OppenheimerFunds Inc. raised its position in shares of Ardmore Shipping Corporation (NYSE:ASC) by 11.5% during the first quarter, Holdings Channel reports. The institutional investor owned 59,704 shares of the shipping company’s stock after buying an additional 6,165 shares during the period. OppenheimerFunds Inc.’s holdings in Ardmore Shipping Corporation were worth $481,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Russell Investments Group Ltd. acquired a new position in Ardmore Shipping Corporation during the fourth quarter worth about $1,798,000. Paradigm Capital Management Inc. NY boosted its position in Ardmore Shipping Corporation by 4.1% in the first quarter. Paradigm Capital Management Inc. NY now owns 127,100 shares of the shipping company’s stock worth $1,023,000 after buying an additional 5,000 shares in the last quarter. Van Den Berg Management I Inc. boosted its position in Ardmore Shipping Corporation by 149.7% in the first quarter. Van Den Berg Management I Inc. now owns 879,941 shares of the shipping company’s stock worth $7,084,000 after buying an additional 527,488 shares in the last quarter. Teachers Advisors LLC boosted its position in Ardmore Shipping Corporation by 51.4% in the fourth quarter. Teachers Advisors LLC now owns 61,240 shares of the shipping company’s stock worth $453,000 after buying an additional 20,802 shares in the last quarter. Finally, Sei Investments Co. boosted its position in Ardmore Shipping Corporation by 100.1% in the first quarter. Sei Investments Co. now owns 176,135 shares of the shipping company’s stock worth $1,418,000 after buying an additional 88,128 shares in the last quarter. 76.33% of the stock is owned by institutional investors and hedge funds.

Shares of Ardmore Shipping Corporation (NYSE ASC) opened at 8.00 on Monday. Ardmore Shipping Corporation has a 12 month low of $5.00 and a 12 month high of $8.75. The company has a 50-day moving average price of $7.72 and a 200-day moving average price of $7.49. The firm’s market capitalization is $268.60 million.

Ardmore Shipping Corporation (NYSE:ASC) last posted its earnings results on Wednesday, May 3rd. The shipping company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.04. The firm had revenue of $49.67 million during the quarter, compared to the consensus estimate of $30.75 million. Ardmore Shipping Corporation had a negative return on equity of 0.60% and a negative net margin of 3.03%. The business’s quarterly revenue was up 14.2% on a year-over-year basis. During the same period last year, the company earned $0.26 earnings per share. Equities analysts forecast that Ardmore Shipping Corporation will post ($0.06) EPS for the current fiscal year.

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ASC has been the subject of a number of research analyst reports. Zacks Investment Research cut Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, March 21st. ValuEngine raised Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. TheStreet cut Ardmore Shipping Corporation from a “c-” rating to a “d” rating in a report on Wednesday, May 24th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $10.00 price target on shares of Ardmore Shipping Corporation in a report on Friday, July 7th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $10.00 price target on shares of Ardmore Shipping Corporation in a report on Monday, April 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. Ardmore Shipping Corporation currently has an average rating of “Hold” and a consensus target price of $9.88.

About Ardmore Shipping Corporation

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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Institutional Ownership by Quarter for Ardmore Shipping Corporation (NYSE:ASC)

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