Franklin Resources Inc. maintained its position in Ardmore Shipping Corporation (NYSE:ASC) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 489,000 shares of the shipping company’s stock at the close of the second quarter. Franklin Resources Inc. owned 1.46% of Ardmore Shipping Corporation worth $3,985,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Signia Capital Management LLC increased its holdings in shares of Ardmore Shipping Corporation by 2.6% in the second quarter. Signia Capital Management LLC now owns 765,771 shares of the shipping company’s stock valued at $6,241,000 after purchasing an additional 19,565 shares during the period. Adirondack Research & Management Inc. increased its holdings in shares of Ardmore Shipping Corporation by 11.0% in the second quarter. Adirondack Research & Management Inc. now owns 332,163 shares of the shipping company’s stock valued at $2,707,000 after purchasing an additional 32,844 shares during the period. Private Management Group Inc. increased its holdings in shares of Ardmore Shipping Corporation by 127.9% in the second quarter. Private Management Group Inc. now owns 220,437 shares of the shipping company’s stock valued at $1,797,000 after purchasing an additional 123,730 shares during the period. Eagle Boston Investment Management Inc. increased its holdings in shares of Ardmore Shipping Corporation by 12.8% in the second quarter. Eagle Boston Investment Management Inc. now owns 1,025,267 shares of the shipping company’s stock valued at $8,355,000 after purchasing an additional 116,500 shares during the period. Finally, Royce & Associates LP increased its holdings 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 purchasing an additional 147,900 shares during the period. 76.51% of the stock is currently owned by institutional investors and hedge funds.

ASC has been the topic of a number of recent research reports. Stifel Nicolaus set a $10.00 target price on Ardmore Shipping Corporation and gave the company a “buy” rating in a report on Monday, August 28th. BidaskClub downgraded Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. ValuEngine upgraded Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Jefferies Group LLC restated a “buy” rating and issued a $10.00 price target on shares of Ardmore Shipping Corporation in a research note on Tuesday, July 4th. Finally, Zacks Investment Research downgraded Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $10.50.

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Shares of Ardmore Shipping Corporation (NYSE ASC) opened at 8.20 on Thursday. The company has a 50 day moving average price of $7.59 and a 200-day moving average price of $7.68. The stock’s market capitalization is $275.32 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 posted its earnings results on Thursday, August 3rd. The shipping company reported ($0.06) EPS for the quarter, meeting the 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 firm had revenue of $49.85 million for the quarter, compared to analysts’ expectations of $31.73 million. During the same period last year, the firm earned $0.18 EPS. The firm’s revenue was up 25.5% compared to the same quarter last year. On average, equities research analysts forecast that Ardmore Shipping Corporation will post ($0.14) EPS for the current fiscal year.

Ardmore Shipping Corporation announced that its board has approved a stock repurchase plan on Thursday, August 31st that allows the company to repurchase $25.00 million in outstanding shares. This repurchase authorization allows the shipping company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Ardmore Shipping Corporation 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.

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

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