Ardmore Shipping Corporation (NYSE:ASC – Get Free Report)’s stock price rose 6.9% on Friday . The stock traded as high as $16.36 and last traded at $16.37. Approximately 540,718 shares traded hands during trading, a decline of 23% from the average session volume of 699,258 shares. The stock had previously closed at $15.32.
Wall Street Analyst Weigh In
ASC has been the topic of a number of analyst reports. Evercore set a $19.00 price objective on shares of Ardmore Shipping in a report on Tuesday, April 21st. Wall Street Zen raised shares of Ardmore Shipping from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Ardmore Shipping in a report on Tuesday. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Ardmore Shipping presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.
Ardmore Shipping Stock Up 6.9%
Ardmore Shipping (NYSE:ASC – Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The shipping company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.07. The business had revenue of $87.92 million for the quarter, compared to analysts’ expectations of $58.08 million. Ardmore Shipping had a return on equity of 9.63% and a net margin of 18.00%.
Ardmore Shipping Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 29th were issued a $0.39 dividend. This is an increase from Ardmore Shipping’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 9.5%. Ardmore Shipping’s payout ratio is presently 117.29%.
Insider Activity at Ardmore Shipping
In other Ardmore Shipping news, Director Kirsi Tikka sold 12,000 shares of Ardmore Shipping stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $18.93, for a total value of $227,160.00. Following the sale, the director owned 35,471 shares of the company’s stock, valued at approximately $671,466.03. The trade was a 25.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Bart B. Kelleher sold 8,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $19.07, for a total transaction of $152,560.00. Following the completion of the transaction, the president owned 60,039 shares in the company, valued at approximately $1,144,943.73. The trade was a 11.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 40,000 shares of company stock worth $766,048.
Institutional Investors Weigh In On Ardmore Shipping
Several large investors have recently modified their holdings of the stock. Ticino Wealth bought a new stake in shares of Ardmore Shipping in the 4th quarter worth approximately $7,647,000. Marnell Management LLC purchased a new stake in Ardmore Shipping in the fourth quarter worth $3,877,000. Moore Capital Management LP purchased a new stake in Ardmore Shipping in the fourth quarter worth $3,177,000. Franklin Resources Inc. raised its stake in shares of Ardmore Shipping by 848.0% in the third quarter. Franklin Resources Inc. now owns 324,295 shares of the shipping company’s stock valued at $3,849,000 after buying an additional 290,087 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Ardmore Shipping by 18.1% in the first quarter. Renaissance Technologies LLC now owns 1,736,632 shares of the shipping company’s stock valued at $26,484,000 after buying an additional 266,275 shares during the period. Hedge funds and other institutional investors own 62.22% of the company’s stock.
About Ardmore Shipping
Ardmore Shipping Corporation is a Bermuda-based provider of seaborne transportation services for refined petroleum products. The company owns and operates a modern fleet of product tankers, including medium-range (MR), long-range 2 (LR2) and Aframax vessels. Ardmore Shipping focuses on the ocean carriage of clean and dirty petroleum products under time charters, bareboat charters and spot voyages, serving a diverse customer base that includes major oil companies and trading houses.
Since its founding in 2005, Ardmore Shipping has grown its fleet through newbuilding contracts, second-hand acquisitions and fleet renewals, aiming to maintain a high quality, fuel-efficient profile.
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