Empowered Funds LLC bought a new position in Ardmore Shipping Corporation (NYSE:ASC – Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 213,740 shares of the shipping company’s stock, valued at approximately $2,994,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its position in shares of Ardmore Shipping by 10.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 7,358 shares of the shipping company’s stock valued at $112,000 after buying an additional 680 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Ardmore Shipping by 5.7% during the fourth quarter. Cetera Investment Advisers now owns 18,219 shares of the shipping company’s stock valued at $193,000 after purchasing an additional 985 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 last quarter. Bridgeway Capital Management LLC raised its position in Ardmore Shipping by 0.4% during the 4th quarter. Bridgeway Capital Management LLC now owns 361,658 shares of the shipping company’s stock valued at $3,830,000 after purchasing an additional 1,580 shares during the last quarter. Finally, Boston Partners raised its holdings in shares of Ardmore Shipping by 2.7% during the fourth quarter. Boston Partners now owns 63,864 shares of the shipping company’s stock valued at $676,000 after acquiring an additional 1,707 shares in the last quarter. Hedge funds and other institutional investors own 62.22% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have commented on ASC. Wall Street Zen lowered shares of Ardmore Shipping from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. Weiss Ratings lowered shares of Ardmore Shipping from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, August 19th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Ardmore Shipping has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.
Ardmore Shipping Stock Up 2.3%
Ardmore Shipping stock opened at $18.09 on Thursday. The stock has a fifty day moving average of $16.55 and a 200 day moving average of $16.44. Ardmore Shipping Corporation has a one year low of $10.31 and a one year 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 cap of $736.81 million, a PE ratio of 6.98 and a beta of 0.05.
Ardmore Shipping (NYSE:ASC – Get Free Report) last announced its earnings results on Thursday, July 30th. The shipping company reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.07. The company had revenue of $116.21 million for the quarter, compared to analysts’ expectations 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 company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 28th will be given a dividend of $0.79 per share. The ex-dividend date is Friday, August 28th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 17.5%. This is an increase from Ardmore Shipping’s previous quarterly dividend of $0.39. Ardmore Shipping’s dividend payout ratio is currently 122.01%.
Ardmore Shipping Company 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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