Ardmore Shipping Co. (NYSE:ASC) Sees Large Increase in Short Interest

Ardmore Shipping Co. (NYSE:ASC) was the target of a large growth in short interest in August. As of August 31st, there was short interest totalling 2,460,000 shares, a growth of 21.2% from the August 15th total of 2,030,000 shares. Based on an average trading volume of 615,200 shares, the days-to-cover ratio is currently 4.0 days.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Stifel Nicolaus boosted their price target on Ardmore Shipping from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Jefferies Financial Group boosted their target price on Ardmore Shipping from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Evercore ISI upped their target price on shares of Ardmore Shipping from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Finally, StockNews.com lowered shares of Ardmore Shipping from a “buy” rating to a “hold” rating in a research note on Friday, August 30th.

Ardmore Shipping Stock Performance

Ardmore Shipping stock traded down $0.09 during mid-day trading on Tuesday, reaching $17.58. 178,926 shares of the stock traded hands, compared to its average volume of 648,088. Ardmore Shipping has a 12-month low of $11.78 and a 12-month high of $23.44. The business’s 50-day moving average is $19.33 and its 200-day moving average is $19.18. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.50 and a quick ratio of 3.18. The stock has a market capitalization of $714.22 million, a PE ratio of 6.77 and a beta of 0.35.

Ardmore Shipping (NYSE:ASC) last released its quarterly earnings results on Wednesday, July 31st. The shipping company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.08 by $0.05. The firm had revenue of $121.30 million during the quarter, compared to analyst estimates of $80.51 million. Ardmore Shipping had a net margin of 36.31% and a return on equity of 24.26%. The business’s revenue for the quarter was up 32.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.57 EPS. As a group, sell-side analysts predict that Ardmore Shipping will post 3.46 EPS for the current fiscal year.

Ardmore Shipping Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 8.65%. The ex-dividend date was Friday, August 30th. Ardmore Shipping’s dividend payout ratio is presently 58.24%.

Institutional Investors Weigh In On Ardmore Shipping

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Fortitude Family Office LLC increased its holdings in Ardmore Shipping by 322.0% in the 2nd quarter. Fortitude Family Office LLC now owns 1,249 shares of the shipping company’s stock worth $28,000 after acquiring an additional 953 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Ardmore Shipping during the 2nd quarter valued at $29,000. Larson Financial Group LLC bought a new stake in shares of Ardmore Shipping during the 2nd quarter valued at $34,000. nVerses Capital LLC purchased a new position in shares of Ardmore Shipping during the 2nd quarter valued at $47,000. Finally, CWM LLC boosted its holdings in Ardmore Shipping by 72.7% in the 2nd quarter. CWM LLC now owns 2,110 shares of the shipping company’s stock worth $48,000 after buying an additional 888 shares during the period. 62.22% of the stock is currently owned by hedge funds and other 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.