Ardmore Shipping (NYSE:ASC) Sets New 52-Week High – Still a Buy?

Ardmore Shipping Corporation (NYSE:ASC) shares hit a new 52-week high on Wednesday . The company traded as high as $13.72 and last traded at $13.4250, with a volume of 75730 shares. The stock had previously closed at $13.24.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Weiss Ratings restated a “hold (c-)” rating on shares of Ardmore Shipping in a research report on Wednesday, December 24th. Evercore increased their price objective on Ardmore Shipping from $13.00 to $15.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $15.00 target price on shares of Ardmore Shipping in a research note on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $13.67.

Ardmore Shipping Price Performance

The company has a market cap of $548.98 million, a PE ratio of 17.33 and a beta of -0.09. The business has a 50 day moving average of $11.65 and a 200 day moving average of $11.82. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.46 and a quick ratio of 4.08.

Institutional Investors Weigh In On Ardmore Shipping

Large investors have recently modified their holdings of the stock. Ticino Wealth purchased a new position in shares of Ardmore Shipping during the fourth quarter valued at about $7,647,000. Franklin Resources Inc. boosted its position in Ardmore Shipping by 848.0% during the 3rd quarter. Franklin Resources Inc. now owns 324,295 shares of the shipping company’s stock valued at $3,849,000 after acquiring an additional 290,087 shares in the last quarter. CSM Advisors LLC purchased a new position in shares of Ardmore Shipping during the 2nd quarter worth approximately $1,527,000. American Century Companies Inc. raised its position in shares of Ardmore Shipping by 6.5% in the 3rd quarter. American Century Companies Inc. now owns 1,749,153 shares of the shipping company’s stock worth $20,762,000 after acquiring an additional 106,497 shares in the last quarter. Finally, Tudor Investment Corp ET AL purchased a new position in shares of Ardmore Shipping in the 3rd quarter valued at approximately $1,170,000. Institutional investors own 62.22% of the company’s stock.

About Ardmore Shipping

Ardmore Shipping Corporation is a Bermuda-based provider of seaborne transportation services for refined petroleum products. The company owns and operates a modern fleet of product tankers, including medium-range (MR), long-range 2 (LR2) and Aframax vessels. Ardmore Shipping focuses on the ocean carriage of clean and dirty petroleum products under time charters, bareboat charters and spot voyages, serving a diverse customer base that includes major oil companies and trading houses.

Since its founding in 2005, Ardmore Shipping has grown its fleet through newbuilding contracts, second-hand acquisitions and fleet renewals, aiming to maintain a high quality, fuel-efficient profile.