Principal Financial Group Inc. Acquires 6,553 Shares of Ardmore Shipping Co. (NYSE:ASC)

Principal Financial Group Inc. boosted its position in shares of Ardmore Shipping Co. (NYSE:ASC) by 26.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 31,355 shares of the shipping company’s stock after buying an additional 6,553 shares during the quarter. Principal Financial Group Inc.’s holdings in Ardmore Shipping were worth $568,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Ardmore Shipping during the second quarter worth approximately $29,000. Private Trust Co. NA bought a new stake in shares of Ardmore Shipping in the 3rd quarter valued at $31,000. Larson Financial Group LLC bought a new stake in shares of Ardmore Shipping in the 2nd quarter valued at $34,000. Nisa Investment Advisors LLC raised its stake in Ardmore Shipping by 2,906.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,006 shares of the shipping company’s stock worth $54,000 after buying an additional 2,906 shares during the period. Finally, Quarry LP grew its position in shares of Ardmore Shipping by 829.0% in the 3rd quarter. Quarry LP now owns 3,558 shares of the shipping company’s stock valued at $64,000 after purchasing an additional 3,175 shares during the period. 62.22% of the stock is currently owned by institutional investors.

Ardmore Shipping Trading Down 0.7 %

ASC stock opened at $12.34 on Monday. The stock has a market cap of $516.33 million, a price-to-earnings ratio of 3.46 and a beta of 0.28. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.57 and a quick ratio of 3.26. Ardmore Shipping Co. has a one year low of $10.86 and a one year high of $23.44. The company has a fifty day moving average price of $12.12 and a two-hundred day moving average price of $16.67.

Ardmore Shipping Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were paid a $0.18 dividend. The ex-dividend date was Friday, November 29th. This represents a $0.72 annualized dividend and a yield of 5.83%. Ardmore Shipping’s dividend payout ratio (DPR) is presently 20.17%.

Analyst Ratings Changes

A number of research analysts have weighed in on ASC shares. Jefferies Financial Group cut their price target on shares of Ardmore Shipping from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. StockNews.com cut Ardmore Shipping from a “buy” rating to a “hold” rating in a research report on Wednesday, September 25th. Fearnley Fonds raised shares of Ardmore Shipping to a “hold” rating in a research report on Friday, September 27th. Finally, Stifel Nicolaus cut Ardmore Shipping from a “buy” rating to a “hold” rating and reduced their price target for the company from $24.00 to $17.00 in a research report on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $20.00.

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.