Fintel reports that on March 1, 2024, Wolfe Research initiated coverage of Ashland (NYSE:ASH) with a Outperform recommendation.
Analyst Price Forecast Suggests 10.66% Upside
As of February 24, 2024, the average one-year price target for Ashland is 105.63. The forecasts range from a low of 95.95 to a high of $120.75. The average price target represents an increase of 10.66% from its latest reported closing price of 95.45.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Ashland is 2,675MM, an increase of 25.06%. The projected annual non-GAAP EPS is 7.08.
Ashland Declares $0.38 Dividend
On January 22, 2024 the company declared a regular quarterly dividend of $0.38 per share ($1.54 annualized). Shareholders of record as of March 1, 2024 will receive the payment on March 15, 2024. Previously, the company paid $0.38 per share.
At the current share price of $95.45 / share, the stock's dividend yield is 1.61%.
Looking back five years and taking a sample every week, the average dividend yield has been 1.45%, the lowest has been 1.12%, and the highest has been 2.77%. The standard deviation of yields is 0.25 (n=234).
The current dividend yield is 0.63 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.47. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.40%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 746 funds or institutions reporting positions in Ashland. This is a decrease of 1 owner(s) or 0.13% in the last quarter. Average portfolio weight of all funds dedicated to ASH is 0.26%, a decrease of 9.68%. Total shares owned by institutions increased in the last three months by 0.51% to 60,447K shares. 
The put/call ratio of ASH is 1.56, indicating a bearish outlook.
What are Other Shareholders Doing?
Eminence Capital holds 3,516K shares representing 7.02% ownership of the company. In it's prior filing, the firm reported owning 3,514K shares, representing an increase of 0.05%. The firm decreased its portfolio allocation in ASH by 21.51% over the last quarter.
Massachusetts Financial Services holds 2,425K shares representing 4.84% ownership of the company. In it's prior filing, the firm reported owning 2,260K shares, representing an increase of 6.78%. The firm decreased its portfolio allocation in ASH by 84.27% over the last quarter.
Diamond Hill Capital Management holds 1,902K shares representing 3.80% ownership of the company. In it's prior filing, the firm reported owning 1,953K shares, representing a decrease of 2.67%. The firm decreased its portfolio allocation in ASH by 8.70% over the last quarter.
Allspring Global Investments Holdings holds 1,672K shares representing 3.34% ownership of the company. In it's prior filing, the firm reported owning 1,415K shares, representing an increase of 15.36%. The firm increased its portfolio allocation in ASH by 9.25% over the last quarter.
Clearbridge Investments holds 1,657K shares representing 3.31% ownership of the company. In it's prior filing, the firm reported owning 1,405K shares, representing an increase of 15.22%. The firm decreased its portfolio allocation in ASH by 17.72% over the last quarter.
Ashland Background Information
(This description is provided by the company.)
Ashland Global Holdings Inc. is a premier global specialty materials company serving customers in a wide range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical. Ashland has approximately 4,500 employees - from renowned scientists and research chemists to engineers and plant operators - who thrive on developing practical, innovative and elegant solutions to complex problems for customers in more than 100 countries.
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This story originally appeared on Fintel.
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