State Street Corp increased its holdings in shares of Ardmore Shipping Corporation (NYSE:ASC) by 15.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 481,800 shares of the shipping company’s stock after acquiring an additional 66,213 shares during the quarter. State Street Corp owned approximately 1.43% of Ardmore Shipping worth $3,930,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ASC. Geode Capital Management LLC increased its stake in shares of Ardmore Shipping by 1.2% in 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. Dimensional Fund Advisors LP acquired a new stake in shares of Ardmore Shipping in the first quarter valued at approximately $2,064,000. Russell Investments Group Ltd. increased its stake in shares of Ardmore Shipping by 22.8% in the second quarter. Russell Investments Group Ltd. now owns 349,660 shares of the shipping company’s stock valued at $2,849,000 after purchasing an additional 64,880 shares during the period. Sei Investments Co. increased its stake in shares of Ardmore Shipping by 3.3% in the second quarter. Sei Investments Co. now owns 181,928 shares of the shipping company’s stock valued at $1,483,000 after purchasing an additional 5,793 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Ardmore Shipping by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 119,695 shares of the shipping company’s stock valued at $975,000 after purchasing an additional 762 shares during the period. Hedge funds and other institutional investors own 77.29% of the company’s stock.

Ardmore Shipping Corporation (NYSE:ASC) opened at $7.75 on Friday. 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 (NYSE:ASC) last posted its quarterly earnings data on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.14). The business had revenue of $48.70 million during the quarter, compared to analysts’ expectations of $29.99 million. Ardmore Shipping had a negative net margin of 6.45% and a negative return on equity of 3.08%. The business’s revenue was up 28.2% on a year-over-year basis. During the same period last year, the firm posted ($0.05) earnings per share. equities analysts forecast that Ardmore Shipping Corporation will post -0.35 EPS for the current fiscal year.

Ardmore Shipping declared that its board has initiated a stock repurchase plan 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 stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

ASC has been the topic of several analyst reports. Zacks Investment Research upgraded shares of Ardmore Shipping from a “hold” rating to a “buy” rating and set a $9.50 price target on the stock in a research note on Tuesday, October 3rd. Stifel Nicolaus set a $10.00 price target on shares of Ardmore Shipping and gave the company a “buy” rating in a research note on Sunday, October 29th. ValuEngine lowered shares of Ardmore Shipping from a “hold” rating to a “sell” rating in a research note on Wednesday, September 6th. BidaskClub upgraded shares of Ardmore Shipping from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. Finally, Jefferies Group restated a “buy” rating and issued a $10.00 price target on shares of Ardmore Shipping in a research note on Monday, October 16th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $10.00.

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About Ardmore Shipping

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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Institutional Ownership by Quarter for Ardmore Shipping (NYSE:ASC)

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