Zacks Investment Research upgraded shares of Ardmore Shipping Corporation (NYSE:ASC) from a sell rating to a hold rating in a report issued 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 equities research analysts have also recently issued reports on the stock. BidaskClub raised shares of Ardmore Shipping Corporation from a sell rating to a hold rating in a research note on Friday, August 25th. Stifel Nicolaus set a $10.00 price target on shares of Ardmore Shipping Corporation and gave the stock a buy rating in a research note on Monday, August 28th. ValuEngine raised shares of Ardmore Shipping Corporation from a sell rating to a hold rating in a research note on Saturday, August 26th. Jefferies Group LLC reaffirmed a buy rating and set a $10.00 price target on shares of Ardmore Shipping Corporation in a research note on Tuesday, September 12th. Finally, Morgan Stanley raised their price target on shares of Ardmore Shipping Corporation from $8.50 to $9.00 and gave the stock an equal weight rating in a research note on Thursday, November 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $10.00.
Shares of Ardmore Shipping Corporation (ASC) opened at $8.60 on Thursday. Ardmore Shipping Corporation has a 12 month low of $5.95 and a 12 month high of $9.05. 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 Corporation (NYSE:ASC) last released its quarterly earnings results on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.14). Ardmore Shipping Corporation had a negative net margin of 6.45% and a negative return on equity of 3.08%. The company had revenue of $48.70 million for the quarter, compared to analysts’ expectations of $29.99 million. During the same period last year, the company earned ($0.05) EPS. The firm’s revenue for the quarter was up 28.2% compared to the same quarter last year. analysts forecast that Ardmore Shipping Corporation will post -0.34 earnings per share for the current year.
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Ardmore Shipping Corporation declared that its Board of Directors has authorized a stock buyback program on Thursday, August 31st that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the shipping company to repurchase up to 9.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
Several hedge funds have recently made changes to their positions in ASC. Tocqueville Asset Management L.P. purchased a new position in shares of Ardmore Shipping Corporation during the 3rd quarter worth about $4,592,000. Northern Trust Corp lifted its holdings in shares of Ardmore Shipping Corporation by 88.7% during the 2nd quarter. Northern Trust Corp now owns 919,286 shares of the shipping company’s stock worth $7,492,000 after acquiring an additional 432,042 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Ardmore Shipping Corporation by 336.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 521,853 shares of the shipping company’s stock worth $4,305,000 after acquiring an additional 402,158 shares during the period. Dimensional Fund Advisors LP purchased a new position in shares of Ardmore Shipping Corporation during the 1st quarter worth about $2,064,000. Finally, Boston Partners lifted its holdings in shares of Ardmore Shipping Corporation by 22.4% during the 3rd quarter. Boston Partners now owns 1,045,468 shares of the shipping company’s stock worth $8,626,000 after acquiring an additional 191,270 shares during the period. Institutional investors and hedge funds own 80.34% of the company’s stock.
About Ardmore Shipping Corporation
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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