Ashland (NYSE:ASH) Reaches New 12-Month Low on Disappointing Earnings

Posted by Defense World Staff on May 4th, 2023

Ashland Inc. (NYSE:ASH – Get Rating)’s share price reached a new 52-week low on Wednesday following a dissappointing earnings announcement. The company traded as low as $91.23 and last traded at $91.71, with a volume of 144282 shares changing hands. The stock had previously closed at $100.01.

The basic materials company reported $1.43 EPS for the quarter, missing the consensus estimate of $1.52 by ($0.09). The company had revenue of $603.00 million during the quarter, compared to the consensus estimate of $627.61 million. Ashland had a return on equity of 9.82% and a net margin of 38.23%. The firm’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter last year, the company posted $1.50 earnings per share.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ASH shares. BMO Capital Markets lifted their price objective on shares of Ashland from $135.00 to $136.00 and gave the company an “outperform” rating in a research report on Thursday, February 2nd. StockNews.com started coverage on shares of Ashland in a research report on Thursday, March 16th. They set a “hold” rating on the stock. UBS Group lifted their price objective on shares of Ashland from $131.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, January 11th. Wells Fargo & Company cut their target price on shares of Ashland from $115.00 to $110.00 and set an “equal weight” rating for the company in a report on Monday, April 17th. Finally, JPMorgan Chase & Co. lowered shares of Ashland from a “neutral” rating to an “underweight” rating and raised their target price for the company from $104.00 to $105.00 in a report on Thursday, February 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $127.88.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. First Command Financial Services Inc. purchased a new stake in Ashland in the 1st quarter valued at $25,000. Corrado Advisors LLC acquired a new stake in Ashland in the 4th quarter valued at about $31,000. OLD Mission Capital LLC acquired a new stake in Ashland in the 4th quarter valued at about $31,000. CoreCap Advisors LLC acquired a new stake in Ashland in the 4th quarter valued at about $47,000. Finally, Almanack Investment Partners LLC. acquired a new stake in shares of Ashland during the 3rd quarter worth about $47,000. 92.21% of the stock is owned by institutional investors and hedge funds.

Ashland Stock Down 9.7 %

The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.16 and a current ratio of 3.72. The firm has a market cap of $4.90 billion, a price-to-earnings ratio of 5.60 and a beta of 1.00. The firm has a 50-day moving average price of $100.55 and a two-hundred day moving average price of $104.89.

About Ashland

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Ashland, Inc engages in the provision of architectural coatings, construction, energy, food and beverage, nutraceuticals, personal care, and pharmaceutical. It operates through the following segments: Life Sciences, Personal Care, Special Additives, and Intermediates. The company was founded in 1924 and is headquartered in Wilmington, DE.