Ardmore Shipping (NYSE:ASC) Stock Crosses Below 50 Day Moving Average – Here’s Why

Ardmore Shipping Corporation (NYSE:ASC)’s stock price passed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $12.12 and traded as low as $10.81. Ardmore Shipping shares last traded at $10.86, with a volume of 637,582 shares traded.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Zacks Research cut shares of Ardmore Shipping from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 29th. Evercore ISI lifted their price objective on shares of Ardmore Shipping from $13.00 to $15.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. Jefferies Financial Group reiterated a “buy” rating and issued a $15.00 price objective on shares of Ardmore Shipping in a report on Wednesday, November 5th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Ardmore Shipping in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $13.67.

Ardmore Shipping Price Performance

The stock’s 50 day moving average price is $12.12 and its two-hundred day moving average price is $11.35. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.46 and a quick ratio of 4.08. The firm has a market capitalization of $441.13 million, a price-to-earnings ratio of 13.92 and a beta of -0.11.

Ardmore Shipping (NYSE:ASC) last released its earnings results on Wednesday, November 5th. The shipping company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.03. Ardmore Shipping had a net margin of 11.50% and a return on equity of 6.69%. The firm had revenue of $81.25 million during the quarter, compared to analyst estimates of $48.38 million. During the same quarter in the previous year, the business earned $0.55 EPS. The business’s revenue was down 15.5% on a year-over-year basis. On average, equities research analysts anticipate that Ardmore Shipping Corporation will post 1.06 EPS for the current year.

Ardmore Shipping Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 12th. Investors of record on Friday, November 28th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, November 28th. This represents a $0.40 annualized dividend and a dividend yield of 3.7%. This is a boost from Ardmore Shipping’s previous quarterly dividend of $0.07. Ardmore Shipping’s payout ratio is presently 51.28%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ASC. MeadowBrook Investment Advisors LLC acquired a new position in shares of Ardmore Shipping during the second quarter worth approximately $33,000. Raymond James Financial Inc. acquired a new position in Ardmore Shipping during the 2nd quarter valued at $38,000. Ameriflex Group Inc. bought a new stake in Ardmore Shipping in the 3rd quarter valued at $59,000. GAMMA Investing LLC boosted its holdings in Ardmore Shipping by 288.1% in the 2nd quarter. GAMMA Investing LLC now owns 6,310 shares of the shipping company’s stock valued at $61,000 after purchasing an additional 4,684 shares during the period. Finally, CWM LLC grew its position in Ardmore Shipping by 320.8% in the 2nd quarter. CWM LLC now owns 7,735 shares of the shipping company’s stock worth $74,000 after purchasing an additional 5,897 shares during the last quarter. 62.22% of the stock is owned by institutional investors.

About Ardmore Shipping

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. The company's fleet consists of 22 owned vessels including 21 Eco-design and 1 Eco-mod vessel, and four chartered-in vessels. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.