Ardmore Shipping (NYSE:ASC) Sets New 12-Month High – Here’s Why

Ardmore Shipping Corporation (NYSE:ASCGet Free Report) reached a new 52-week high on Wednesday . The company traded as high as $13.72 and last traded at $13.4250, with a volume of 75730 shares. The stock had previously closed at $13.24.

Key Stories Impacting Ardmore Shipping

Here are the key news stories impacting Ardmore Shipping this week:

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Jefferies Financial Group restated a “buy” rating and issued a $15.00 target price on shares of Ardmore Shipping in a report on Wednesday, November 5th. Weiss Ratings reissued a “hold (c-)” rating on shares of Ardmore Shipping in a research report on Wednesday, December 24th. Finally, Evercore increased their price target on shares of Ardmore Shipping from $13.00 to $15.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $13.67.

Read Our Latest Report on Ardmore Shipping

Ardmore Shipping Trading Up 3.4%

The company has a fifty day simple moving average of $11.70 and a 200-day simple moving average of $11.84. The company has a current ratio of 4.46, a quick ratio of 4.08 and a debt-to-equity ratio of 0.18. The stock has a market cap of $550.20 million, a price-to-earnings ratio of 17.37 and a beta of -0.09.

Ardmore Shipping (NYSE:ASCGet Free Report) last posted its quarterly earnings results on Thursday, February 12th. The shipping company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.01. Ardmore Shipping had a return on equity of 6.69% and a net margin of 11.50%.The firm had revenue of $82.91 million for the quarter, compared to analyst estimates of $51.00 million. On average, research analysts forecast that Ardmore Shipping Corporation will post 1.06 earnings per share for the current fiscal year.

Ardmore Shipping Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Friday, February 27th. Ardmore Shipping’s dividend payout ratio is 51.28%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. AQR Capital Management LLC boosted its position in shares of Ardmore Shipping by 31.2% during the 1st quarter. AQR Capital Management LLC now owns 77,769 shares of the shipping company’s stock valued at $761,000 after acquiring an additional 18,500 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Ardmore Shipping by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,701 shares of the shipping company’s stock valued at $242,000 after purchasing an additional 1,102 shares in the last quarter. Empowered Funds LLC boosted its holdings in Ardmore Shipping by 7.5% during the first quarter. Empowered Funds LLC now owns 234,987 shares of the shipping company’s stock valued at $2,301,000 after purchasing an additional 16,458 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Ardmore Shipping by 12.1% in the 2nd quarter. Janney Montgomery Scott LLC now owns 45,093 shares of the shipping company’s stock valued at $433,000 after purchasing an additional 4,862 shares during the period. Finally, CWM LLC raised its holdings in shares of Ardmore Shipping by 320.8% in the 2nd quarter. CWM LLC now owns 7,735 shares of the shipping company’s stock worth $74,000 after buying an additional 5,897 shares in the last quarter. Institutional investors and hedge funds own 62.22% of the company’s stock.

About Ardmore Shipping

(Get Free Report)

Ardmore Shipping Corporation is a Bermuda-based provider of seaborne transportation services for refined petroleum products. The company owns and operates a modern fleet of product tankers, including medium-range (MR), long-range 2 (LR2) and Aframax vessels. Ardmore Shipping focuses on the ocean carriage of clean and dirty petroleum products under time charters, bareboat charters and spot voyages, serving a diverse customer base that includes major oil companies and trading houses.

Since its founding in 2005, Ardmore Shipping has grown its fleet through newbuilding contracts, second-hand acquisitions and fleet renewals, aiming to maintain a high quality, fuel-efficient profile.

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