Ardmore Shipping Corporation (ASC) Reaches New 1-Year High at $8.78
Ardmore Shipping Corporation (NYSE:ASC)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $8.78 and last traded at $8.80, with a volume of 162,957 shares. The stock had previously closed at $8.50.
ASC has been the topic of a number of recent analyst reports. ValuEngine downgraded Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. BidaskClub raised Ardmore Shipping Corporation from a “strong sell” rating to a “sell” rating in a research report on Friday, August 18th. Jefferies Group LLC reissued a “buy” rating and issued a $10.00 price objective on shares of Ardmore Shipping Corporation in a research report on Tuesday, September 12th. Stifel Nicolaus set a $10.00 target price on Ardmore Shipping Corporation and gave the stock a “buy” rating in a research note on Monday, August 28th. Finally, Zacks Investment Research upgraded Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $10.50.
The company has a 50 day moving average price of $7.73 and a 200-day moving average price of $7.74. The company’s market capitalization is $297.98 million.
Ardmore Shipping Corporation (NYSE:ASC) last issued its quarterly earnings data on Thursday, August 3rd. The shipping company reported ($0.06) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.06). The company had revenue of $49.85 million during the quarter, compared to analysts’ expectations of $31.73 million. Ardmore Shipping Corporation had a negative return on equity of 2.35% and a negative net margin of 6.92%. The firm’s revenue for the quarter was up 25.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.18 earnings per share. On average, equities analysts anticipate that Ardmore Shipping Corporation will post ($0.13) earnings per share for the current fiscal year.
Ardmore Shipping Corporation declared that its Board of Directors has approved a share 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 purchase up to 9.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
Hedge funds have recently added to or reduced their stakes in the stock. Royce & Associates LP boosted its stake in Ardmore Shipping Corporation by 9.4% during the 2nd quarter. Royce & Associates LP now owns 1,713,575 shares of the shipping company’s stock worth $13,966,000 after purchasing an additional 147,900 shares during the period. American Century Companies Inc. grew its position in Ardmore Shipping Corporation by 2.9% during the 2nd quarter. American Century Companies Inc. now owns 1,463,249 shares of the shipping company’s stock worth $11,925,000 after purchasing an additional 40,871 shares during the last quarter. Eagle Boston Investment Management Inc. grew its position in Ardmore Shipping Corporation by 12.8% during the 2nd quarter. Eagle Boston Investment Management Inc. now owns 1,025,267 shares of the shipping company’s stock worth $8,355,000 after purchasing an additional 116,500 shares during the last quarter. Northern Trust Corp grew its position in Ardmore Shipping Corporation by 88.7% during the 2nd quarter. Northern Trust Corp now owns 919,286 shares of the shipping company’s stock worth $7,492,000 after purchasing an additional 432,042 shares during the last quarter. Finally, Signia Capital Management LLC grew its position in Ardmore Shipping Corporation by 2.6% during the 2nd quarter. Signia Capital Management LLC now owns 765,771 shares of the shipping company’s stock worth $6,241,000 after purchasing an additional 19,565 shares during the last quarter. Hedge funds and other institutional investors own 76.51% of the company’s stock.
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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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