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Covington, Ky.-Based Chemical Company Plans Stock Buyback.
Knight Ridder/Tribune Business News, September, 1999 by Butters, Jamie
Knight Ridder/Tribune Business News
Sep. 17 -- Ashland Inc. announced plans yesterday to buy back 3 million more shares as it tries to reverse the stock's slide to a three-year low.
The company also added Cummins Engine Co. president Tim Solso to its board of directors.
The buyback is a smart move at recent depressed prices, said analyst Scott Smith with UBS Securities Inc. in New York. But he said investors are waiting for a stronger "catalyst for improvement" before they will bid up Ashland's stock price.
Wrapping up a couple of recent efforts -- selling its coal stake and buying a paving competitor -- might do the trick, he said.
Smith has Ashland rated as a "hold," but he said it is a good buy after losing 30 percent of...
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