Ardmore Shipping (ASC) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Ardmore Shipping (NYSE:ASC) from a hold rating to a sell rating in a research note issued to investors on Thursday.

According to Zacks, “Ardmore Shipping Corporation engages in the ownership and operation of product and chemical tankers. It provides shipping services to customers through voyage charters, commercial pools, and time charters. The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies. Ardmore Shipping Corporation is based in Mahon, Ireland. “

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Several other equities analysts also recently issued reports on ASC. Stifel Nicolaus set a $9.00 price objective on Ardmore Shipping and gave the company a buy rating in a research report on Wednesday, January 24th. JPMorgan Chase lifted their price objective on Ardmore Shipping from $11.00 to $12.00 and gave the company an overweight rating in a research report on Friday, March 23rd. Finally, Seaport Global Securities set a $12.00 price objective on Ardmore Shipping and gave the company a buy rating in a research report on Thursday, January 4th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $10.42.



Ardmore Shipping stock opened at $8.00 on Thursday. The company has a quick ratio of 1.27, a current ratio of 1.44 and a debt-to-equity ratio of 1.07. The company has a market cap of $268.61, a P/E ratio of -21.62 and a beta of 0.95. Ardmore Shipping has a one year low of $6.40 and a one year high of $9.05.

Ardmore Shipping (NYSE:ASC) last posted its earnings results on Wednesday, February 7th. The shipping company reported ($0.12) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.03. The business had revenue of $30.23 million during the quarter, compared to the consensus estimate of $30.24 million. Ardmore Shipping had a negative return on equity of 3.16% and a negative net margin of 6.37%. Ardmore Shipping’s revenue was up 1.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.11) EPS. equities research analysts forecast that Ardmore Shipping will post 0.09 EPS for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the business. Private Management Group Inc. raised its position in Ardmore Shipping by 64.2% in the 4th quarter. Private Management Group Inc. now owns 395,364 shares of the shipping company’s stock valued at $3,163,000 after purchasing an additional 154,607 shares during the last quarter. Jefferies Group LLC acquired a new stake in shares of Ardmore Shipping in the 4th quarter valued at $1,000,000. Royce & Associates LP increased its stake in shares of Ardmore Shipping by 8.4% in the 4th quarter. Royce & Associates LP now owns 2,108,775 shares of the shipping company’s stock valued at $16,870,000 after buying an additional 163,250 shares during the period. American Century Companies Inc. increased its stake in shares of Ardmore Shipping by 3.7% in the 4th quarter. American Century Companies Inc. now owns 1,301,297 shares of the shipping company’s stock valued at $10,410,000 after buying an additional 45,906 shares during the period. Finally, Two Sigma Investments LP acquired a new stake in shares of Ardmore Shipping in the 4th quarter valued at $535,000. Hedge funds and other institutional investors own 88.06% of the company’s stock.

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About Ardmore Shipping

Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals through product and chemical tankers worldwide. As of December 31, 2016, the company operated 27 vessels. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

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