Ardmore Shipping Corporation (NYSE:ASC – Get Free Report) announced a quarterly dividend on Thursday, May 7th. Stockholders of record on Friday, May 29th will be paid a dividend of 0.39 per share by the shipping company on Friday, June 12th. This represents a c) annualized dividend and a dividend yield of 8.5%. The ex-dividend date of this dividend is Friday, May 29th. This is a 333.3% increase from Ardmore Shipping’s previous quarterly dividend of $0.09.
Ardmore Shipping has raised its dividend payment by an average of 0.4%annually over the last three years. Ardmore Shipping has a dividend payout ratio of 123.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.
Ardmore Shipping Trading Down 2.1%
Shares of ASC stock opened at $18.44 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 4.43 and a current ratio of 4.87. The stock has a market capitalization of $751.08 million, a P/E ratio of 13.86 and a beta of 0.03. The company has a 50 day moving average price of $16.70 and a 200 day moving average price of $14.12. Ardmore Shipping has a fifty-two week low of $9.18 and a fifty-two week high of $20.02.
Insider Activity at Ardmore Shipping
In other Ardmore Shipping news, Director Curtis B. Mcwilliams sold 16,277 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $19.38, for a total value of $315,448.26. Following the sale, the director directly owned 60,673 shares of the company’s stock, valued at approximately $1,175,842.74. This represents a 21.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, President Bart B. Kelleher sold 8,000 shares of the firm’s stock in a transaction on 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 sale, the president owned 60,039 shares in the company, valued at $1,144,943.73. The trade was a 11.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 40,000 shares of company stock valued at $766,048 over the last 90 days.
Hedge Funds Weigh In On Ardmore Shipping
Several large investors have recently bought and sold shares of the business. Ticino Wealth purchased a new position in Ardmore Shipping in the fourth quarter valued at $7,647,000. Marnell Management LLC acquired a new position in shares of Ardmore Shipping during the 4th quarter worth about $3,877,000. Moore Capital Management LP acquired a new position in shares of Ardmore Shipping during the 4th quarter worth about $3,177,000. Franklin Resources Inc. increased its holdings in shares of Ardmore Shipping by 848.0% in the 3rd quarter. Franklin Resources Inc. now owns 324,295 shares of the shipping company’s stock valued at $3,849,000 after acquiring an additional 290,087 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of Ardmore Shipping by 18.1% in the 1st quarter. Renaissance Technologies LLC now owns 1,736,632 shares of the shipping company’s stock valued at $26,484,000 after acquiring an additional 266,275 shares during the last quarter. 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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