Ardmore Shipping (NYSE:ASC) Stock Crosses Above 50 Day Moving Average – Time to Sell?

Ardmore Shipping Corporation (NYSE:ASC)’s share price passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $13.94 and traded as high as $15.98. Ardmore Shipping shares last traded at $15.8820, with a volume of 576,443 shares changing hands.

Wall Street Analysts Forecast Growth

ASC has been the topic of several recent research reports. Wall Street Zen upgraded Ardmore Shipping from a “hold” rating to a “buy” rating in a research report on Saturday, March 14th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Ardmore Shipping in a research report on Wednesday, December 24th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $15.00.

Ardmore Shipping Price Performance

The business’s 50-day moving average price is $14.07 and its 200 day moving average price is $12.69. The company has a quick ratio of 3.98, a current ratio of 4.33 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $619.99 million, a P/E ratio of 17.10 and a beta of -0.16.

Ardmore Shipping (NYSE:ASC) last released its quarterly earnings results on Thursday, February 12th. The shipping company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. Ardmore Shipping had a net margin of 13.22% and a return on equity of 7.02%. The firm had revenue of $82.91 million during the quarter, compared to analyst estimates of $51.00 million. Analysts anticipate that Ardmore Shipping Corporation will post 1.06 EPS for the current fiscal year.

Ardmore Shipping Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Friday, February 27th. Ardmore Shipping’s dividend payout ratio is currently 40.45%.

Institutional Trading of Ardmore Shipping

A number of large investors have recently modified their holdings of the business. Zions Bancorporation National Association UT purchased a new position in shares of Ardmore Shipping during the fourth quarter worth about $25,000. Raymond James Financial Inc. bought a new stake in Ardmore Shipping during the second quarter valued at approximately $38,000. Ameriflex Group Inc. bought a new stake in Ardmore Shipping during the third quarter valued at approximately $59,000. GAMMA Investing LLC grew its stake in Ardmore Shipping by 14.8% in the 3rd quarter. GAMMA Investing LLC now owns 7,241 shares of the shipping company’s stock worth $86,000 after buying an additional 931 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in Ardmore Shipping by 1,689.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,444 shares of the shipping company’s stock worth $81,000 after buying an additional 7,972 shares in the last quarter. 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.