Ardmore Shipping Corp. (ASC) Trading Down 2.5%
Ardmore Shipping Corp. (NYSE:ASC)’s share price was down 2.5% on Friday . The company traded as low as $7.67 and last traded at $7.69, with a volume of 248,743 shares. The stock had previously closed at $7.89.
A number of equities analysts have recently weighed in on ASC shares. Deutsche Bank AG reiterated a “buy” rating and set a $11.00 price target on shares of Ardmore Shipping Corp. in a report on Wednesday, June 15th. Jefferies Group lowered their price target on Ardmore Shipping Corp. from $13.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, July 27th. Seaport Global Securities reiterated a “buy” rating and set a $13.00 price target on shares of Ardmore Shipping Corp. in a report on Wednesday, May 4th. Stifel Nicolaus reiterated a “buy” rating on shares of Ardmore Shipping Corp. in a report on Wednesday, August 3rd. Finally, TheStreet upgraded Ardmore Shipping Corp. from a “sell” rating to a “hold” rating in a report on Monday, August 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. Ardmore Shipping Corp. has a consensus rating of “Buy” and a consensus target price of C$13.29.
The company has a market capitalization of $259.54 million and a price-to-earnings ratio of 6.56. The stock’s 50-day moving average is $7.28 and its 200 day moving average is $8.34.
Ardmore Shipping Corp. (NYSE:ASC) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.04. The company earned $39.70 million during the quarter, compared to analyst estimates of $32.49 million. Ardmore Shipping Corp.’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, equities analysts expect that Ardmore Shipping Corp. will post $0.79 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Tuesday, August 16th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, August 12th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.68%.
An institutional investor recently raised its position in Ardmore Shipping Corp. stock. I.G. Investment Management LTD. increased its position in Ardmore Shipping Corp. (NYSE:ASC) by 0.6% during the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 115,396 shares of the company’s stock after buying an additional 708 shares during the period. I.G. Investment Management LTD. owned about 0.44% of Ardmore Shipping Corp. worth $1,468,000 as of its most recent SEC filing.
Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals to national oil companies, oil and chemical traders, and chemical companies, with its fleet of mid-size product and chemical tankers. The Company’s segment relates to the operations of its vessels. The Company’s fleet consists of over 20 double-hulled product and chemical tankers, all of which are in operation.
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