Ardmore Shipping (NYSE:ASC) Trading Up 6.1% – What’s Next?

Ardmore Shipping Co. (NYSE:ASC) shot up 6.1% on Friday . The stock traded as high as $13.50 and last traded at $13.32. 180,853 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 623,895 shares. The stock had previously closed at $12.56.

Analysts Set New Price Targets

A number of analysts recently weighed in on ASC shares. Jefferies Financial Group decreased their target price on shares of Ardmore Shipping from $20.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. StockNews.com lowered Ardmore Shipping from a “buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Fearnley Fonds upgraded Ardmore Shipping to a “hold” rating in a research report on Friday, September 27th. Finally, Stifel Nicolaus lowered Ardmore Shipping from a “buy” rating to a “hold” rating and cut their price objective for the stock from $24.00 to $17.00 in a report on Wednesday, October 23rd. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $20.00.

Ardmore Shipping Stock Up 7.2 %

The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.26 and a current ratio of 3.57. The stock’s 50 day moving average price is $11.97 and its 200-day moving average price is $16.34. The company has a market cap of $563.61 million, a PE ratio of 3.77 and a beta of 0.28.

Ardmore Shipping Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were given a dividend of $0.18 per share. The ex-dividend date was Friday, November 29th. This represents a $0.72 annualized dividend and a yield of 5.35%. Ardmore Shipping’s payout ratio is 20.17%.

Institutional Investors Weigh In On Ardmore Shipping

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its stake in Ardmore Shipping by 261.1% in the 4th quarter. GAMMA Investing LLC now owns 2,116 shares of the shipping company’s stock worth $26,000 after purchasing an additional 1,530 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Ardmore Shipping in the second quarter worth approximately $29,000. Private Trust Co. NA purchased a new position in shares of Ardmore Shipping in the third quarter worth $31,000. Nisa Investment Advisors LLC increased its stake in shares of Ardmore Shipping by 2,906.0% in the third quarter. Nisa Investment Advisors LLC now owns 3,006 shares of the shipping company’s stock worth $54,000 after buying an additional 2,906 shares during the period. Finally, Quarry LP boosted its position in Ardmore Shipping by 829.0% during the 3rd quarter. Quarry LP now owns 3,558 shares of the shipping company’s stock valued at $64,000 after buying an additional 3,175 shares during the period. Institutional investors own 62.22% of the company’s stock.

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.