Ashland Global Holdings Inc.
ASH
recently announced the completion of the expansion of its Viatel bioresorbable polymer manufacturing site. Also, the company relocated research and development from Dublin to the National Science Park, Mullingar, Ireland.
Viatel bioresorbable polymers are utilized for improved treatment solutions for many chronic diseases. It lays the base for extended-release drug formulations, bioresorbable medical devices and tissue engineering scaffolds. The relocation is essential for the company’s new product development strategy and the ability to solve customer challenges with customized chemistry.
The site expansion enables Ashland to focus on catering the needs of consumers as they pursue clinical studies and prepare for commercialization.
Shares of Ashland have gained 38.2% in the past year compared with 37.1% rise of the
industry
.
Ashland logged profits of $56 million in the first quarter of fiscal 2021 and saw 4% increase in sales on a year-over-year basis. Both adjusted earnings per share and sales in the quarter beat the respective Zacks Consensus Estimate. All three segments of the company also saw an increase in sales.
Ashland stated that its first-quarter results demonstrate progress toward strategic discipline, consistent organic growth, margin expansion and improved free cash flow conversion. It expects to deliver consistent results moving ahead, notwithstanding the impacts of the coronavirus pandemic on global supply chains and consumers’ behaviour.
Ashland Global Holdings Inc. Price and Consensus
Ashland Global Holdings Inc. price-consensus-chart
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Ashland Global Holdings Inc. Quote
Zacks Rank & Other Key Picks
Ashland currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are
Fortescue Metals Group Limited
FSUGY
,
BHP Group
BHP
and
Impala Platinum Holdings Limited
IMPUY
.
Fortescue has a projected earnings growth rate of 95.4% for the current fiscal. The company’s shares have surged around 182.4% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see
the complete list of today’s Zacks #1 Rank stocks here.
BHP has an expected earnings growth rate of 69.2% for the current fiscal. The company’s shares have gained 100.8% in the past year. It currently sports a Zacks Rank #1.
Impala has an expected earnings growth rate of 186.9% for the current fiscal. The company’s shares have rallied around 141.7% in the past year. It currently sports a Zacks Rank #1.
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