Ardmore Shipping (ASC) Lowered to “Sell” at Zacks Investment Research

Ardmore Shipping (NYSE:ASC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

According to Zacks, “Ardmore Shipping Corporation engages in the ownership and operation of product and chemical tankers. It provides shipping services to customers through voyage charters, commercial pools, and time charters. The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies. Ardmore Shipping Corporation is based in Mahon, Ireland. “

Several other research analysts have also recently weighed in on the stock. Jefferies Group assumed coverage on shares of Ardmore Shipping in a report on Monday, December 18th. They set a “buy” rating and a $11.00 price target on the stock. Stifel Nicolaus set a $10.00 price objective on shares of Ardmore Shipping and gave the stock a “buy” rating in a research report on Sunday, October 29th. Morgan Stanley lifted their price objective on shares of Ardmore Shipping from $8.50 to $9.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 2nd. Seaport Global Securities set a $12.00 price objective on shares of Ardmore Shipping and gave the stock a “buy” rating in a research report on Thursday, January 4th. Finally, ValuEngine lowered shares of Ardmore Shipping from a “hold” rating to a “sell” rating in a research report on Friday, December 1st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $10.33.

Ardmore Shipping (NYSE ASC) opened at $7.45 on Thursday. Ardmore Shipping has a twelve month low of $6.60 and a twelve month high of $9.05. The firm has a market cap of $250.14, a PE ratio of -20.14, a P/E/G ratio of 1.66 and a beta of 1.31. The company has a current ratio of 1.57, a quick ratio of 1.41 and a debt-to-equity ratio of 1.03.

Ardmore Shipping (NYSE:ASC) last released its quarterly earnings results on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share for the quarter, hitting the consensus estimate of ($0.14). Ardmore Shipping had a negative net margin of 6.45% and a negative return on equity of 3.08%. The business had revenue of $48.70 million for the quarter, compared to analysts’ expectations of $29.99 million. During the same period in the previous year, the company earned ($0.05) earnings per share. The firm’s revenue for the quarter was up 28.2% compared to the same quarter last year. analysts predict that Ardmore Shipping will post -0.37 EPS for the current year.

Hedge funds have recently made changes to their positions in the business. Voya Investment Management LLC raised its position in Ardmore Shipping by 32.4% in the second quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock worth $120,000 after acquiring an additional 3,614 shares during the period. Alliancebernstein L.P. bought a new stake in Ardmore Shipping in the second quarter worth about $155,000. Citadel Advisors LLC bought a new stake in Ardmore Shipping in the second quarter worth about $174,000. The Manufacturers Life Insurance Company raised its position in Ardmore Shipping by 4.3% in the second quarter. The Manufacturers Life Insurance Company now owns 31,340 shares of the shipping company’s stock worth $255,000 after acquiring an additional 1,306 shares during the period. Finally, TIAA CREF Investment Management LLC raised its position in Ardmore Shipping by 12.2% in the second quarter. TIAA CREF Investment Management LLC now owns 75,564 shares of the shipping company’s stock worth $616,000 after acquiring an additional 8,212 shares during the period. 75.68% of the stock is currently owned by institutional investors and hedge funds.

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Ardmore Shipping Company Profile

Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals to national oil companies, oil and chemical traders, and chemical companies, with its fleet of mid-size product and chemical tankers. The Company’s segment relates to the operations of its vessels. The Company’s fleet consists of over 20 double-hulled product and chemical tankers, all of which are in operation.

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