Ardmore Shipping Corporation (NYSE:ASC) – Investment analysts at Jefferies Group reduced their FY2017 earnings estimates for Ardmore Shipping Corporation in a research report issued to clients and investors on Wednesday. Jefferies Group analyst D. Mavrinac now forecasts that the shipping company will earn ($0.19) per share for the year, down from their previous forecast of ($0.13). Jefferies Group has a “Buy” rating and a $10.00 price target on the stock. Jefferies Group also issued estimates for Ardmore Shipping Corporation’s Q4 2017 earnings at $0.07 EPS.

Ardmore Shipping Corporation (NYSE:ASC) last posted its earnings results on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.14). The firm had revenue of $48.70 million for the quarter, compared to analyst estimates of $29.99 million. Ardmore Shipping Corporation had a negative return on equity of 3.08% and a negative net margin of 6.45%. Ardmore Shipping Corporation’s revenue was up 28.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.05) EPS. TRADEMARK VIOLATION NOTICE: This piece was originally published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this piece on another publication, it was illegally stolen and republished in violation of U.S. & international copyright & trademark legislation. The correct version of this piece can be viewed at https://www.thecerbatgem.com/2017/11/08/fy2017-eps-estimates-for-ardmore-shipping-corporation-cut-by-jefferies-group-asc.html.

A number of other research firms have also issued reports on ASC. Zacks Investment Research raised Ardmore Shipping Corporation from a “hold” rating to a “buy” rating and set a $9.50 price target on the stock in a research report on Tuesday, October 3rd. Stifel Nicolaus set a $10.00 price target on Ardmore Shipping Corporation and gave the company a “buy” rating in a research report on Sunday, October 29th. Morgan Stanley increased their price target on Ardmore Shipping Corporation from $8.50 to $9.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. ValuEngine raised Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. Finally, BidaskClub raised Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. Ardmore Shipping Corporation has an average rating of “Hold” and a consensus price target of $10.00.

Shares of Ardmore Shipping Corporation (NYSE:ASC) opened at $8.50 on Monday. The company has a quick ratio of 1.41, a current ratio of 1.57 and a debt-to-equity ratio of 1.03. Ardmore Shipping Corporation has a 12-month low of $5.40 and a 12-month high of $9.05.

Ardmore Shipping Corporation declared that its board has authorized a share buyback program on Thursday, August 31st that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the shipping company to repurchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Large investors have recently added to or reduced their stakes in the stock. Parametric Portfolio Associates LLC grew its stake in shares of Ardmore Shipping Corporation by 0.3% in the 1st quarter. Parametric Portfolio Associates LLC now owns 170,457 shares of the shipping company’s stock valued at $1,372,000 after purchasing an additional 481 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Ardmore Shipping Corporation by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 119,695 shares of the shipping company’s stock worth $975,000 after acquiring an additional 762 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Ardmore Shipping Corporation by 4.3% in the second quarter. The Manufacturers Life Insurance Company now owns 31,340 shares of the shipping company’s stock worth $255,000 after acquiring an additional 1,306 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Ardmore Shipping Corporation by 1.2% in the first quarter. Geode Capital Management LLC now owns 222,153 shares of the shipping company’s stock worth $1,788,000 after acquiring an additional 2,530 shares during the last quarter. Finally, Nationwide Fund Advisors raised its holdings in shares of Ardmore Shipping Corporation by 15.8% in the first quarter. Nationwide Fund Advisors now owns 20,423 shares of the shipping company’s stock worth $164,000 after acquiring an additional 2,792 shares during the last quarter. Hedge funds and other institutional investors own 78.95% of the company’s stock.

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.

Earnings History and Estimates for Ardmore Shipping Corporation (NYSE:ASC)

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