Ardmore Shipping Corporation (NYSE:ASC) Announces Quarterly Dividend of $0.39

Ardmore Shipping Corporation (NYSE:ASC) declared a quarterly dividend on Thursday, May 7th. Investors of record on Friday, May 29th will be paid a dividend of 0.39 per share by the shipping company on Friday, June 12th. This represents a c) annualized dividend and a yield of 8.3%. The ex-dividend date of this dividend is Friday, May 29th. This is a 333.3% increase from Ardmore Shipping’s previous quarterly dividend of $0.09.

Ardmore Shipping has increased its dividend by an average of 0.4%per year over the last three years. Ardmore Shipping has a dividend payout ratio of 28.6% meaning its dividend is sufficiently covered by earnings.

Ardmore Shipping Trading Up 0.0%

ASC traded up $0.01 during midday trading on Thursday, hitting $18.80. 857,251 shares of the company were exchanged, compared to its average volume of 702,891. The firm’s 50 day moving average price is $15.77 and its 200-day moving average price is $13.46. Ardmore Shipping has a 1-year low of $9.18 and a 1-year high of $19.62. The firm has a market capitalization of $765.52 million, a P/E ratio of 21.12 and a beta of 0.03. The company has a quick ratio of 3.98, a current ratio of 4.33 and a debt-to-equity ratio of 0.20.

Ardmore Shipping (NYSE:ASC) last issued its quarterly earnings results on Thursday, May 7th. The shipping company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.07. Ardmore Shipping had a return on equity of 7.02% and a net margin of 13.22%.The company had revenue of $87.92 million during the quarter, compared to analysts’ expectations of $58.08 million.

Insider Activity

In related news, President Bart B. Kelleher sold 8,000 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $19.07, for a total transaction of $152,560.00. Following the sale, the president owned 60,039 shares in the company, valued at $1,144,943.73. This represents a 11.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Institutional Investors Weigh In On Ardmore Shipping

A number of hedge funds have recently added to or reduced their stakes in the business. Zions Bancorporation National Association UT acquired a new position in Ardmore Shipping in the fourth quarter valued at approximately $25,000. Raymond James Financial Inc. acquired a new stake in shares of Ardmore Shipping during the 2nd quarter worth approximately $38,000. Ameriflex Group Inc. acquired a new stake in shares of Ardmore Shipping during the 3rd quarter worth approximately $59,000. EverSource Wealth Advisors LLC increased its stake in shares of Ardmore Shipping by 1,689.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,444 shares of the shipping company’s stock valued at $81,000 after acquiring an additional 7,972 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in shares of Ardmore Shipping by 536.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,737 shares of the shipping company’s stock valued at $84,000 after acquiring an additional 7,364 shares in the last quarter. 62.22% of the stock is currently owned by institutional investors.

About Ardmore Shipping

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.