WILMINGTON, DE - Ashland Inc . (NYSE:ASH), a company specializing in the wholesale of chemicals and allied products with a market capitalization of $3.3 billion, announced significant changes to its executive team and the results of its recent stockholders' meeting in a filing with the Securities and Exchange Commission. According to InvestingPro analysis, the company appears undervalued at current levels, with strong financial health metrics and a notable 55-year track record of consistent dividend payments.
On Monday, the Board of Directors appointed J. Kevin Willis, who currently serves as Senior Vice President and Chief Financial Officer, to take on an additional role as the company's Principal Accounting Officer. This change is effective immediately.
In the same report, Ashland disclosed the outcomes of its annual stockholders' meeting, which took place on Monday. With 91.50% of eligible shares represented, the meeting reached a quorum and addressed several key proposals.
The first proposal involved the election of directors, where all nominees were elected to serve until the next annual meeting. Votes for each nominee varied, with Jerome A. Peribere receiving the lowest number of votes for and the highest number against, though still securing his position.
The second proposal ratified the appointment of Ernst & Young LLP as Ashland's independent registered public accounting firm for fiscal 2025. The decision was made with an overwhelming majority of votes for and minimal votes against or abstaining.
Lastly, the non-binding advisory resolution on the compensation of Ashland’s named executive officers was approved, despite a notable number of votes against and abstentions.
With its upcoming earnings report scheduled for January 28, InvestingPro subscribers can access 12 additional exclusive tips and comprehensive analysis through the Pro Research Report, which provides detailed insights into Ashland's financial health, valuation metrics, and growth prospects.
In other recent news, Ashland Inc. has seen several noteworthy developments. Jefferies adjusted the price target for Ashland to $92.00, down from the previous target of $105.00, due to a slower consumer recovery anticipated in 2025. Simultaneously, Ashland announced plans to sell its Avoca business, a producer of Sclareolide, a fragrance fixative, to Mane, a leading fragrance and flavors supplier. The transaction is expected to close in the first quarter of 2025.
Ashland's CFO, J. Kevin Willis, has also joined the board of directors at Ingevity (NYSE:NGVT) Corporation. Meanwhile, Ashland announced the departure of its Vice President, Finance and Principal Accounting Officer, Eric F. Boni. In terms of financial targets, Ashland has maintained its EBITDA midpoint guidance for fiscal year 2025 at $450 million and set an ambitious fiscal year 2027 EBITDA target of $600 million.
In analyst reviews, Mizuho (NYSE:MFG) Securities adjusted its price target for Ashland from $95.00 to $85.00, maintaining an Outperform rating. BMO Capital Markets slightly raised its price target to $84.00, while Deutsche Bank (ETR:DBKGn) reduced its price target to $90.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.