Ardmore Shipping Corporation (NYSE:ASC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday.

According to Zacks, “Ardmore Shipping Corporation engages in the ownership and operation of product and chemical tankers. It provides shipping services to customers through voyage charters, commercial pools, and time charters. The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies. Ardmore Shipping Corporation is based in Mahon, Ireland. “

ASC has been the topic of a number of other reports. Jefferies Group LLC reiterated a “buy” rating and issued a $10.00 target price on shares of Ardmore Shipping Corporation in a research report on Monday, October 16th. Stifel Nicolaus set a $10.00 target price on Ardmore Shipping Corporation and gave the stock a “buy” rating in a research report on Monday, August 28th. ValuEngine upgraded Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. BidaskClub upgraded Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Finally, Morgan Stanley boosted their target price on Ardmore Shipping Corporation from $8.50 to $9.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $10.00.

Ardmore Shipping Corporation (NYSE ASC) traded down $0.05 during trading hours on Thursday, hitting $8.60. The company had a trading volume of 55,359 shares, compared to its average volume of 188,441. The company has a current ratio of 1.57, a quick ratio of 1.41 and a debt-to-equity ratio of 1.03. Ardmore Shipping Corporation has a 12 month low of $5.55 and a 12 month high of $9.05.

Ardmore Shipping Corporation (NYSE:ASC) last posted its earnings results on Wednesday, November 1st. The shipping company reported ($0.14) EPS for the quarter, hitting analysts’ consensus estimates of ($0.14). The company had revenue of $48.70 million for the quarter, compared to the consensus estimate of $29.99 million. Ardmore Shipping Corporation had a negative return on equity of 3.08% and a negative net margin of 6.45%. The firm’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.05) earnings per share. equities research analysts anticipate that Ardmore Shipping Corporation will post -0.34 EPS for the current year.

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

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A number of hedge funds have recently modified their holdings of ASC. Bank of New York Mellon Corp raised its position in Ardmore Shipping Corporation by 3.4% during the first quarter. Bank of New York Mellon Corp now owns 118,933 shares of the shipping company’s stock valued at $957,000 after purchasing an additional 3,900 shares during the period. Parametric Portfolio Associates LLC raised its position in Ardmore Shipping Corporation by 0.3% during the first 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 period. American International Group Inc. raised its position in Ardmore Shipping Corporation by 33.3% during the first quarter. American International Group Inc. now owns 16,725 shares of the shipping company’s stock valued at $135,000 after purchasing an additional 4,177 shares during the period. OppenheimerFunds Inc. raised its position in Ardmore Shipping Corporation by 11.5% during the first quarter. OppenheimerFunds Inc. now owns 59,704 shares of the shipping company’s stock valued at $481,000 after purchasing an additional 6,165 shares during the period. Finally, Geode Capital Management LLC raised its position in Ardmore Shipping Corporation by 1.2% during the first quarter. Geode Capital Management LLC now owns 222,153 shares of the shipping company’s stock valued at $1,788,000 after purchasing an additional 2,530 shares during the period. Institutional investors and hedge funds 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.

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