Ardmore Shipping (NYSE:ASC) Stock Passes Above 50 Day Moving Average – What’s Next?

Ardmore Shipping Corporation (NYSE:ASC)’s share price passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $16.77 and traded as high as $18.39. Ardmore Shipping shares last traded at $17.7470, with a volume of 657,121 shares changing hands.

Analysts Set New Price Targets

ASC has been the topic of several research analyst reports. Wall Street Zen raised Ardmore Shipping from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Evercore set a $19.00 price objective on Ardmore Shipping in a research report on Tuesday, April 21st. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Ardmore Shipping has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Ardmore Shipping Stock Down 3.1%

The company has a current ratio of 4.87, a quick ratio of 4.43 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average price of $16.86 and a 200-day moving average price of $14.20. The firm has a market cap of $656.08 million, a P/E ratio of 12.11 and a beta of 0.03.

Ardmore Shipping (NYSE:ASC) last posted its quarterly earnings results on Thursday, May 7th. The shipping company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.07. Ardmore Shipping had a return on equity of 9.63% and a net margin of 18.00%.The business had revenue of $87.92 million for the quarter, compared to the consensus estimate of $58.08 million.

Ardmore Shipping Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 9.7%. The ex-dividend date of this dividend is Friday, May 29th. This is a positive change from Ardmore Shipping’s previous quarterly dividend of $0.09. Ardmore Shipping’s dividend payout ratio is currently 27.07%.

Insider Transactions at Ardmore Shipping

In related news, Director Kirsi Tikka sold 12,000 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $18.93, for a total transaction of $227,160.00. Following the completion of the sale, the director directly owned 35,471 shares in the company, valued at $671,466.03. This represents a 25.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Curtis B. Mcwilliams sold 16,277 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $19.38, for a total value of $315,448.26. Following the sale, the director owned 60,673 shares of the company’s stock, valued at $1,175,842.74. This trade represents a 21.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 40,000 shares of company stock valued at $766,048.

Institutional Investors Weigh In On Ardmore Shipping

Hedge funds have recently made changes to their positions in the stock. Zions Bancorporation National Association UT purchased a new stake in shares of Ardmore Shipping during the 4th quarter worth $25,000. Raymond James Financial Inc. purchased a new stake in shares of Ardmore Shipping during the 2nd quarter worth $38,000. Ameriflex Group Inc. purchased a new stake in shares of Ardmore Shipping during the 3rd quarter worth $59,000. EverSource Wealth Advisors LLC lifted its stake in shares of Ardmore Shipping by 1,689.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,444 shares of the shipping company’s stock worth $81,000 after purchasing an additional 7,972 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Ardmore Shipping by 536.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,737 shares of the shipping company’s stock worth $84,000 after purchasing an additional 7,364 shares during the last quarter. 62.22% of the stock is currently owned by hedge funds and other 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.