Wellington Management Group LLP purchased a new stake in shares of Ardmore Shipping Corporation (NYSE:ASC – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 1,982,894 shares of the shipping company’s stock, valued at approximately $27,780,000.
A number of other institutional investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in shares of Ardmore Shipping by 10.2% in the first quarter. EverSource Wealth Advisors LLC now owns 7,358 shares of the shipping company’s stock worth $112,000 after buying an additional 680 shares during the last quarter. Cetera Investment Advisers grew its stake in Ardmore Shipping by 5.7% in the 4th quarter. Cetera Investment Advisers now owns 18,219 shares of the shipping company’s stock valued at $193,000 after buying an additional 985 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Ardmore Shipping by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,701 shares of the shipping company’s stock worth $242,000 after acquiring an additional 1,102 shares during the period. Bridgeway Capital Management LLC raised its holdings in Ardmore Shipping by 0.4% in the 4th quarter. Bridgeway Capital Management LLC now owns 361,658 shares of the shipping company’s stock worth $3,830,000 after acquiring an additional 1,580 shares during the period. Finally, Boston Partners lifted its position in Ardmore Shipping by 2.7% during the 4th quarter. Boston Partners now owns 63,864 shares of the shipping company’s stock worth $676,000 after acquiring an additional 1,707 shares during the last quarter. Institutional investors own 62.22% of the company’s stock.
Ardmore Shipping Stock Up 0.6%
ASC opened at $18.12 on Friday. The business has a 50 day moving average of $16.65 and a 200-day moving average of $16.48. The stock has a market capitalization of $738.03 million, a price-to-earnings ratio of 7.00 and a beta of 0.05. The company has a current ratio of 5.45, a quick ratio of 4.84 and a debt-to-equity ratio of 0.05. Ardmore Shipping Corporation has a 1-year low of $10.31 and a 1-year high of $20.02.
Ardmore Shipping Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 28th will be issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 17.4%. The ex-dividend date is Friday, August 28th. This is a positive change from Ardmore Shipping’s previous quarterly dividend of $0.39. Ardmore Shipping’s payout ratio is presently 122.01%.
Analysts Set New Price Targets
ASC has been the subject of a number of recent analyst reports. Weiss Ratings cut shares of Ardmore Shipping from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, August 19th. Wall Street Zen upgraded Ardmore Shipping from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.
View Our Latest Stock Analysis on ASC
Ardmore Shipping Profile
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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