. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.14% of the stock is currently owned by corporate insiders.
Ashland Global (NYSE:ASH) last announced its quarterly earnings data on Tuesday, May 1st. The basic materials company reported $1.06 earnings per share for the quarter, beating the 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 business had revenue of $974.00 million during the quarter, compared to analyst estimates of $955.39 million. During the same period in the prior year, the company earned $1.71 earnings per share. analysts anticipate that Ashland Global Holdings Inc will post 3.44 earnings per share for the current year.
Ashland Global declared that its board has approved a share buyback program on Tuesday, March 20th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the basic materials company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Friday, June 1st will be issued a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend is Thursday, May 31st. Ashland Global’s dividend payout ratio (DPR) is 40.98%.
Several equities analysts have recently issued reports on the company. Zacks Investment Research raised Ashland Global from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 3rd. Credit Suisse Group set a $79.00 target price on Ashland Global and gave the company a “buy” rating in a report on Monday, April 30th. Jefferies Financial Group upped their target price on Ashland Global to $95.00 and gave the company a “buy” rating in a report on Monday, June 4th. ValuEngine raised Ashland Global from a “hold” rating to a “buy” rating in a report on Monday, May 14th. Finally, TheStreet raised Ashland Global from a “c+” rating to a “b” rating in a report on Wednesday, May 2nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. Ashland Global presently has an average rating of “Buy” and a consensus target price of $82.78.
Ashland Global Company Profile
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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