Ardmore Shipping (NYSE:ASC) Shares Up 8.5%

Shares of Ardmore Shipping Co. (NYSE:ASC) were up 8.5% on Wednesday . The company traded as high as $19.12 and last traded at $19.10. Approximately 350,835 shares were traded during trading, a decline of 43% from the average daily volume of 613,349 shares. The stock had previously closed at $17.60.

Wall Street Analysts Forecast Growth

ASC has been the topic of several research analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $20.00 price target on shares of Ardmore Shipping in a report on Thursday, February 15th. Stifel Nicolaus lifted their price target on shares of Ardmore Shipping from $21.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. Finally, StockNews.com raised shares of Ardmore Shipping from a “hold” rating to a “buy” rating in a research note on Tuesday.

Ardmore Shipping Stock Up 15.5 %

The stock has a market capitalization of $825.60 million, a PE ratio of 6.91 and a beta of 0.36. The stock’s 50-day moving average price is $16.36 and its two-hundred day moving average price is $15.24. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.38 and a current ratio of 3.75.

Ardmore Shipping (NYSE:ASC) last issued its quarterly earnings results on Thursday, February 15th. The shipping company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. Ardmore Shipping had a return on equity of 22.76% and a net margin of 29.50%. The firm had revenue of $98.80 million for the quarter, compared to analysts’ expectations of $64.26 million. During the same period in the previous year, the firm posted $1.33 EPS. The business’s revenue for the quarter was down 25.6% compared to the same quarter last year. As a group, analysts expect that Ardmore Shipping Co. will post 2.72 EPS for the current fiscal year.

Ardmore Shipping Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 4.13%. The ex-dividend date was Wednesday, February 28th. This is an increase from Ardmore Shipping’s previous quarterly dividend of $0.16. Ardmore Shipping’s dividend payout ratio is currently 30.77%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bleakley Financial Group LLC boosted its holdings in shares of Ardmore Shipping by 35.9% during the 1st quarter. Bleakley Financial Group LLC now owns 21,036 shares of the shipping company’s stock valued at $345,000 after acquiring an additional 5,560 shares during the last quarter. Sei Investments Co. grew its holdings in shares of Ardmore Shipping by 15.0% in the first quarter. Sei Investments Co. now owns 495,593 shares of the shipping company’s stock worth $8,138,000 after acquiring an additional 64,805 shares during the period. Significant Wealth Partners LLC purchased a new position in Ardmore Shipping in the first quarter worth about $1,236,000. Oppenheimer & Co. Inc. grew its stake in shares of Ardmore Shipping by 10.8% during the 1st quarter. Oppenheimer & Co. Inc. now owns 83,159 shares of the shipping company’s stock valued at $1,365,000 after purchasing an additional 8,073 shares during the period. Finally, SG Americas Securities LLC bought a new stake in Ardmore Shipping during the first quarter valued at approximately $2,170,000. 62.22% of the stock is owned by institutional investors.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. The company's fleet consists of 22 owned vessels including 21 Eco-design and 1 Eco-mod vessel, and four chartered-in vessels. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.