Ardmore Shipping (NYSE:ASC) Stock Rating Lowered by StockNews.com

Ardmore Shipping (NYSE:ASC) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

Other equities research analysts have also issued research reports about the company. Stifel Nicolaus upped their price objective on Ardmore Shipping from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Evercore ISI increased their price target on shares of Ardmore Shipping from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Finally, Jefferies Financial Group lifted their price objective on shares of Ardmore Shipping from $21.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, July 31st.

Ardmore Shipping Stock Up 3.1 %

ASC stock opened at $18.06 on Wednesday. The stock has a market capitalization of $733.72 million, a PE ratio of 6.92 and a beta of 0.35. Ardmore Shipping has a 52 week low of $11.78 and a 52 week high of $23.44. The company has a quick ratio of 3.18, a current ratio of 3.50 and a debt-to-equity ratio of 0.07. The firm has a 50 day moving average of $18.99 and a 200 day moving average of $19.25.

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

Institutional Trading of Ardmore Shipping

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC boosted its position in shares of Ardmore Shipping by 47.2% during the second quarter. Renaissance Technologies LLC now owns 1,400,981 shares of the shipping company’s stock worth $31,564,000 after buying an additional 449,200 shares during the period. American Century Companies Inc. boosted its holdings in Ardmore Shipping by 27.4% in the second quarter. American Century Companies Inc. now owns 1,124,835 shares of the shipping company’s stock valued at $25,343,000 after purchasing an additional 241,748 shares during the period. Vanguard Group Inc. grew its stake in Ardmore Shipping by 51.0% during the 1st quarter. Vanguard Group Inc. now owns 541,103 shares of the shipping company’s stock worth $8,885,000 after purchasing an additional 182,650 shares in the last quarter. Foundry Partners LLC purchased a new stake in Ardmore Shipping during the 2nd quarter worth about $4,012,000. Finally, Acadian Asset Management LLC raised its position in Ardmore Shipping by 135.1% in the 2nd quarter. Acadian Asset Management LLC now owns 308,200 shares of the shipping company’s stock valued at $6,936,000 after purchasing an additional 177,130 shares in the last quarter. Institutional investors and hedge funds own 62.22% of the company’s stock.

Ardmore Shipping Company Profile

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.