Wall Street brokerages forecast that Ardmore Shipping Corporation (NYSE:ASC) will announce $32.85 million in sales for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for Ardmore Shipping Corporation’s earnings. The highest sales estimate is $37.82 million and the lowest is $30.00 million. Ardmore Shipping Corporation reported sales of $43.18 million in the same quarter last year, which would suggest a negative year over year growth rate of 23.9%. The firm is scheduled to report its next earnings report on Tuesday, February 6th.
On average, analysts expect that Ardmore Shipping Corporation will report full year sales of $32.85 million for the current financial year, with estimates ranging from $123.00 million to $130.79 million. For the next fiscal year, analysts anticipate that the business will report sales of $160.15 million per share, with estimates ranging from $137.00 million to $188.31 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Ardmore Shipping Corporation.
Ardmore Shipping Corporation (NYSE:ASC) last announced its quarterly earnings results on Wednesday, November 1st. The shipping company reported ($0.14) EPS for the quarter, meeting the Zacks’ 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 firm had revenue of $48.70 million during the quarter, compared to the consensus estimate of $29.99 million. During the same quarter last year, the firm earned ($0.05) EPS. The firm’s revenue for the quarter was up 28.2% compared to the same quarter last year.
A number of research analysts recently commented on the stock. Zacks Investment Research raised shares of Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a report on Thursday, November 9th. Morgan Stanley increased their price target on shares of Ardmore Shipping Corporation from $8.50 to $9.00 and gave the company an “equal weight” rating in a report on Thursday, November 2nd. Stifel Nicolaus set a $10.00 price target on shares of Ardmore Shipping Corporation and gave the company a “buy” rating in a report on Sunday, October 29th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $10.00 price target on shares of Ardmore Shipping Corporation in a report on Monday, October 16th. Finally, ValuEngine downgraded shares of Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, September 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $10.00.
Shares of Ardmore Shipping Corporation (ASC) remained flat at $$8.50 during trading hours on Thursday. 164,709 shares of the stock traded hands, compared to its average volume of 185,926. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.57 and a quick ratio of 1.41. Ardmore Shipping Corporation has a fifty-two week low of $6.36 and a fifty-two week high of $9.05.
Ardmore Shipping Corporation announced that its Board of Directors has initiated a stock buyback program on Thursday, August 31st that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the shipping company to reacquire up to 9.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently made changes to their positions in ASC. Voya Investment Management LLC lifted its stake in Ardmore Shipping Corporation 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 purchasing an additional 3,614 shares during the last quarter. American International Group Inc. increased its position in shares of Ardmore Shipping Corporation by 33.3% during 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 period. Alliancebernstein L.P. purchased a new position in shares of Ardmore Shipping Corporation during the second quarter worth approximately $155,000. Citadel Advisors LLC purchased a new position in shares of Ardmore Shipping Corporation during the second quarter worth approximately $174,000. Finally, The Manufacturers Life Insurance Company increased its position in shares of Ardmore Shipping Corporation by 4.3% during 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. 79.87% of the stock is owned by institutional investors and hedge funds.
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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