Marnell Management LLC Takes $3.88 Million Position in Ardmore Shipping Corporation $ASC

Marnell Management LLC purchased a new stake in shares of Ardmore Shipping Corporation (NYSE:ASC) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 366,141 shares of the shipping company’s stock, valued at approximately $3,877,000. Ardmore Shipping makes up approximately 1.9% of Marnell Management LLC’s portfolio, making the stock its 15th largest position.

Other institutional investors and hedge funds have also modified their holdings of the company. Zions Bancorporation National Association UT purchased a new position in shares of Ardmore Shipping during the 4th quarter valued at $25,000. Raymond James Financial Inc. bought a new stake in Ardmore Shipping in the second quarter worth $38,000. Ameriflex Group Inc. bought a new stake in Ardmore Shipping in the third quarter worth $59,000. EverSource Wealth Advisors LLC boosted its holdings in Ardmore Shipping by 1,689.0% in the second quarter. EverSource Wealth Advisors LLC now owns 8,444 shares of the shipping company’s stock worth $81,000 after purchasing an additional 7,972 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in Ardmore Shipping by 536.3% in the second quarter. Tower Research Capital LLC TRC now owns 8,737 shares of the shipping company’s stock worth $84,000 after purchasing an additional 7,364 shares in the last quarter. 62.22% of the stock is currently owned by hedge funds and other institutional investors.

Ardmore Shipping Trading Up 0.1%

Shares of NYSE:ASC opened at $17.10 on Monday. The stock has a market capitalization of $696.32 million and a PE ratio of 12.85. Ardmore Shipping Corporation has a 1 year low of $9.45 and a 1 year high of $20.02. The firm has a fifty day moving average price of $17.10 and a 200 day moving average price of $14.45. The company has a current ratio of 4.87, a quick ratio of 4.43 and a debt-to-equity ratio of 0.16.

Ardmore Shipping (NYSE:ASC) last issued its quarterly earnings data on Thursday, May 7th. The shipping company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.07. Ardmore Shipping had a net margin of 18.00% and a return on equity of 9.63%. The firm had revenue of $87.92 million during the quarter, compared to analysts’ expectations of $58.08 million.

Ardmore Shipping Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 29th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 9.1%. This is a positive change from Ardmore Shipping’s previous quarterly dividend of $0.09. The ex-dividend date was Friday, May 29th. Ardmore Shipping’s dividend payout ratio is currently 117.29%.

Insider Buying and Selling at Ardmore Shipping

In other Ardmore Shipping news, Director Kirsi Tikka sold 12,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $18.93, for a total transaction of $227,160.00. Following the completion of the sale, the director directly owned 35,471 shares in the company, valued at $671,466.03. This represents a 25.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Curtis B. Mcwilliams sold 16,277 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $19.38, for a total transaction of $315,448.26. Following the sale, the director owned 60,673 shares of the company’s stock, valued at $1,175,842.74. This trade represents a 21.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 40,000 shares of company stock worth $766,048 over the last ninety days.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Evercore set a $19.00 price objective on shares of Ardmore Shipping in a report on Tuesday, April 21st. Wall Street Zen upgraded shares of Ardmore Shipping from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Ardmore Shipping Profile

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.