Zacks Investment Research upgraded shares of Ardmore Shipping Corporation (NYSE:ASC) from a sell rating to a hold rating in a report released 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. “
A number of other research analysts have also recently commented on ASC. BidaskClub cut Ardmore Shipping Corporation from a hold rating to a sell rating in a research note on Thursday, July 27th. ValuEngine cut Ardmore Shipping Corporation from a hold rating to a sell rating in a research note on Tuesday, August 8th. Stifel Nicolaus set a $10.00 price objective on Ardmore Shipping Corporation and gave the stock a buy rating in a research note on Monday, August 28th. Jefferies Group LLC restated a buy rating and set a $10.00 price objective on shares of Ardmore Shipping Corporation in a research note on Tuesday, September 12th. Finally, Morgan Stanley boosted their price objective on 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 research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $10.00.
Shares of Ardmore Shipping Corporation (NYSE:ASC) remained flat at $$8.60 on Thursday. The stock had a trading volume of 58,900 shares, compared to its average volume of 127,111. Ardmore Shipping Corporation has a 52 week low of $5.95 and a 52 week 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 issued its quarterly earnings data on Wednesday, November 1st. The shipping company reported ($0.14) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.14). The company had revenue of $48.70 million for the quarter, compared to analysts’ expectations of $29.99 million. Ardmore Shipping Corporation had a negative return on equity of 3.08% and a negative net margin of 6.45%. The firm’s quarterly revenue was up 28.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. sell-side analysts expect that Ardmore Shipping Corporation will post -0.34 EPS for the current year.
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Ardmore Shipping Corporation declared that its board has approved a stock buyback program on Thursday, August 31st that allows the company to repurchase $25.00 million in outstanding shares. This repurchase authorization allows the shipping company to reacquire up to 9.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP acquired a new position in shares of Ardmore Shipping Corporation in the first quarter worth about $2,064,000. Bank of New York Mellon Corp lifted its stake in shares of Ardmore Shipping Corporation by 3.4% in the first quarter. Bank of New York Mellon Corp now owns 118,933 shares of the shipping company’s stock worth $957,000 after acquiring an additional 3,900 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Ardmore Shipping Corporation by 2.9% in the second quarter. American Century Companies Inc. now owns 1,463,249 shares of the shipping company’s stock worth $11,925,000 after acquiring an additional 40,871 shares in the last quarter. Royce & Associates LP lifted 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 worth $13,966,000 after acquiring an additional 147,900 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Ardmore Shipping Corporation by 1.2% in the first quarter. Geode Capital Management LLC now owns 222,153 shares of the shipping company’s stock worth $1,788,000 after acquiring an additional 2,530 shares in the last quarter. Institutional investors and hedge funds own 78.95% 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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