Ardmore Shipping Co. (NYSE:ASC) had its price objective lifted by Morgan Stanley from $8.50 to $9.00 in a report released on Thursday, November 2nd. They currently have an equal weight rating on the shipping company’s stock.
Several other equities analysts have also commented on the company. Stifel Nicolaus set a $10.00 target price on Ardmore Shipping and gave the company a buy rating in a report on Sunday, October 29th. Zacks Investment Research lowered Ardmore Shipping from a buy rating to a hold rating in a report on Tuesday, October 17th. Jefferies Group LLC reissued a buy rating and issued a $10.00 price objective on shares of Ardmore Shipping in a report on Monday, October 16th. ValuEngine lowered Ardmore Shipping from a hold rating to a sell rating in a report on Wednesday, September 6th. Finally, BidaskClub raised Ardmore Shipping from a sell rating to a hold rating in a report on Friday, August 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $10.00.
Shares of Ardmore Shipping (ASC) traded down $0.10 on Thursday, hitting $8.50. The company’s stock had a trading volume of 109,346 shares, compared to its average volume of 186,017. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.41 and a current ratio of 1.57. Ardmore Shipping has a 12 month low of $6.36 and a 12 month high of $9.05.
Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings data on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.14). The firm had revenue of $48.70 million during the quarter, compared to analyst estimates of $29.99 million. Ardmore Shipping had a negative return on equity of 4.67% and a negative net margin of 9.54%. Ardmore Shipping’s quarterly revenue was up 28.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.05) earnings per share. equities research analysts predict that Ardmore Shipping will post -0.34 earnings per share for the current fiscal year.
Ardmore Shipping announced that its Board of Directors has initiated a stock repurchase plan on Thursday, August 31st that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the shipping company to repurchase up to 9.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
A number of large investors have recently made changes to their positions in ASC. Voya Investment Management LLC increased its stake in shares of 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 last quarter. American International Group Inc. increased its stake in shares of Ardmore Shipping by 33.3% in the first quarter. American International Group Inc. now owns 16,725 shares of the shipping company’s stock worth $135,000 after acquiring an additional 4,177 shares during the last quarter. Highbridge Capital Management LLC acquired a new position in shares of Ardmore Shipping in the first quarter worth $146,000. Alliancebernstein L.P. acquired a new position in shares of Ardmore Shipping in the second quarter worth $155,000. Finally, Nationwide Fund Advisors increased its stake in shares of Ardmore Shipping by 15.8% in the first quarter. Nationwide Fund Advisors now owns 20,423 shares of the shipping company’s stock worth $164,000 after acquiring an additional 2,792 shares during the last quarter. 79.87% of the stock is currently owned by institutional investors.
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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