Ardmore Shipping Corporation (ASC) Shares Sold by UBS Oconnor LLC
UBS Oconnor LLC cut its stake in Ardmore Shipping Corporation (NYSE:ASC) by 17.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 103,367 shares of the shipping company’s stock after selling 21,212 shares during the period. UBS Oconnor LLC owned about 0.31% of Ardmore Shipping Corporation worth $842,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of ASC. Numeric Investors LLC increased its stake in Ardmore Shipping Corporation by 25.7% in the 2nd quarter. Numeric Investors LLC now owns 360,977 shares of the shipping company’s stock worth $2,942,000 after buying an additional 73,900 shares during the period. Voya Investment Management LLC lifted its holdings in Ardmore Shipping Corporation by 32.4% during the 2nd quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock valued at $120,000 after buying an additional 3,614 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Ardmore Shipping Corporation by 87.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 481,946 shares of the shipping company’s stock valued at $3,928,000 after buying an additional 225,514 shares in the last quarter. Citadel Advisors LLC bought a new stake in Ardmore Shipping Corporation during the 2nd quarter valued at about $174,000. Finally, Vanguard Group Inc. lifted its holdings in Ardmore Shipping Corporation by 16.7% during the 2nd quarter. Vanguard Group Inc. now owns 88,479 shares of the shipping company’s stock valued at $721,000 after buying an additional 12,631 shares in the last quarter. Hedge funds and other institutional investors own 76.51% of the company’s stock.
Ardmore Shipping Corporation (NYSE ASC) remained flat at $8.50 during mid-day trading on Tuesday. 10,370 shares of the stock traded hands. The stock’s market cap is $285.39 million. Ardmore Shipping Corporation has a 52-week low of $5.00 and a 52-week high of $8.75. The company has a 50-day moving average price of $7.73 and a 200-day moving average price of $7.74.
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 business 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 company’s revenue was up 25.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.18 earnings per share. 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 has authorized a stock repurchase plan on Thursday, August 31st that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the shipping company to repurchase up to 9.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
ASC has been the subject of several research reports. Stifel Nicolaus reissued a “buy” rating and issued a $10.00 price objective on shares of Ardmore Shipping Corporation in a research report on Friday, July 7th. ValuEngine raised shares of Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. BidaskClub raised shares of Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. Jefferies Group LLC reaffirmed a “buy” rating and set a $10.00 price target on shares of Ardmore Shipping Corporation in a research note on Tuesday, July 4th. Finally, Zacks Investment Research lowered Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. 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’s stock. Ardmore Shipping Corporation currently has an average rating of “Hold” and a consensus price target of $10.50.
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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