Ardmore Shipping Corp. (ASC) Trading Down 3.2%
Ardmore Shipping Corp. (NYSE:ASC)’s share price fell 3.2% during mid-day trading on Thursday . The company traded as low as $7.70 and last traded at $7.83, with a volume of 347,776 shares. The stock had previously closed at $8.09.
A number of research firms have recently issued reports on ASC. TheStreet upgraded Ardmore Shipping Corp. from a “sell” rating to a “hold” rating in a research note on Monday, August 1st. Zacks Investment Research downgraded Ardmore Shipping Corp. from a “hold” rating to a “strong sell” rating in a research note on Saturday, June 11th. Deutsche Bank AG restated a “buy” rating and issued a $11.00 price target on shares of Ardmore Shipping Corp. in a research note on Wednesday, June 15th. Seaport Global Securities restated a “buy” rating and issued a $13.00 price target on shares of Ardmore Shipping Corp. in a research note on Wednesday, May 4th. Finally, Jefferies Group restated a “buy” rating on shares of Ardmore Shipping Corp. in a research note on Wednesday, July 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. Ardmore Shipping Corp. currently has a consensus rating of “Buy” and a consensus target price of C$13.29.
The company’s 50-day moving average is $7.27 and its 200 day moving average is $8.40. The firm has a market cap of $273.27 million and a price-to-earnings ratio of 6.91.
Ardmore Shipping Corp. (NYSE:ASC) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.04. The business had revenue of $39.70 million for the quarter, compared to analyst estimates of $32.49 million. The firm’s revenue was up 1.0% compared to the same quarter last year. Analysts predict that Ardmore Shipping Corp. will post $0.80 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 31st. Investors of record on Tuesday, August 16th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 5.39%. The ex-dividend date is Friday, August 12th.
Several institutional investors have recently added to or reduced their stakes in the stock. Royce & Associates LLC increased its position in Ardmore Shipping Corp. by 27.1% in the fourth quarter. Royce & Associates LLC now owns 1,339,503 shares of the company’s stock valued at $17,038,000 after buying an additional 285,628 shares during the last quarter. UBS Oconnor LLC increased its position in Ardmore Shipping Corp. by 276.6% in the fourth quarter. UBS Oconnor LLC now owns 188,281 shares of the company’s stock valued at $2,395,000 after buying an additional 138,281 shares during the last quarter. Finally, I.G. Investment Management LTD. increased its position in Ardmore Shipping Corp. by 0.6% in the fourth quarter. I.G. Investment Management LTD. now owns 115,396 shares of the company’s stock valued at $1,468,000 after buying an additional 708 shares during the last quarter.
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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