Jefferies Group LLC reissued their buy rating on shares of Ardmore Shipping Corporation (NYSE:ASC) in a research note published on Monday. Jefferies Group LLC currently has a $10.00 price objective on the shipping company’s stock.

Other analysts have also issued research reports about the company. BidaskClub raised Ardmore Shipping Corporation from a strong sell rating to a sell rating in a research note on Friday, August 18th. Zacks Investment Research raised Ardmore Shipping Corporation from a sell rating to a hold rating in a research note on Monday, July 24th. ValuEngine lowered Ardmore Shipping Corporation from a hold rating to a sell rating in a research note on Tuesday, August 8th. Finally, Stifel Nicolaus reissued a buy rating and set a $10.00 price objective on shares of Ardmore Shipping Corporation in a research note on Friday, July 7th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $10.25.

Ardmore Shipping Corporation (ASC) opened at 8.45 on Monday. Ardmore Shipping Corporation has a 12-month low of $5.00 and a 12-month high of $9.05. The company’s market cap is $283.71 million. The firm’s 50-day moving average is $8.18 and its 200 day moving average is $7.84.

Ardmore Shipping Corporation (NYSE:ASC) last released its quarterly earnings data on Thursday, August 3rd. The shipping company reported ($0.06) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.06). The firm had revenue of $49.85 million during the quarter, compared to analyst estimates of $31.73 million. Ardmore Shipping Corporation had a negative return on equity of 2.35% and a negative net margin of 6.92%. The business’s quarterly revenue was up 25.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.18 earnings per share. On average, equities analysts expect that Ardmore Shipping Corporation will post ($0.13) earnings per share for the current fiscal year.

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Ardmore Shipping Corporation declared that its Board of Directors has approved a share repurchase plan on Thursday, August 31st that allows the company to buyback $25.00 million in shares. This buyback authorization allows the shipping company to buy up to 9.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Several institutional investors have recently made changes to their positions in the stock. Schneider Capital Management Corp raised its holdings in shares of Ardmore Shipping Corporation by 8.0% during the second quarter. Schneider Capital Management Corp now owns 578,645 shares of the shipping company’s stock valued at $4,716,000 after acquiring an additional 42,900 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Ardmore Shipping Corporation by 4.3% during the second quarter. The Manufacturers Life Insurance Company now owns 31,340 shares of the shipping company’s stock valued at $255,000 after acquiring an additional 1,306 shares in the last quarter. State Street Corp raised its holdings in shares of Ardmore Shipping Corporation by 15.9% during the second quarter. State Street Corp now owns 481,800 shares of the shipping company’s stock valued at $3,930,000 after acquiring an additional 66,213 shares in the last quarter. Numeric Investors LLC raised its holdings in shares of Ardmore Shipping Corporation by 25.7% during the second quarter. Numeric Investors LLC now owns 360,977 shares of the shipping company’s stock valued at $2,942,000 after acquiring an additional 73,900 shares in the last quarter. Finally, Voya Investment Management LLC raised its holdings in shares of Ardmore Shipping Corporation by 32.4% during the second quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock valued at $120,000 after acquiring an additional 3,614 shares in the last quarter. Institutional investors own 76.52% of the company’s stock.

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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