Zacks Investment Research lowered shares of Ardmore Shipping Corp. (NYSE:ASC) from a hold rating to a sell rating in a report issued on Tuesday morning.

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 analysts have also weighed in on ASC. TheStreet upgraded shares of Ardmore Shipping Corp. from a sell rating to a hold rating in a research note on Monday, August 1st. Deutsche Bank AG reiterated a buy rating and issued a $11.00 price objective on shares of Ardmore Shipping Corp. in a research note on Wednesday, June 15th. Jefferies Group reiterated a buy rating on shares of Ardmore Shipping Corp. in a research note on Monday, August 22nd. Wells Fargo & Co. reiterated a buy rating on shares of Ardmore Shipping Corp. in a research note on Tuesday, September 27th. Finally, Clarkson Capital lowered shares of Ardmore Shipping Corp. from a buy rating to a neutral rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. Ardmore Shipping Corp. currently has an average rating of Buy and an average target price of C$12.63.

Analyst Recommendations for Ardmore Shipping Corp. (NYSE:ASC)

Shares of Ardmore Shipping Corp. (NYSE:ASC) opened at 7.07 on Tuesday. The firm has a market cap of $236.77 million, a PE ratio of 5.99 and a beta of 1.30. Ardmore Shipping Corp. has a 52 week low of $6.46 and a 52 week high of $15.03. The firm has a 50-day moving average of $7.27 and a 200-day moving average of $8.02.

Ardmore Shipping Corp. (NYSE:ASC) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.04. The firm had revenue of $39.70 million for the quarter, compared to the consensus estimate of $32.49 million. Ardmore Shipping Corp. had a net margin of 18.12% and a return on equity of 8.47%. The business’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, analysts expect that Ardmore Shipping Corp. will post $0.76 EPS for the current year.

Several institutional investors have recently modified their holdings of ASC. I.G. Investment Management LTD. increased its position in shares of Ardmore Shipping Corp. by 24.9% in the second quarter. I.G. Investment Management LTD. now owns 158,288 shares of the company’s stock worth $1,072,000 after buying an additional 31,515 shares during the period. Emerald Acquisition Ltd. bought a new position in shares of Ardmore Shipping Corp. during the second quarter worth $1,211,000. California State Teachers Retirement System increased its position in shares of Ardmore Shipping Corp. by 20.5% in the second quarter. California State Teachers Retirement System now owns 45,763 shares of the company’s stock worth $310,000 after buying an additional 7,782 shares during the period. Bank of New York Mellon Corp increased its position in shares of Ardmore Shipping Corp. by 29.4% in the second quarter. Bank of New York Mellon Corp now owns 82,730 shares of the company’s stock worth $560,000 after buying an additional 18,789 shares during the period. Finally, Monarch Partners Asset Management LLC increased its position in shares of Ardmore Shipping Corp. by 110.8% in the second quarter. Monarch Partners Asset Management LLC now owns 48,270 shares of the company’s stock worth $327,000 after buying an additional 25,370 shares during the period. 63.20% of the stock is currently owned by institutional investors.

Ardmore Shipping Corp. 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.

5 Day Chart for NYSE:ASC

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