Ardmore Shipping Corporation (NYSE:ASC) Increases Dividend to $0.79 Per Share

Ardmore Shipping Corporation (NYSE:ASC) announced a quarterly dividend on Wednesday, July 29th. Stockholders of record on Friday, August 28th will be paid a dividend of 0.79 per share by the shipping company on Tuesday, September 15th. This represents a c) annualized dividend and a dividend yield of 19.0%. The ex-dividend date is Friday, August 28th. This is a 102.6% increase from Ardmore Shipping’s previous quarterly dividend of $0.39.

Ardmore Shipping has raised its dividend payment by an average of 0.4%annually over the last three years. Ardmore Shipping has a payout ratio of 123.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Ardmore Shipping Price Performance

NYSE:ASC opened at $16.65 on Thursday. The company has a current ratio of 4.87, a quick ratio of 4.43 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $678.03 million, a P/E ratio of 12.52 and a beta of 0.04. Ardmore Shipping has a 12 month low of $10.17 and a 12 month high of $20.02. The business’s 50-day moving average is $16.37 and its 200 day moving average is $15.54.

Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings results on Wednesday, July 29th. The shipping company reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.05. Ardmore Shipping had a return on equity of 9.63% and a net margin of 18.00%.The company had revenue of $116.21 million during the quarter, compared to analyst estimates of $89.34 million.

Insider Activity

In other news, Director Curtis B. Mcwilliams sold 16,277 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $19.38, for a total value of $315,448.26. Following the completion of the sale, the director directly owned 60,673 shares of the company’s stock, valued at $1,175,842.74. This trade represents a 21.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Bart B. Kelleher sold 8,000 shares of Ardmore Shipping stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $19.07, for a total value of $152,560.00. Following the completion of the transaction, the president owned 60,039 shares of the company’s stock, valued at approximately $1,144,943.73. This trade represents a 11.76% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 40,000 shares of company stock valued at $766,048 in the last ninety days.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ASC. Zions Bancorporation National Association UT purchased a new position in shares of Ardmore Shipping during the 4th quarter worth about $25,000. Raymond James Financial Inc. purchased a new stake in Ardmore Shipping in the 2nd quarter worth about $38,000. EverSource Wealth Advisors LLC boosted its position in shares of Ardmore Shipping by 1,689.0% during the second quarter. EverSource Wealth Advisors LLC now owns 8,444 shares of the shipping company’s stock valued at $81,000 after buying an additional 7,972 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of Ardmore Shipping by 536.3% during the second quarter. Tower Research Capital LLC TRC now owns 8,737 shares of the shipping company’s stock valued at $84,000 after buying an additional 7,364 shares during the period. Finally, Quadrant Capital Group LLC purchased a new position in shares of Ardmore Shipping during the third quarter valued at approximately $105,000. Institutional investors own 62.22% of the company’s stock.

Ardmore Shipping Company 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.