Private Management Group Inc. raised its position in Ardmore Shipping Corporation (NYSE:ASC) by 9.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 240,757 shares of the shipping company’s stock after buying an additional 20,320 shares during the period. Private Management Group Inc. owned about 0.72% of Ardmore Shipping Corporation worth $1,986,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ASC. Voya Investment Management LLC increased its holdings in Ardmore Shipping Corporation by 32.4% in the second quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock valued at $120,000 after buying an additional 3,614 shares in the last quarter. American International Group Inc. increased its holdings in Ardmore Shipping Corporation by 33.3% in the first quarter. American International Group Inc. now owns 16,725 shares of the shipping company’s stock valued at $135,000 after buying an additional 4,177 shares in the last quarter. Alliancebernstein L.P. purchased a new position in Ardmore Shipping Corporation in the second quarter valued at $155,000. Citadel Advisors LLC purchased a new position in Ardmore Shipping Corporation in the second quarter valued at $174,000. Finally, The Manufacturers Life Insurance Company increased its holdings in Ardmore Shipping Corporation by 4.3% in the second quarter. The Manufacturers Life Insurance Company now owns 31,340 shares of the shipping company’s stock valued at $255,000 after buying an additional 1,306 shares in the last quarter. 80.34% of the stock is owned by institutional investors.
Shares of Ardmore Shipping Corporation (NYSE ASC) traded up $0.05 during midday trading on Thursday, hitting $8.25. 253,800 shares of the stock traded hands, compared to its average volume of 187,334. Ardmore Shipping Corporation has a 1-year low of $6.20 and a 1-year high of $9.05. The company has a current ratio of 1.57, a quick ratio of 1.41 and a debt-to-equity ratio of 1.03.
Ardmore Shipping Corporation (NYSE:ASC) last announced its earnings results on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.14). Ardmore Shipping Corporation had a negative net margin of 6.45% and a negative return on equity of 3.08%. The business had revenue of $48.70 million for the quarter, compared to analyst estimates of $29.99 million. During the same quarter last year, the business earned ($0.05) earnings per share. The company’s revenue for the quarter was up 28.2% compared to the same quarter last year. research analysts predict that Ardmore Shipping Corporation will post -0.34 earnings per share for the current fiscal year.
Ardmore Shipping Corporation announced that its Board of Directors has initiated a stock buyback plan on Thursday, August 31st that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the shipping company to reacquire up to 9.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
A number of research analysts have weighed in on ASC shares. Zacks Investment Research cut shares of Ardmore Shipping Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. BidaskClub raised shares of Ardmore Shipping Corporation from a “strong sell” rating to a “sell” rating in a report on Friday, August 18th. Morgan Stanley lifted their price objective on shares of Ardmore Shipping Corporation from $8.50 to $9.00 and gave the company an “equal weight” rating in a report on Thursday, November 2nd. ValuEngine cut shares of Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Ardmore Shipping Corporation in a report on Tuesday, September 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. Ardmore Shipping Corporation has a consensus rating of “Hold” and a consensus target price of $10.00.
Ardmore Shipping Corporation Company Profile
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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