Ardmore Shipping Corporation’s (ASC) “Buy” Rating Reiterated at Jefferies Group LLC
Jefferies Group LLC reissued their buy rating on shares of Ardmore Shipping Corporation (NYSE:ASC) in a report published on Tuesday, July 4th. Jefferies Group LLC currently has a $10.00 price target on the shipping company’s stock.
Other research analysts also recently issued research reports about the stock. ABN Amro upgraded shares of Ardmore Shipping Corporation from a hold rating to a buy rating and set a $11.50 price target on the stock in a research report on Monday, March 6th. TheStreet downgraded shares of Ardmore Shipping Corporation from a c- rating to a d rating in a research report on Wednesday, May 24th. ValuEngine upgraded shares of Ardmore Shipping Corporation from a sell rating to a hold rating in a research report on Tuesday, June 27th. Finally, Zacks Investment Research downgraded shares of Ardmore Shipping Corporation from a hold rating to a sell rating in a research report on Tuesday, March 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. Ardmore Shipping Corporation presently has an average rating of Hold and a consensus price target of $9.88.
Shares of Ardmore Shipping Corporation (NYSE:ASC) traded down 1.91% during trading on Tuesday, reaching $7.70. 148,011 shares of the company’s stock traded hands. The stock has a 50-day moving average of $7.97 and a 200-day moving average of $7.59. The company’s market capitalization is $258.53 million. Ardmore Shipping Corporation has a 1-year low of $5.00 and a 1-year high of $8.75.
Ardmore Shipping Corporation (NYSE:ASC) last issued its earnings results on Thursday, August 3rd. The shipping company reported ($0.06) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.06). Ardmore Shipping Corporation had a negative net margin of 6.92% and a negative return on equity of 2.34%. The company had revenue of $49.85 million for the quarter, compared to the consensus estimate of $31.73 million. During the same quarter in the previous year, the company earned $0.18 EPS. The firm’s revenue for the quarter was up 25.5% compared to the same quarter last year. On average, equities analysts predict that Ardmore Shipping Corporation will post ($0.13) EPS for the current fiscal year.
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Hedge funds have recently made changes to their positions in the stock. Van Den Berg Management I Inc. boosted its stake in Ardmore Shipping Corporation by 149.7% in the first quarter. Van Den Berg Management I Inc. now owns 879,941 shares of the shipping company’s stock worth $7,084,000 after buying an additional 527,488 shares during the last quarter. Signia Capital Management LLC boosted its stake in Ardmore Shipping Corporation by 122.5% in the first quarter. Signia Capital Management LLC now owns 746,206 shares of the shipping company’s stock worth $6,007,000 after buying an additional 410,766 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in Ardmore Shipping Corporation during the first quarter worth about $2,064,000. Russell Investments Group Ltd. acquired a new stake in Ardmore Shipping Corporation during the fourth quarter worth about $1,798,000. Finally, KBC Group NV acquired a new stake in Ardmore Shipping Corporation during the first quarter worth about $1,351,000. 76.52% of the stock is owned by institutional investors.
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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