Why Shares of Ashland, Ingevity, and Mativ Are Falling This Week
With the week winding down, it seems that the S 500 and Dow Jones Industrial Average are both on the verge of locking in a decline for the first week of May. Shares of specialty chemicals companies, however, are poised to tumble notably more as investors wrestle with their uninspiring quarterly earnings reports.
As of 1:51 p.m. ET, shares of (NYSE: ASH) are down 11.2% since the end of last Friday's trading session, while shares of Mativ (NYSE: MATV) and Ingevity (NYSE: NGVT) have fallen 15.4% and 15.1%, respectively, during the same period, according to data provided by S&P Global Market Intelligence.
Failing to meet analysts' revenue and earnings expectations, Ashland reported sales of $603 million and adjusted earnings per share of $1.43 for Q2 2023. The consensus among analysts was that Ashland would report $629 million on the top line and $1.50 per share on the bottom line. Besides the company's recent performance, management's increasingly dour outlook on the remainder of 2023 also motivated investors to click the sell button.
Source Fool.com
Ashland Inc. Stock
We see a rather positive sentiment for Ashland Inc. with 12 Buy predictions and 2 Sell predictions.
As a result the target price of 100 € shows a positive potential of 25.0% compared to the current price of 80.0 € for Ashland Inc..
