Ardmore Shipping (NYSE:ASC) Upgraded to Hold at Fearnley Fonds

Fearnley Fonds upgraded shares of Ardmore Shipping (NYSE:ASC) to a hold rating in a research report sent to investors on Friday morning, Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. StockNews.com downgraded shares of Ardmore Shipping from a buy rating to a hold rating in a research note on Wednesday, September 25th. Stifel Nicolaus boosted their target price on Ardmore Shipping from $22.00 to $24.00 and gave the company a buy rating in a report on Wednesday, July 24th. Evercore ISI increased their price target on Ardmore Shipping from $25.00 to $26.00 and gave the stock an outperform rating in a report on Tuesday, July 23rd. Finally, Jefferies Financial Group boosted their price objective on shares of Ardmore Shipping from $21.00 to $24.00 and gave the company a buy rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $24.67.

Ardmore Shipping Stock Performance

Shares of ASC opened at $18.10 on Friday. The company has a quick ratio of 3.18, a current ratio of 3.50 and a debt-to-equity ratio of 0.07. Ardmore Shipping has a 52-week low of $11.78 and a 52-week high of $23.44. The stock has a 50 day moving average price of $18.84 and a 200 day moving average price of $19.31. The company has a market capitalization of $735.15 million, a price-to-earnings ratio of 6.93 and a beta of 0.35.

Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings results on Wednesday, July 31st. The shipping company reported $1.13 EPS for the quarter, topping the consensus estimate of $1.08 by $0.05. The firm had revenue of $121.30 million for the quarter, compared to analyst estimates of $80.51 million. Ardmore Shipping had a net margin of 36.31% and a return on equity of 24.26%. Ardmore Shipping’s revenue for the quarter was up 32.0% compared to the same quarter last year. During the same period last year, the business earned $0.57 EPS. Research analysts predict that Ardmore Shipping will post 3.46 EPS for the current fiscal year.

Ardmore Shipping Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were given a dividend of $0.38 per share. The ex-dividend date was Friday, August 30th. This represents a $1.52 annualized dividend and a dividend yield of 8.40%. Ardmore Shipping’s payout ratio is currently 58.24%.

Institutional Trading of Ardmore Shipping

Several hedge funds and other institutional investors have recently made changes to their positions in ASC. Fortitude Family Office LLC lifted its position in shares of Ardmore Shipping by 322.0% during the 2nd quarter. Fortitude Family Office LLC now owns 1,249 shares of the shipping company’s stock valued at $28,000 after acquiring an additional 953 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Ardmore Shipping during the second quarter worth $29,000. Larson Financial Group LLC acquired a new stake in Ardmore Shipping in the second quarter valued at $34,000. nVerses Capital LLC purchased a new position in shares of Ardmore Shipping in the second quarter valued at $47,000. Finally, CWM LLC raised its stake in shares of Ardmore Shipping by 72.7% during the 2nd quarter. CWM LLC now owns 2,110 shares of the shipping company’s stock worth $48,000 after buying an additional 888 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 engages in the seaborne transportation of petroleum products and chemicals worldwide. The company's fleet consists of 22 owned vessels including 21 Eco-design and 1 Eco-mod vessel, and four chartered-in vessels. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.