Ardmore Shipping Corporation (ASC) Stake Lowered by Sei Investments Co.
Sei Investments Co. lowered its holdings in Ardmore Shipping Corporation (NYSE:ASC) by 6.8% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 169,514 shares of the shipping company’s stock after selling 12,414 shares during the quarter. Sei Investments Co. owned about 0.50% of Ardmore Shipping worth $1,398,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Boston Partners increased its holdings in shares of Ardmore Shipping by 22.4% in the 3rd quarter. Boston Partners now owns 1,045,468 shares of the shipping company’s stock valued at $8,626,000 after acquiring an additional 191,270 shares during the last quarter. State Board of Administration of Florida Retirement System increased its holdings in shares of Ardmore Shipping by 283.0% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 98,771 shares of the shipping company’s stock valued at $815,000 after acquiring an additional 72,979 shares during the last quarter. Tocqueville Asset Management L.P. purchased a new position in shares of Ardmore Shipping in the 3rd quarter valued at about $4,592,000. Ingalls & Snyder LLC increased its holdings in shares of Ardmore Shipping by 44.7% in the 3rd quarter. Ingalls & Snyder LLC now owns 397,080 shares of the shipping company’s stock valued at $3,276,000 after acquiring an additional 122,630 shares during the last quarter. Finally, Schneider Capital Management Corp increased its holdings in shares of Ardmore Shipping by 8.0% in the 2nd quarter. Schneider Capital Management Corp now owns 578,645 shares of the shipping company’s stock valued at $4,716,000 after acquiring an additional 42,900 shares during the last quarter. Institutional investors and hedge funds own 77.29% of the company’s stock.
Shares of Ardmore Shipping Corporation (ASC) opened at $7.70 on Thursday. 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 1 year low of $6.60 and a 1 year high of $9.05.
Ardmore Shipping announced that its board has authorized a share repurchase program on Thursday, August 31st that authorizes the company to buyback $25.00 million in shares. This buyback authorization authorizes the shipping company to purchase up to 9.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
ASC has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded Ardmore Shipping from a “sell” rating to a “hold” rating in a report on Thursday, November 9th. BidaskClub upgraded Ardmore Shipping from a “sell” rating to a “hold” rating in a report on Friday, August 25th. Stifel Nicolaus set a $10.00 price objective on Ardmore Shipping and gave the company a “buy” rating in a report on Sunday, October 29th. Morgan Stanley upped their target price on Ardmore Shipping from $8.50 to $9.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. Finally, ValuEngine raised Ardmore Shipping from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. One research 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 a consensus price target of $10.00.
Ardmore Shipping 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.
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