Jefferies Group started coverage on shares of Ardmore Shipping (NYSE:ASC) in a research note issued to investors on Monday morning. The brokerage issued a buy rating and a $11.00 price objective on the shipping company’s stock. Jefferies Group also issued estimates for Ardmore Shipping’s Q4 2017 earnings at $0.07 EPS, FY2017 earnings at ($0.19) EPS and FY2018 earnings at $0.97 EPS.

A number of other research analysts also recently commented on ASC. BidaskClub raised shares of Ardmore Shipping from a sell rating to a hold rating in a research report on Friday, August 25th. ValuEngine raised shares of Ardmore Shipping from a sell rating to a hold rating in a research report on Saturday, August 26th. Stifel Nicolaus set a $10.00 target price on shares of Ardmore Shipping and gave the company a buy rating in a research report on Monday, August 28th. Zacks Investment Research raised shares of Ardmore Shipping from a hold rating to a buy rating and set a $9.50 target price on the stock in a research report on Tuesday, October 3rd. Finally, Morgan Stanley raised their target price on shares of Ardmore Shipping from $8.50 to $9.00 and gave the company an equal weight rating in a research report on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $10.20.

Ardmore Shipping (ASC) opened at $7.90 on Monday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.57 and a quick ratio of 1.41. Ardmore Shipping has a 12-month low of $6.60 and a 12-month high of $9.05.

Ardmore Shipping (NYSE:ASC) last posted its earnings results on Wednesday, November 1st. The shipping company reported ($0.14) EPS for the quarter, meeting analysts’ consensus estimates of ($0.14). The business had revenue of $48.70 million for the quarter, compared to the consensus estimate of $29.99 million. Ardmore Shipping had a negative net margin of 6.45% and a negative return on equity of 3.08%. The company’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.05) EPS. research analysts expect that Ardmore Shipping will post -0.37 earnings per share for the current year.

Ardmore Shipping declared that its Board of Directors has initiated a share repurchase program on Thursday, August 31st that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the shipping company to reacquire up to 9.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Institutional investors have recently modified their holdings of the company. Voya Investment Management LLC grew its position in shares of Ardmore Shipping by 32.4% in the 2nd quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock worth $120,000 after buying an additional 3,614 shares during the last quarter. Alliancebernstein L.P. purchased a new position in shares of Ardmore Shipping in the 2nd quarter worth approximately $155,000. Citadel Advisors LLC purchased a new position in shares of Ardmore Shipping in the 2nd quarter worth approximately $174,000. The Manufacturers Life Insurance Company grew its position in shares of Ardmore Shipping by 4.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,340 shares of the shipping company’s stock worth $255,000 after buying an additional 1,306 shares during the last quarter. Finally, GRT Capital Partners L.L.C. purchased a new position in shares of Ardmore Shipping in the 2nd quarter worth approximately $303,000. 75.63% of the stock is currently owned by hedge funds and other institutional investors.

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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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