DAVENPORT & Co LLC Takes $485,000 Position in Ashland Global Holdings Inc (NYSE:ASH)

DAVENPORT & Co LLC purchased a new stake in Ashland Global Holdings Inc (NYSE:ASH) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 7,026 shares of the basic materials company’s stock, valued at approximately $485,000.

Several other hedge funds also recently bought and sold shares of the company. Naya Capital Management UK Ltd. grew its position in shares of Ashland Global by 19.8% in the first quarter. Naya Capital Management UK Ltd. now owns 2,824,098 shares of the basic materials company’s stock valued at $141,403,000 after purchasing an additional 466,628 shares in the last quarter. Diamond Hill Capital Management Inc. grew its position in shares of Ashland Global by 22.4% in the first quarter. Diamond Hill Capital Management Inc. now owns 2,207,397 shares of the basic materials company’s stock valued at $110,524,000 after purchasing an additional 404,657 shares in the last quarter. Schroder Investment Management Group grew its position in shares of Ashland Global by 3.1% in the first quarter. Schroder Investment Management Group now owns 1,274,250 shares of the basic materials company’s stock valued at $64,082,000 after purchasing an additional 37,984 shares in the last quarter. UBS Group AG grew its position in shares of Ashland Global by 5.6% in the first quarter. UBS Group AG now owns 882,847 shares of the basic materials company’s stock valued at $44,204,000 after purchasing an additional 47,107 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Ashland Global by 1.3% in the first quarter. Geode Capital Management LLC now owns 671,165 shares of the basic materials company’s stock valued at $33,605,000 after purchasing an additional 8,537 shares in the last quarter. Institutional investors and hedge funds own 92.51% of the company’s stock.

Several research analysts recently weighed in on the company. BMO Capital Markets upgraded Ashland Global from a “market perform” rating to an “outperform” rating and lowered their price objective for the stock from $87.00 to $75.00 in a research report on Monday, April 13th. Deutsche Bank increased their price objective on Ashland Global from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday. Monness Crespi & Hardt increased their price objective on Ashland Global from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday. Wells Fargo & Co increased their price objective on Ashland Global from $85.00 to $90.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, TheStreet upgraded Ashland Global from a “d+” rating to a “c-” rating in a research report on Thursday, June 18th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $82.60.

NYSE:ASH opened at $75.48 on Friday. The company has a quick ratio of 1.06, a current ratio of 1.78 and a debt-to-equity ratio of 0.56. The stock’s fifty day moving average is $70.93 and its two-hundred day moving average is $66.29. Ashland Global Holdings Inc has a 52 week low of $38.88 and a 52 week high of $81.82. The stock has a market capitalization of $4.55 billion, a price-to-earnings ratio of -42.89, a price-to-earnings-growth ratio of 2.76 and a beta of 1.46.

Ashland Global (NYSE:ASH) last released its quarterly earnings results on Tuesday, July 28th. The basic materials company reported $0.84 EPS for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.01). The firm had revenue of $574.00 million for the quarter, compared to analyst estimates of $574.61 million. Ashland Global had a positive return on equity of 4.79% and a negative net margin of 4.39%. The firm’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter last year, the company earned $0.77 earnings per share. On average, sell-side analysts expect that Ashland Global Holdings Inc will post 2.54 EPS for the current fiscal year.

About Ashland Global

Ashland Global Holdings Inc provides specialty chemical solutions worldwide. The company's Specialty Ingredients segment offers products, technologies, and resources for solving formulation and product-performance challenges. It provides solutions using natural, synthetic, and semisynthetic polymers derived from cellulose ethers, vinyl pyrrolidones, acrylic polymers, polyester and polyurethane-based adhesives, and plant and seed extracts.

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Institutional Ownership by Quarter for Ashland Global (NYSE:ASH)

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