24 Sep

Ashland Will Increase a Few Product Prices in North America

WRITTEN BY Peter Neil

Ashland increases product prices

On September 21, Ashland (ASH) announced that it will increase the prices for its PureRad products. The prices will increase 6%. The price increase is expected to be effective on October 5. The price increase will likely impact North America.

Ashland Will Increase a Few Product Prices in North America

Ashland also increased its maleic anhydride prices. The increase will be effective on October 1 or as the contract allows. Ashland has increased the maleic anhydride prices by $0.04 per pound. The price increase will likely impact North America.

Higher prices could have a positive impact on Ashland’s revenues. The increase will be visible in the company’s fourth-quarter earnings. Ashland cited increased feedstock, raw materials, and freight prices as the main reason for the price hikes.

Stock price update

Ashland remained positive with a gain of 1.3% and closed at $85.67 for the week ending September 21. The gain in the stock prices helped the stock prices hover around an all-time high. As a result, the stock is trading 6.1% above the 100-day moving average price of $80.78. Ashland’s 100-day moving average price is on an upward trend, which indicates bullishness in the stock. On a year-to-date basis, Ashland stock has gained ~17.2%. Ashland’s 14-day relative strength index was at 60, which suggests that the stock isn’t overbought or oversold.

Ashland outperformed the Invesco Russell MidCap Pure Value ETF (PXMV), which gained 0.9% for the week. PXMV invests 1.4% of its portfolio in Ashland. PXMV also provides exposure to Dish Network (DISH), Newmont Mining (NEM), and CNA Financial (CNA) with weights of 1.4%, 0.9%, and 1.1%, respectively, as of September 21.

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