Prudential Financial Inc. Has $480,000 Position in Ardmore Shipping Corporation (ASC)

Prudential Financial Inc. cut its position in Ardmore Shipping Corporation (NYSE:ASC) by 33.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,840 shares of the shipping company’s stock after selling 29,800 shares during the quarter. Prudential Financial Inc. owned about 0.18% of Ardmore Shipping Corporation worth $480,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in ASC. Dimensional Fund Advisors LP bought a new position in shares of Ardmore Shipping Corporation in the first quarter valued at $2,064,000. Royce & Associates LP grew its stake in shares of Ardmore Shipping Corporation by 9.4% in the second quarter. Royce & Associates LP now owns 1,713,575 shares of the shipping company’s stock valued at $13,966,000 after buying an additional 147,900 shares in the last quarter. UBS Oconnor LLC grew its stake in shares of Ardmore Shipping Corporation by 386.5% in the first quarter. UBS Oconnor LLC now owns 124,579 shares of the shipping company’s stock valued at $1,003,000 after buying an additional 98,972 shares in the last quarter. Sei Investments Co. grew its stake in shares of Ardmore Shipping Corporation by 100.1% in the first quarter. Sei Investments Co. now owns 176,135 shares of the shipping company’s stock valued at $1,418,000 after buying an additional 88,128 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Ardmore Shipping Corporation by 22.8% in the second quarter. Russell Investments Group Ltd. now owns 349,660 shares of the shipping company’s stock valued at $2,849,000 after buying an additional 64,880 shares in the last quarter. 76.52% of the stock is owned by institutional investors and hedge funds.

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Ardmore Shipping Corporation (NYSE:ASC) opened at 8.95 on Wednesday. Ardmore Shipping Corporation has a 1-year low of $5.00 and a 1-year high of $9.00. The company’s market capitalization is $300.50 million. The company has a 50 day moving average of $8.00 and a 200 day moving average of $7.80.

Ardmore Shipping Corporation (NYSE:ASC) last announced its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.06) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.06). Ardmore Shipping Corporation had a negative return on equity of 2.35% and a negative net margin of 6.92%. The business had revenue of $49.85 million during the quarter, compared to the consensus estimate of $31.73 million. During the same quarter in the prior year, the company posted $0.18 earnings per share. Ardmore Shipping Corporation’s revenue was up 25.5% compared to the same quarter last year. On average, analysts predict that Ardmore Shipping Corporation will post ($0.13) earnings per share for the current fiscal year.

Ardmore Shipping Corporation declared that its Board of Directors has initiated a share repurchase plan on Thursday, August 31st that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the shipping company to buy up to 9.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Several equities analysts recently weighed in on the stock. Zacks Investment Research raised shares of Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. BidaskClub raised shares of Ardmore Shipping Corporation from a “strong sell” rating to a “sell” rating in a research note on Friday, August 18th. ValuEngine cut shares of Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Jefferies Group LLC reissued a “buy” rating and issued a $10.00 target price on shares of Ardmore Shipping Corporation in a research note on Tuesday, September 12th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $10.00 target price on shares of Ardmore Shipping Corporation in a research note on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to t

Several other large investors have also recently added to or reduced their stakes in ASC. Dimensional Fund Advisors LP bought a new position in shares of Ardmore Shipping Corporation in the first quarter valued at $2,064,000. Royce & Associates LP grew its stake in shares of Ardmore Shipping Corporation by 9.4% in the second quarter. Royce & Associates LP now owns 1,713,575 shares of the shipping company’s stock valued at $13,966,000 after buying an additional 147,900 shares in the last quarter. UBS Oconnor LLC grew its stake in shares of Ardmore Shipping Corporation by 386.5% in the first quarter. UBS Oconnor LLC now owns 124,579 shares of the shipping company’s stock valued at $1,003,000 after buying an additional 98,972 shares in the last quarter. Sei Investments Co. grew its stake in shares of Ardmore Shipping Corporation by 100.1% in the first quarter. Sei Investments Co. now owns 176,135 shares of the shipping company’s stock valued at $1,418,000 after buying an additional 88,128 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Ardmore Shipping Corporation by 22.8% in the second quarter. Russell Investments Group Ltd. now owns 349,660 shares of the shipping company’s stock valued at $2,849,000 after buying an additional 64,880 shares in the last quarter. 76.52% of the stock is owned by institutional investors and hedge funds.

COPYRIGHT VIOLATION WARNING: This piece was reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this piece on another domain, it was illegally copied and republished in violation of US and international copyright and trademark legislation. The correct version of this piece can be read at https://ledgergazette.com/2017/10/11/prudential-financial-inc-has-480000-position-in-ardmore-shipping-corporation-asc.html.

Ardmore Shipping Corporation (NYSE:ASC) opened at 8.95 on Wednesday. Ardmore Shipping Corporation has a 1-year low of $5.00 and a 1-year high of $9.00. The company’s market capitalization is $300.50 million. The company has a 50 day moving average of $8.00 and a 200 day moving average of $7.80.

Ardmore Shipping Corporation (NYSE:ASC) last announced its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.06) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.06). Ardmore Shipping Corporation had a negative return on equity of 2.35% and a negative net margin of 6.92%. The business had revenue of $49.85 million during the quarter, compared to the consensus estimate of $31.73 million. During the same quarter in the prior year, the company posted $0.18 earnings per share. Ardmore Shipping Corporation’s revenue was up 25.5% compared to the same quarter last year. On average, analysts predict that Ardmore Shipping Corporation will post ($0.13) earnings per share for the current fiscal year.

Ardmore Shipping Corporation declared that its Board of Directors has initiated a share repurchase plan on Thursday, August 31st that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the shipping company to buy up to 9.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Several equities analysts recently weighed in on the stock. Zacks Investment Research raised shares of Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. BidaskClub raised shares of Ardmore Shipping Corporation from a “strong sell” rating to a “sell” rating in a research note on Friday, August 18th. ValuEngine cut shares of Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Jefferies Group LLC reissued a “buy” rating and issued a $10.00 target price on shares of Ardmore Shipping Corporation in a research note on Tuesday, September 12th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $10.00 target price on shares of Ardmore Shipping Corporation in a research note on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Ardmore Shipping Corporation has an average rating of “Buy” and an average target price of $10.25.

Ardmore Shipping Corporation 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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Institutional Ownership by Quarter for Ardmore Shipping Corporation (NYSE:ASC)

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