Shares of Ardmore Shipping Corporation (NYSE:ASC – Get Free Report) passed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $17.47 and traded as high as $17.87. Ardmore Shipping shares last traded at $17.5760, with a volume of 458,769 shares trading hands.
Analyst Ratings Changes
A number of research analysts have recently commented on the stock. Weiss Ratings raised shares of Ardmore Shipping from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday. Wall Street Zen raised shares of Ardmore Shipping from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 5th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Ardmore Shipping has a consensus rating of “Moderate Buy” and an average price target of $17.00.
Get Our Latest Research Report on ASC
Ardmore Shipping Price Performance
Ardmore Shipping (NYSE:ASC – Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The shipping company reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.07. Ardmore Shipping had a return on equity of 15.24% and a net margin of 29.67%.The business had revenue of $116.21 million for the quarter, compared to analysts’ expectations of $86.30 million.
Ardmore Shipping Increases Dividend
The business 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. The ex-dividend date of this dividend was Friday, August 28th. This is a boost from Ardmore Shipping’s previous quarterly dividend of $0.39. This represents a $3.16 annualized dividend and a dividend yield of 17.7%. Ardmore Shipping’s payout ratio is currently 122.01%.
Institutional Trading of Ardmore Shipping
A number of hedge funds have recently modified their holdings of the stock. Legal & General Group Plc acquired a new position in Ardmore Shipping in the 2nd quarter valued at about $49,000. EverSource Wealth Advisors LLC lifted its position in Ardmore Shipping by 10.2% during the first quarter. EverSource Wealth Advisors LLC now owns 7,358 shares of the shipping company’s stock worth $112,000 after acquiring an additional 680 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Ardmore Shipping during the second quarter worth approximately $170,000. Bleakley Financial Group LLC bought a new stake in shares of Ardmore Shipping during the first quarter worth approximately $218,000. Finally, SmartHarvest Portfolios LLC grew its position in shares of Ardmore Shipping by 12.0% in the first quarter. SmartHarvest Portfolios LLC now owns 16,702 shares of the shipping company’s stock valued at $255,000 after purchasing an additional 1,796 shares during the last quarter. Institutional investors and hedge funds own 62.22% of the company’s stock.
Ardmore Shipping Company 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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