Engineers Gate Manager LP lifted its stake in shares of Ardmore Shipping Corporation (NYSE:ASC – Free Report) by 228.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 131,362 shares of the shipping company’s stock after acquiring an additional 91,411 shares during the quarter. Engineers Gate Manager LP’s holdings in Ardmore Shipping were worth $1,840,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in ASC. Navellier & Associates Inc. bought a new position in shares of Ardmore Shipping in the 2nd quarter valued at approximately $2,202,000. Hsbc Holdings PLC boosted its position in Ardmore Shipping by 9.7% during the second quarter. Hsbc Holdings PLC now owns 47,083 shares of the shipping company’s stock worth $665,000 after purchasing an additional 4,163 shares during the period. Wellington Management Group LLP acquired a new position in Ardmore Shipping during the second quarter valued at approximately $27,780,000. Empowered Funds LLC acquired a new position in Ardmore Shipping during the second quarter valued at approximately $2,994,000. Finally, Corient Private Wealth LP bought a new position in shares of Ardmore Shipping in the second quarter valued at approximately $582,000. Institutional investors and hedge funds own 62.22% of the company’s stock.
Analyst Ratings Changes
A number of analysts have recently weighed in on ASC shares. Wall Street Zen upgraded shares of Ardmore Shipping from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 5th. Weiss Ratings downgraded shares of Ardmore Shipping from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, August 19th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Ardmore Shipping currently has an average rating of “Moderate Buy” and an average target price of $17.00.
Ardmore Shipping Price Performance
NYSE ASC opened at $18.73 on Wednesday. Ardmore Shipping Corporation has a twelve month low of $10.31 and a twelve month high of $20.02. The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.84 and a current ratio of 5.45. The stock has a market capitalization of $762.87 million, a PE ratio of 7.23 and a beta of 0.05. The stock has a 50-day simple moving average of $17.17 and a 200 day simple moving average of $16.67.
Ardmore Shipping (NYSE:ASC – Get Free Report) last announced its earnings results on Thursday, July 30th. The shipping company reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.07. The firm had revenue of $116.21 million during the quarter, compared to the consensus estimate of $86.30 million. Ardmore Shipping had a return on equity of 15.24% and a net margin of 29.67%.
Ardmore Shipping Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Friday, August 28th were given a $0.79 dividend. This is a positive change from Ardmore Shipping’s previous quarterly dividend of $0.39. This represents a $3.16 annualized dividend and a dividend yield of 16.9%. The ex-dividend date of this dividend was Friday, August 28th. Ardmore Shipping’s dividend payout ratio (DPR) is currently 122.01%.
Ardmore Shipping Profile
Ardmore Shipping Corporation (NYSE: ASC) is a maritime transportation company that owns and operates product and chemical tankers. The company provides seaborne transportation for refined petroleum products, such as gasoline, diesel and jet fuel, as well as certain chemicals and other liquid commodities.
Ardmore’s fleet is primarily composed of medium-range product tankers and specialized chemical tankers. Its vessels serve international trade routes, transporting cargoes between major refining, storage and consumption markets in regions including North America, Europe, the Mediterranean, the Middle East and Asia.
Founded in 2010, Ardmore Shipping is incorporated in Bermuda and is headquartered in Hamilton, Bermuda.
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