Ardmore Shipping Corporation (NYSE:ASC) was upgraded by investment analysts at ValuEngine from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.
A number of other analysts have also commented on ASC. TheStreet lowered Ardmore Shipping Corporation from a “c-” rating to a “d” rating in a research note on Wednesday, May 24th. Jefferies Group LLC reissued a “buy” rating and set a $10.00 price target on shares of Ardmore Shipping Corporation in a research note on Tuesday, July 4th. BidaskClub lowered Ardmore Shipping Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. Stifel Nicolaus reissued a “buy” rating and set a $10.00 price target on shares of Ardmore Shipping Corporation in a research note on Friday, July 7th. Finally, Zacks Investment Research lowered Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Ardmore Shipping Corporation has an average rating of “Buy” and an average price target of $10.50.
Ardmore Shipping Corporation (NYSE:ASC) opened at 7.95 on Friday. The firm’s 50-day moving average is $7.69 and its 200 day moving average is $7.60. Ardmore Shipping Corporation has a 1-year low of $5.00 and a 1-year high of $8.75. The firm’s market cap is $266.92 million.
Ardmore Shipping Corporation (NYSE:ASC) last announced its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.06) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.06). Ardmore Shipping Corporation had a negative return on equity of 2.35% and a negative net margin of 6.92%. The firm had revenue of $49.85 million for the quarter, compared to analyst estimates of $31.73 million. During the same period last year, the firm posted $0.18 earnings per share. The business’s revenue for the quarter was up 25.5% on a year-over-year basis. On average, equities analysts forecast that Ardmore Shipping Corporation will post ($0.16) earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of the company. Teachers Advisors LLC increased its position in shares of Ardmore Shipping Corporation by 51.4% in the fourth quarter. Teachers Advisors LLC now owns 61,240 shares of the shipping company’s stock worth $453,000 after buying an additional 20,802 shares during the period. Nationwide Fund Advisors increased its position in shares of Ardmore Shipping Corporation by 15.8% in the first quarter. Nationwide Fund Advisors now owns 20,423 shares of the shipping company’s stock worth $164,000 after buying an additional 2,792 shares during the period. Acadian Asset Management LLC bought a new position in shares of Ardmore Shipping Corporation during the first quarter worth about $103,000. Russell Investments Group Ltd. increased its position in shares of Ardmore Shipping Corporation by 15.6% in the first quarter. Russell Investments Group Ltd. now owns 284,780 shares of the shipping company’s stock worth $2,292,000 after buying an additional 38,455 shares during the period. Finally, Essex Investment Management Co. LLC increased its position in shares of Ardmore Shipping Corporation by 32.3% in the first quarter. Essex Investment Management Co. LLC now owns 97,119 shares of the shipping company’s stock worth $782,000 after buying an additional 23,730 shares during the period. Institutional investors own 76.35% of the company’s stock.
About Ardmore Shipping Corporation
Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals to national oil companies, oil and chemical traders, and chemical companies, with its fleet of mid-size product and chemical tankers. The Company’s segment relates to the operations of its vessels. The Company’s fleet consists of over 20 double-hulled product and chemical tankers, all of which are in operation.
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