Ardmore Shipping (NYSE:ASC) Shares Gap Down – Time to Sell?

Ardmore Shipping Corporation (NYSE:ASC)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $17.66, but opened at $16.78. Ardmore Shipping shares last traded at $17.20, with a volume of 123,604 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Weiss Ratings lowered shares of Ardmore Shipping from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, August 19th. Wall Street Zen downgraded shares of Ardmore Shipping from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Ardmore Shipping Price Performance

The stock has a 50 day moving average of $16.53 and a two-hundred day moving average of $16.31. The stock has a market cap of $698.52 million, a PE ratio of 6.62 and a beta of 0.03. The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.84 and a current ratio of 5.45.

Ardmore Shipping (NYSE:ASC) last posted its quarterly earnings data on Thursday, July 30th. The shipping company reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.07. Ardmore Shipping had a return on equity of 15.24% and a net margin of 29.67%.The firm had revenue of $116.21 million for the quarter, compared to the consensus estimate of $86.30 million.

Ardmore Shipping Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, August 28th will be given a $0.79 dividend. This is a boost from Ardmore Shipping’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, August 28th. This represents a $3.16 annualized dividend and a dividend yield of 18.4%. Ardmore Shipping’s payout ratio is currently 60.23%.

Hedge Funds Weigh In On Ardmore Shipping

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ASC. California State Teachers Retirement System raised its stake in Ardmore Shipping by 263.2% during the 2nd quarter. California State Teachers Retirement System now owns 6,781 shares of the shipping company’s stock valued at $95,000 after purchasing an additional 4,914 shares during the period. Navellier & Associates Inc. acquired a new stake in shares of Ardmore Shipping in the second quarter worth $2,202,000. Hsbc Holdings PLC boosted its position in shares of Ardmore Shipping by 9.7% in the second quarter. Hsbc Holdings PLC now owns 47,083 shares of the shipping company’s stock worth $665,000 after buying an additional 4,163 shares during the period. Wellington Management Group LLP purchased a new position in shares of Ardmore Shipping during the second quarter valued at $27,780,000. Finally, Empowered Funds LLC purchased a new position in shares of Ardmore Shipping during the second quarter valued at $2,994,000. Institutional investors and hedge funds own 62.22% of the company’s stock.

Ardmore Shipping Company Profile

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.